Examkin

All practice questions

13931 questions

All types13,931Multiple choice7,139True / False771Numeric1,526Matching2,583Ordering631Fill in the blank1,223Short answer58
Question 11401Question →

Read the prose extract below carefully:

"Despite years of fierce political rivalry, the senator maintained a plastic stance throughout the constitutional negotiations, readily reshaping his positions to suit the shifting alliances of the assembly. Critics condemned this flexibility as opportunism, while supporters praised his pragmatic adaptability."

In the passage above, what is the contextual meaning of the word plastic?

Show answer & explanation

Answer: adaptable and malleable

Answer

The contextual meaning of 'plastic' in the passage is 'adaptable and malleable'.
In the passage, the word 'plastic' describes a political stance that is easily reshaped and flexible, as reinforced by the subsequent terms 'flexibility' and 'adaptability'. Therefore, 'adaptable and malleable' is the correct contextual interpretation.

Step-by-Step Solution

1
Analyze the sentence context around the word 'plastic'.
The target word describes a stance that involves 'readily reshaping his positions to suit shifting alliances'.
Contextual clues in the passage reveal how the word functions in context.
2
Examine surrounding supporting vocabulary.
Words like 'flexibility' and 'pragmatic adaptability' reinforce that 'plastic' means moldable or flexible.
Synonymous phrasing later in the text confirms the author's intended meaning.
3
Select the option that best expresses this contextual meaning.
'adaptable and malleable' accurately captures the meaning of flexibility and reshapeability.
It aligns directly with the passage's explanation of the senator's behavior.

Key Concept

Deriving word meaning from literary context rather than relying on literal or modern dictionary definitions.
Question 11402Question →

Alhaji Audu owes Tunde 2,000,0002,000,000. To secure the debt, Alhaji Audu executes an agreement appointing Tunde as his agent to sell a commercial warehouse and recover the debt from the sale proceeds. Before Tunde finds a buyer, Alhaji Audu issues a formal notice revoking Tunde's authority. Under the law of agency, what is the legal position regarding this revocation?

Show answer & explanation

Answer: The revocation is legally ineffective because an agency coupled with an interest is irrevocable by the principal without the agent's consent.

Answer

The revocation is legally ineffective because an agency coupled with an interest is irrevocable by the principal without the agent's consent.
Under the law of agency, an agency coupled with an interest occurs when authority is granted to an agent for the purpose of securing a debt or valuable consideration owed to the agent. Such an agency is irrevocable by the principal without the agent's consent. Therefore, the notice revoking authority is legally ineffective.

Step-by-Step Solution

1
Identify the nature of the agency created between the principal and the agent.
The agency was created specifically to secure a debt owed to the agent, constituting an 'agency coupled with an interest'.
When authority is granted to secure an interest or value held by the agent, special termination rules apply.
2
Apply the legal rules governing termination of an agency coupled with an interest.
Under commercial law, such an agency cannot be unilaterally revoked by the principal to the detriment of the agent's security.
Unilateral revocation would defeat the security interest created for the agent's protection.
3
Evaluate the legal effect of the principal's notice of revocation.
The notice of revocation is invalid and without legal effect; the agent retains the authority to sell the warehouse and recover the debt.
An agency coupled with an interest is irrevocable without the mutual consent of the agent.

Key Concept

Termination of Agency: Agency Coupled with an Interest
Estimated Time:1m 30s
Question 11403Question →

Match each incorporation document or legal requirement of a private limited company in Column A with its corresponding statutory function or legal definition in Column B.

Click a left item, then click its matching right item

Items

Certificate of Incorporation
Articles of Association
Capital Clause of the Memorandum
Statutory Declaration of Compliance

Matches

Show answer & explanation

Answer

Certificate of Incorporation matches with legal proof of corporate entity; Articles of Association matches with internal regulations and share transfer restrictions; Capital Clause of the Memorandum matches with maximum authorized share capital; Statutory Declaration of Compliance matches with legal affidavit of meeting registration requirements.
Each document is paired with its precise legal function: the Certificate of Incorporation establishes legal personality, the Articles of Association define internal rules and share transfer restrictions, the Capital Clause specifies maximum registered share capital, and the Statutory Declaration confirms statutory registration compliance.

