JAMB Past Questions and Answers - Page 4

merchant wholesaler is an entity that purchases products, takes title of them, and then sells them (generally to retailers, other wholesalers, and industrial consumers) Merchant wholesaler is the intermediary between the producer and the retailer.

A Factor. People who are employed by others to sell or purchase goods, who are entrusted with possession of the goods, and who are compensated by either a commission or a fixed salary. A factoris a type of agent who sells goods owned by another, called a principal.

Internal sources of finance are ways to use the assets you have to run your business rather than taking out loans or bringing in investors. Instead of borrowing from investors and bankers, your business has the option of using its own money to finance its operations. This approach can save money on interest payments and free your company from being accountable to outside parties. However, it can limit expansion options if you don't have enough cash available to proceed with your plans. the following are some sources of internal funding; 

1. Retained Profits: The term "retained profit" often refers to large companies with shareholders and stock, who decide to recycle profit as working capital rather than paying it out as dividends.
2. sales os assets: If your business has equipment lying around that you don't use, you can raise working capital by selling these items and then funneling the proceeds back into your business as working capital. 
3. reducing working capital : Reducing working capital is a strategy based on managing your available money more closely. If you can negotiate shorter billing times with your clients and longer payment terms with your suppliers, you'll receive funds faster and pay them out more slowly, leaving you with more money for day-to-day operations.

A joint partnership is a legal structure for a business to use to bring together the abilities, resources, and talents of multiple companies or individuals for a common goal.

The law governing Sale of Goods in Nigeria is the Sale of Goods Act2 1893 (SOGA), a statute of General Application in force in Nigeria.

A chamber of commerce (or board of trade) is a form of business network, for example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community.

An entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.