JAMB Commerce Past Questions & Answers - Page 5

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.

1.  you recruit
2. select the best from the recruitment and
3. placement

Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects that have value in themselves (intrinsic value) as well as value in their use as money.
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley. These items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or price system economies.

Ordinary share capital refers to shares that are issued by a company that allow shareholders voting rights within a corporation. Ordinary shareholders may also receive dividends.  The value of the assets of a company net of its liabilities and any amounts of capital due to holders of shares other than ordinary shares (e.g. preference shares). If the company were to go into liquidation this would be the equity available for distribution to the ordinary shareholders.