Step-by-Step Solution

1
Identify the external vs internal nature of formation documents
Articles of Association regulate internal management (share transfers, meetings, directorship), whereas the Certificate of Incorporation brings the separate legal entity into existence.
Formation documents have distinct legal scopes under company law.
2
Analyze capital provisions in company documents
The Memorandum of Association outlines external relations and contains the Capital Clause specifying nominal authorized capital.
Authorized capital forms part of the foundational constitutional clauses of the company.
3
Match compliance requirements
The Statutory Declaration of Compliance is a legal document confirming all preliminary registration procedures are complete.
Registration requires formal legal confirmation prior to incorporation certification.

Key Concept

Formation Documents and Legal Characteristics of Private Limited Companies
Question 11404Question →

Read the summary below regarding Chibuike Onu's prescribed African poem *A Government Driver on His Retirement*. What key term correctly completes the statement describing the protagonist's fatal indulgence?

Fill in the blanks below

In Chibuike Onu's poem *A Government Driver on His Retirement*, after thirty years of loyal service, the protagonist's celebratory homecoming turns tragic when his excessive consumption of impairs his judgment and causes a fatal crash.
Show answer & explanation

Answer

The term that correctly completes the statement is 'alcohol' (or 'booze' / 'drink').
In Chibuike Onu's poem 'A Government Driver on His Retirement', the protagonist celebrates thirty years of flawless service by consuming alcohol ('booze'). His severe intoxication impairs his driving ability, turning his day of joy and retirement into immediate self-destruction.

Step-by-Step Solution

1
Analyze the narrative context of Chibuike Onu's poem 'A Government Driver on His Retirement'.
The driver has completed thirty years of service to the government without accident, and he eagerly celebrates his retirement and newfound freedom.
Understanding the context of the poem is necessary to identify the cause of the driver's downfall.
2
Identify the catalyst that directly leads to the driver's tragic accident.
To celebrate, the driver indulges heavily in alcohol ('booze booze booze'), driving while intoxicated and subsequently crashing into a heavy structure.
The poem highlights the irony of a long, safe career ending in self-inflicted death caused by drunk driving.

Key Concept

Thematic analysis of irony and reckless indulgence in African poetry
Estimated Time:1m 0s
Question 11405Question →

In Thomas Hardy's prescribed Non-African novel *The Mayor of Casterbridge*, Michael Henchard's initial act of selling his wife and daughter at the Weydon-Priors fair primarily serves to establish which critical structural and thematic element of the narrative?

Show answer & explanation

Answer: The protagonist's tragic flaw and impulsive nature, which sets in motion his long-term downfall.

Answer

The protagonist's tragic flaw and impulsive nature, which sets in motion his long-term downfall.
In Thomas Hardy's *The Mayor of Casterbridge*, Michael Henchard's auctioning of his family at Weydon-Priors fair reveals his hamartia—his extreme impulsiveness, pride, and hot temper. This act serves as the inciting incident of the novel, creating a legacy of guilt, retribution, and secret shame that dictates his subsequent relationships and ultimate tragic ruin.

Step-by-Step Solution

1
Analyze the opening action of Michael Henchard at the Weydon-Priors fair in Thomas Hardy's novel.
Henchard impulsively auctions his wife Susan and baby daughter Elizabeth-Jane to a sailor for five guineas while intoxicated.
Identifying the nature of the key event is necessary to understand its literary role.
2
Evaluate how this action functions within the plot structure and thematic development of the prose text.
The act serves as the inciting incident, exposing Henchard's rash temper and pride (hamartia) which haunts his future as Mayor of Casterbridge.
In classical tragic structure, the protagonist's internal flaw precipitates external catastrophe.
3
Select the option that accurately reflects this tragic causation and character development.
The option highlighting the protagonist's tragic flaw and setting in motion his downfall is correct.
It correctly identifies the structural role (inciting incident) and thematic significance (tragic flaw/downfall) of the event.

Key Concept

Tragic Flaw and Narrative Structure in Hardy's Prescribed Non-African Prose
Question 11406Question →

During a financial period, a commercial manufacturing firm pays predetermined amounts for land lease, employee salaries, and borrowed capital before determining its net income. Which of the following best explains why the reward accruing to enterprise is classified as residual rather than contractual?

