50 powerful and amazing key points to blast Jamb Commerce

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INTRODUCTION

Welcome to another edition of the poschools jamb tutorials In this Jamb tutorial series, I will be showing you important key points in Jamb commerce to help you blast jamb commerce exam.This jamb key points will help you pass jamb with ease as they are inline with jamb syllabus, and hot topics.

It is very necessary you master the jamb key points here as it is a form of revision to ensure you  pass jamb commerce.

It should be noted that this key points was prepared based on hot topics set in Jamb commerce. This series will be released in a batch of 50 hot commerce questions from all Jamb commerce topics. 

This 50 points will cover all topics in Jamb commerce. Although, this key points in Jamb commerce will not be arranged topic by topic. I will also work on economics,accounting,english so its wise you keep in touch with poschools

Let’s get started:

Key Points on Jamb Commerce hot topics (1 to 10)

  1. A memorandum of Association (is a legal document prepared in the formation and registration process of a limited liability company to define its relationship with shareholders
  2. The MOA is accessible to the public and describe the company’s name, physical address of registered office, names of shareholders and the distribution of shares.
  3. The extractive industry consists of any operations that remove metals, minerals, and aggregates from the earth. Examples of extractive processes involve oil and gas extraction, mining, dredging  quarrying, and Agriculture, e.t.c. note that carving is not an extractive process but a constructive processes
  4. The major divisions of commerce are trade and aids to trade which can further be divided into import, export, banking, home trade and foreign trade and aids to trade, exchange, consumption, production, trade and banking
  5. The purpose of branding is getting your prospects to see you as the sole provider of a solution to their problem or need.
  6. The purpose of branding is getting your prospects to see you as the sole provider of a solution to their problem or need.
  7. A right issue is a dividend of subscription rights to buy additional securities in a company made to the company’s existing security holders.
  8. Right issue are typically sold via a prospectus or prospectus supplement. It is also an invitation to existing shareholders to purchase additional new shares in the company
  9. Right gives existing shareholders securities called “rights”. Most times, with right issue, the company sell shares to existing shareholders at preferential rates
  10. Facilities provided by the port authority includes.
    • wharves
    • pliers
    • shed
    • yards docks
    • cargo terminal
    • container terminal
    • combination terminal
    • berth(space)
    • tarmac(road)
    • cranes(machine for carrying goods).
    • Note that warehouse is not a facility provided by the port authority. Rather it is provided by individuals doing business.

    Key Points on Jamb Commerce hot topics (11 to 20)

  11. Bonus share: these are company’s accumulated earnings which are not given out in the form of dividends, but are converted into free shares.
  12. This simply means that dividend or money due to shareholders are not paid but are given out in form of of another share. For example if for example, if an investor hold 200 shares of a company then bonus share imply that he or she will be given additional share of say 100 when he or she dividend is due. The dividends are converted into free shares.
  13. A private placement is a capital raising event that involves the sale of securities to a relatively small number of selected investors.
  14. Note that a private placement is different from a public issue.
  15. Manufacturing industry is the industry that engages in the fabrication, processing, or preparation of products from raw materials. For example the extractive industry harness resources from the earth like fishing. This resource is further processed by the manufacturing industry into finished product like processed can fish.
  16. The major divisions of commerce are trade and aids to trade.
  17. Trade can be further divided into:
    • Import
    • export
    • banking
    • home trade
    • foreign trade
  18. Aids to trade can be further divided into:
    • exchange
    • consumption
    • production
    • trade and banking
  19. The reasons for dishonoured cheques are:
    • Irregular signature
    • Alterations
    • Post-dated cheque
    • stale cheque(a situation where a cheque is presented to the bank for payment after three months from the date mentioned on the cheque)
    • when payment is stopped
    • frozen account
  20. . A cheque cannot be dishonoured as a result of general crossing.

    Hot Topics in Jamb Commerce (21-30)

  21. The factors of production are: land, labour, capital, and entrepreneur
  22. These factors are put together by the entrepreneur for production process.
  23. Before an entrepreneur can think of a firm he or she must understand how to put the four factors of production together
  24. Liquidation simply means the winding up of a firm by selling off its free assets to convert them into cash to pay the firm’s unsecured creditors.
  25. Most times, liquidation process is initiated by the shareholders.
  26. Also , liquidation is the process of selling off assets to repay creditors and distributing the remaining assets to the owners
  27. Insolvency is a situation where total liabilities of an organisation exceed total assets
  28. Opening stock of a business or organisation refers to the stock or goods at the beginning of the trading period which is for resale
  29. Closing stock refers to the stock at the end of the trading period. This simply means the remaining goods not sold before the business close for the period
  30. The formula for average stock is:    average stock = \frac{opening stock +closing stock}{2}
  31. Likely Jamb Commerce questions to note(31-40)

  32. Cost of goods sold refers to the total value of goods sold. It can be further simplified as (opening stock + purchases + carriage inward + drawings ) – closing stock
  33. Rate of stock turnover also known as inventory ratio showing how many times a company has sold and replaced inventory during a given period.
  34. A high ratio implies either strong sales or insufficient inventory, which leads to lost business. Although , a low inventory turnover rate is good thing, such as when prices are expected to rise
  35. Rate of stock turnover = \frac{cost of goods sold}{average stock}
  36. Trade credit  is a form of short-term debt that does not require any outright interest , often in the form of an informal contract, and not issued by any bank or financial institution.
  37. Trade credit is most rewarding for businesses that do not have a lot of financing options.
  38. Short-term capital is a form of capital generation in which liquid fund or assets can be turned into liquid funds within less than a one year period.
  39. It is also a form of capital generation whose lifespan is less than one year.
  40. The most suitable channels for the sales of an aircraft is is via manufacturer to consumer directly because aircraft is a major capital goods that is too complex to pass through the channels of distribution
  41. Working capital is the money available to fund a company’s day-to-day transaction.
  42. Hot 2019 key points in commerce(41-50)

  43. Working capital is also calculated as: Current assest – current liabilities
  44. Invisible trade is a business transaction that occurs with no exchange of tangible goods. An invisible trade involves the transfer of non-tangible goods and services
  45. Invisible trade are customer service, intellectual property, patents, shipping services, insurance, banking, tourism, e.t.c.
  46. Excise duty also known as excise tax is a type of tax charged on goods produced within the country  while custom duty is a type of tax charged on goods from outside the county
  47. Current account is a bank account that allows you to access a range of banking services, such as receiving money(like your salary, pension or benefits payments), paying bills, and setting up direct debits and standing orders to make regular payments
  48. A current account suits anyone who wants or needs full access to the banking system. An overdraft is granted to holders of current account
  49. Hire purchase is and arrangement for buying expensive consumer goods on credit, it happens such that the buyers make an initial down payment, with the balance being paid in instalments plus interest.
  50. Ownership of the merchandise is not officially transferred to the buyer until all the payments have been made
  51. A person or company that buys something using hire purchase is called a hirer
  52. Make sure you learn all this key points.

Alright guys. Stay tuned for part two hot key points to blast Jamb commerce

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