Show answer & explanation

Answer: It consists of the surplus earnings remaining only after all agreed contractual payments to other factors have been met.

Answer

The economic reward for enterprise (profit) is residual because it represents the variable surplus revenue left over only after all fixed contractual obligations to land (rent), labour (wages), and capital (interest) have been fully discharged.
The reward for enterprise (profit) is non-contractual and residual because the entrepreneur accepts the financial uncertainty of production. Other factors—land (rent), labour (wages), and capital (interest)—receive fixed contractual returns negotiated in advance. Profit only materialized from whatever surplus revenue remains after meeting these liabilities.

Step-by-Step Solution

1
Differentiate between contractual factor rewards and residual factor rewards.
Rent, wages, and interest are contractual rewards paid out at agreed rates irrespective of business success.
Landowners, workers, and capital providers hold prior legal claims on the firm's revenue.
2
Analyze the nature of the reward for enterprise (profit).
Profit is uncertain, non-contractual, and can be positive, zero, or negative (a loss).
The entrepreneur assumes the uninsurable risks and uncertainty of the business entity.
3
Conclude why profit is termed 'residual'.
It is the remainder of gross earnings after deducting all explicit contractual operational costs.
Enterprise holds the ultimate bottom-line claim on company earnings.

Key Concept

Residual vs. Contractual Factor Rewards
Estimated Time:1m 30s
Question 11407Question →

Match each dramatic technique or device listed in Column I with its corresponding theatrical function or definition in Column II.

Click a left item, then click its matching right item

Items

Apostrophe
Flashback
Monologue
Verisimilitude

Matches

Show answer & explanation

Answer

Apostrophe matches with 'A speech directly addressing an absent person, inanimate object, or abstract concept as if present.' Flashback matches with 'A scene that interrupts chronological order to depict prior events providing crucial backstory.' Monologue matches with 'A prolonged speech delivered by a single character addressing other characters present on stage.' Verisimilitude matches with 'The theatrical creation of plausible reality and credibility within a dramatic work.'
Each dramatic technique is correctly matched to its defined function: Apostrophe addresses absent or inanimate entities; Flashback reveals prior events; Monologue is an extended speech to onstage listeners; Verisimilitude establishes believable dramatic reality.

Step-by-Step Solution

1
Analyze Apostrophe
Identify that addressing an absent person or personified abstraction constitutes apostrophe.
Apostrophe focuses emotional intensity onto a non-responsive target.
2
Analyze Flashback
Match dramatic scenes depicting prior events outside chronological sequence to flashback.
Flashbacks provide necessary antecedent context within the plot structure.
3
Analyze Monologue
Distinguish an extended speech delivered in the presence of other stage characters as a monologue.
Monologues differ from soliloquies because an audience of onstage characters is present.
4
Analyze Verisimilitude
Associate the principle of lifelike plausibility and dramatic truth with verisimilitude.
Verisimilitude sustains theatrical belief by avoiding improbable actions.

Key Concept

Dramatic Techniques and Devices
Question 11408Question →

Match each poetic genre listed on the left with its defining structural or thematic characteristic on the right.

Click a left item, then click its matching right item

Items

Sestina
Mock-Heroic Poem
Pastoral Eclogue
Epitaph

Matches

Show answer & explanation

Answer

Sestina matches the 39-line structure with repeating end-words; Mock-Heroic Poem matches the satirical use of grand epic style for trivial matters; Pastoral Eclogue matches the rural dialogue between shepherds; Epitaph matches the brief commemorative inscription for a deceased person.
Each poetic genre is paired directly with its exact structural or thematic definition: Sestina with its 39-line end-word rotation, Mock-Heroic Poem with its satirical epic treatment of triviality, Pastoral Eclogue with shepherd dialogues, and Epitaph with funerary inscriptions.

Step-by-Step Solution

1
Analyze the structural rules of complex fixed poetic forms.
Identify that the Sestina consists of 39 lines structured around six end-word repetitions across stanzas.
Structural constraints such as stanza count and line repetition patterns uniquely define fixed-form poems.
2
Examine stylistic and tone-based poetic subgenres.
Recognize that applying elevated epic diction to minor subjects defines the Mock-Heroic genre.
Mock-heroic literature derives its comedy from the satirical juxtaposition of grand form and trivial content.
3
Distinguish between pastoral dialogue forms and short funerary verse.
Pair Pastoral Eclogue with rustic shepherd dialogues, and Epitaph with short tombstone inscriptions.
Eclogues are explicitly conversational rural poems, while epitaphs are focused funerary inscriptions.

Key Concept

Classification and structural definitions of poetic genres and subgenres
Question 11409Question →

A commercial agro-processing factory in Ogun State utilizes division of labour to process cassava tubers into packaged garri on an assembly line. Arrange the following operational stages in their correct sequential order from start to finish.

Drag items to arrange them in the correct order

Show answer & explanation

Answer

The correct sequence of production stages is: peeling and washing raw cassava tubers, grating cleaned cassava tubers into wet mash, pressing and fermenting wet cassava mash to extract moisture, and sieving and roasting the dewatered cake into finished garri granules.
In a sequential assembly line for cassava processing, raw cassava tubers must first undergo raw material cleaning (peeling and washing), followed by mechanical breakdown (grating into wet mash), fluid removal (pressing and fermenting), and heat finishing (sieving and roasting).

Step-by-Step Solution

1
Identify the raw material preparation stage.
Peeling and washing raw cassava tubers is step 1.
Raw agricultural inputs must be cleaned and de-skinned before mechanical processing begins.
2
Determine the initial mechanical breakdown stage.
Grating cleaned cassava tubers into wet mash is step 2.
Solid tubers must be grated into a mash before liquid can be extracted under pressure.
3
Identify the moisture extraction and fermentation stage.
Pressing and fermenting wet cassava mash to extract moisture is step 3.
Dewatering requires grated pulp to be placed in porous bags under hydraulic force.
4
Determine the final thermal processing and finishing stage.
Sieving and roasting the dewatered cake into finished garri granules is step 4.
Roasting is the final drying and gelatinization step that yields the final commercial product.

Key Concept

Sequential Division of Labour in Agro-Industrial Production
Question 11410Question →

Match each characteristic or function of money on the left with its corresponding commercial description on the right.

Click a left item, then click its matching right item

Items

Homogeneity
Cognizability
Standard of deferred payment
Scarcity

Matches

Show answer & explanation

Answer

Homogeneity matches ensuring identical units per denomination; Cognizability matches enabling quick identification of legal tender; Standard of deferred payment matches facilitating credit settlement in the future; Scarcity matches regulating currency supply relative to demand.
Homogeneity refers to uniformity of currency units of the same denomination. Cognizability relates to ease of recognition and counterfeit detection. Standard of deferred payment enables future credit settlement. Scarcity ensures purchasing power is preserved through controlled supply.

Step-by-Step Solution

1
Analyze physical characteristics versus functions of money
Identified Homogeneity, Cognizability, and Scarcity as physical/essential attributes, while Standard of Deferred Payment is a secondary function.
Clarifying the fundamental definition of each term helps connect it directly to its practical commercial role.
2
Pair each characteristic or function with its matching definition
Homogeneity pairs with visual uniformity across denominations; Cognizability pairs with rapid identification and counterfeit prevention; Standard of deferred payment pairs with future debt settlement; Scarcity pairs with limited supply maintaining purchasing power.
Matching terms precisely ensures correct economic classification per JAMB UTME syllabus standards.

Key Concept

Attributes and Functions of Money in Commerce
Estimated Time:1m 30s
Question 11411Question →

In foreign trade, an exporter requires maximum protection against default by requesting a credit instrument where both the importer's issuing bank and an advising bank in the exporter's country guarantee payment upon presentation of compliant shipping documents. Which credit instrument provides this dual guarantee?

Show answer & explanation

Answer: Confirmed irrevocable letter of credit

Answer

Confirmed irrevocable letter of credit
A confirmed irrevocable letter of credit provides the highest level of security in international commercial transactions. 'Irrevocable' ensures the terms cannot be modified or cancelled without the explicit consent of all parties, while 'confirmed' means a second bank (usually in the exporter's home country) adds its binding undertaking to pay the exporter upon presentation of compliant documents.

Step-by-Step Solution

1
Identify the core feature requested in the transaction scenario.
The requirement is for a financial instrument offering a dual guarantee (issuing bank plus a bank in the exporter's country) that cannot be unilaterally cancelled.
Exporters use confirmed credit instruments to eliminate both buyer credit risk and political/country risks.
2
Analyze how different letters of credit function.
An irrevocable letter of credit cannot be modified without consent, and adding a confirmation from an advising/confirming bank adds the second layer of legal payment undertaking.
Confirmation commits the local bank in the seller's home country to pay even if the issuing foreign bank fails.
3
Select the option that meets both irrevocable and confirmation criteria.
The confirmed irrevocable letter of credit fulfills all security obligations outlined.
Other options either lack bank guarantees altogether or permit unilateral cancellation.

Key Concept

Confirmed Irrevocable Letter of Credit
Estimated Time:1m 0s
Question 11412Question →

A timber merchant in Benin appointed a buying agent and privately instructed him not to purchase mahogany logs above ₦200,000 per truckload. However, the merchant had previously informed local sawmill operators that the agent possessed full discretion to negotiate purchases on his behalf. If the agent enters into a contract to buy mahogany logs for ₦230,000 per truckload from a sawmill operator who relied on the merchant's prior statement, under which form of legal authority is the principal bound to the contract?

Show answer & explanation

Answer: Apparent (ostensible) authority

Answer

Apparent (ostensible) authority
Apparent (ostensible) authority exists where a principal represents to a third party that an agent has authority to act on their behalf. Even though the principal placed private price restrictions on the agent, the principal is legally bound to the contract because the third party relied on the principal's explicit prior representation.

Step-by-Step Solution

1
Analyze the scope of express instructions given to the agent
The principal gave explicit private instructions limiting purchase prices to ₦200,000 per truckload.
This establishes the boundary of the agent's actual express authority.
2
Examine the representation made by the principal to the third party
The merchant previously represented to third parties (sawmill operators) that the agent had unlimited discretion.
Under commercial law, representations made directly by the principal to third parties create ostensible authority.
3
Determine the legal basis of liability
The principal is bound by apparent (ostensible) authority because the third party acted in good faith reliance on the principal's own representations.
Principals are estopped from denying an agent's authority when they have held out the agent as having such authority to third parties.

Key Concept

Apparent (Ostensible) Authority vs Express Authority
Estimated Time:1m 0s
Question 11413Question →

A trader in Calabar selling a consignment of palm oil to a new buyer from Enugu refuses to accept an ordinary cheque due to the risk of default or unpaid funds. To guarantee payment before releasing the goods, the trader requests a payment instrument issued and guaranteed directly by a commercial bank. Which banking service or instrument fulfills this trader's requirement?

Show answer & explanation

Answer: Banker's draft

Answer

Banker's draft
A banker's draft is a cheque drawn by a bank on its own funds (or on another bank), ensuring that payment is guaranteed. Traders accept banker's drafts when dealing with unfamiliar buyers because the risk of a dishonoured cheque is completely removed.

Step-by-Step Solution

1
Identify the risk faced by the seller
The seller faces the risk of non-payment or dishonoured personal cheque from an unfamiliar buyer.
Personal cheques rely on the drawer's account balance, which may be insufficient.
2
Determine the banking instrument that eliminates payment default risk
A banker's draft is prepaid by the buyer and drawn directly by the commercial bank, making payment guaranteed.
The financial obligation shifts from the individual customer to the bank.

Key Concept

Banking Services to Trade - Means of Payment and Guarantees
Estimated Time:1m 0s
Question 11414Question →

Vanguard Manufacturing Plc presents the following items in its financial records at the end of the year:

- Issued Ordinary Share Capital: ₦5,000,000\text{₦}5,000,000
- 8%8\% Debentures: ₦2,000,000\text{₦}2,000,000
- Share Premium: ₦500,000\text{₦}500,000
- Retained Earnings: ₦1,200,000\text{₦}1,200,000
- Bank Overdraft: ₦800,000\text{₦}800,000
- Trade Creditors: ₦600,000\text{₦}600,000

Calculate the total value of long-term capital available to the company in Naira.

Show answer & explanation

Answer: 8700000

Answer

The total value of long-term capital available to Vanguard Manufacturing Plc is ₦8,700,000.
Long-term capital comprises equity capital, long-term loans, and reserves used to finance permanent business assets. Summing Issued Share Capital (₦5,000,000), 8% Debentures (₦2,000,000), Share Premium (₦500,000), and Retained Earnings (₦1,200,000) yields ₦8,700,000. Short-term debts like Bank Overdraft and Trade Creditors are excluded.

Step-by-Step Solution

1
Classify each financial item into long-term capital or short-term liability
Long-term capital items: Issued Ordinary Share Capital (₦5,000,000), 8% Debentures (₦2,000,000), Share Premium (₦500,000), Retained Earnings (₦1,200,000). Short-term items: Bank Overdraft (₦800,000), Trade Creditors (₦600,000).
Long-term capital includes equity, reserves, and long-term liabilities intended for permanent business operations.
2
Calculate the sum of all long-term sources of capital
₦5,000,000 + ₦2,000,000 + ₦500,000 + ₦1,200,000 = ₦8,700,000
Adding equity shares, long-term loan capital (debentures), capital reserves (share premium), and accumulated profits gives total long-term capital.

Key Concept

Distinction Between Long-Term Capital and Short-Term Liabilities

Alternative Method

Total long-term capital can also be calculated by summing Total Equity/Reserves (₦5,000,000 + ₦500,000 + ₦1,200,000 = ₦6,700,000) and Total Non-Current Debt (₦2,000,000), yielding ₦8,700,000.
Estimated Time:1m 30s
Question 11415Question →

A manufacturing enterprise in Nigeria relies on an integrated telecommunications network and Electronic Data Interchange (EDI) to handle automated procurement transactions with key suppliers. What is the correct sequential order of steps in completing this digital transaction workflow from initiation to dispatch?

Drag items to arrange them in the correct order

Show answer & explanation

Answer

The correct sequence begins with the digital transmission of the standardized purchase order via EDI, followed by automatic order validation and acknowledgment by the supplier system, electronic payment processing through an EFT gateway, and finally the issuance of a digital dispatch advice with tracking details.
The logical workflow of a B2B electronic transaction over business telecommunication networks requires an initial request (transmission of the EDI purchase order), verification and agreement (order acknowledgment after checking inventory), settlement (EFT authorization), and completion notification (digital dispatch advice).

Step-by-Step Solution

1
Identify the transaction initiation point
Transmission of the digital purchase order via EDI starts the commercial communication chain.
An electronic purchase transaction must be formally requested by the buyer's automated procurement system before supplier processing can begin.
2
Determine supplier processing and confirmation
Inventory validation and transmission of an electronic purchase order acknowledgment.
The receiving server must verify product availability and send back confirmation to ensure contractual agreement.
3
Identify settlement stage
Electronic Funds Transfer (EFT) payment authorization.
Financial settlement occurs across integrated inter-bank telecommunication channels following transaction acknowledgment.
4
Determine fulfillment confirmation
Issuance of automated digital dispatch advice and shipment tracking details.
The workflow concludes when physical goods are dispatched and delivery tracking information is transmitted to the buyer.

Key Concept

Electronic Data Interchange (EDI) and Telecommunication Workflows in Commerce
Question 11416Question →

Consider the following excerpt from Shakespeare's Hamlet:

"I must be cruel only to be kind:
Thus bad begins and worse remains behind."

Which figure of speech is principally illustrated in the statement "I must be cruel only to be kind"?

Show answer & explanation

Answer: Paradox

Answer

The statement is an example of Paradox because it presents an apparent contradiction that holds a deeper truth.
The correct answer is Paradox. A paradox is a full statement or situation that appears self-contradictory or absurd on the surface ('cruel only to be kind'), but reveals a deeper truth upon reflection—specifically, that harsh actions are sometimes necessary to bring about a good outcome.

Step-by-Step Solution

1
Analyze the cited line for internal contradiction and structural meaning.
The line 'I must be cruel only to be kind' contrasts two opposing concepts: cruelty and kindness.
Identifying conflicting concepts within the sentence structure helps determine whether a trope of contrast is being used.
2
Distinguish between word-level contradiction (oxymoron) and proposition-level contradiction (paradox).
The line is an entire proposition explaining that performing a painful action now will achieve a benevolent outcome overall, which expresses a valid underlying truth.
A full sentence or proposition containing a self-contradiction that conveys truth is a paradox, whereas juxtaposed contradictory words side-by-side form an oxymoron.

Key Concept

Paradox vs. Oxymoron in Poetic Figurative Language
Question 11417Question →

A merchant insured a commercial building against fire for ₦20,000,000. During the proposal stage, the merchant knowingly concealed the fact that inflammable chemical solvents were stored on the premises. Three months later, an accidental electrical fault destroyed the building. Which basic principle of insurance allows the insurer to legally reject the compensation claim?

Show answer & explanation

Answer: Utmost good faith, because the insured failed to disclose a material fact that would influence the insurer's decision.

Answer

Utmost good faith, because the insured failed to disclose a material fact that would influence the insurer's decision.
The principle of utmost good faith (uberrimae fidei) imposes a duty on both the insurer and the insured to disclose all material facts prior to entering the agreement. Concealing the presence of volatile chemical solvents altered the insurer's risk assessment, giving them the legal right to void the contract and refuse compensation.

Step-by-Step Solution

1
Identify the core breach in the scenario
The merchant deliberately concealed the storage of inflammable chemical solvents during policy formation.
Insurance contracts require complete transparency regarding material facts that alter the risk profile.
2
Map the legal breach to the corresponding insurance principle
The principle of Utmost Good Faith (Uberrimae Fidei) requires full and honest disclosure of all material details.
Non-disclosure of a material fact makes the insurance contract voidable at the insurer's discretion.

Key Concept

Utmost Good Faith (Uberrimae Fidei)
Estimated Time:1m 0s
Question 11418Question →

Match each prose excerpt on the left with the prevailing atmosphere or socio-cultural setting it establishes on the right.

Click a left item, then click its matching right item

Items

"Kerosene lamps flickered against the rusted zinc sheds of the Mile 12 motor park as hawkers barked out their wares above the roar of idling diesel engines."
"The harmattan wind howled through the empty spaces between the collapsing groundnut pyramids, coating every rusted iron beam in a fine layer of red Northern dust."
"At first light along the Nun River, mist rose lazily from the quiet mangroves while the gentle dip of a wooden paddle broke the glassy surface of the water."
"The whitewashed walls of the St. Jude Mission School stood rigid under the midday sun, where silence was enforced by the metronomic tick of the Father Superior's brass clock."

Matches

Show answer & explanation

Answer

Each prose excerpt corresponds directly to its spatial-temporal setting and mood based on key sensory details: excerpt 1 pairs with the hectic urban transport hub, excerpt 2 pairs with the bleak seasonal landscape, excerpt 3 pairs with the tranquil riverine environment, and excerpt 4 pairs with the austere regimented institution.
Matching each excerpt requires analyzing how authors use sensory details to evoke specific moods and contexts. The motor park description emphasizes noise and energy; the groundnut pyramid passage conveys dryness and decay; the mangrove scene highlights stillness and nature; and the mission school excerpt emphasizes order and constraint.

Step-by-Step Solution

1
Analyze the descriptive imagery, sensory details, and word choices in each excerpt.
Identified key indicators such as motor park noise, harmattan dust, quiet mangrove paddling, and rigid institutional silence.
Setting and atmosphere in prose are constructed through specific sensory cues and tonal indicators.
2
Correlate each excerpt's mood and physical details to the corresponding atmospheric description.
Successfully matched all four excerpts with their corresponding prevailing atmosphere and socio-cultural environment.
Demonstrates comprehension of narrative context, mood, and spatial-temporal setting.

Key Concept

Identifying spatial-temporal setting, atmosphere, and socio-cultural context through sensory and tonal analysis of prose excerpts.
Question 11419Question →

A private limited company in Nigeria is restructuring to become a Public Limited Company (PLC) in order to raise long-term capital from the capital market and achieve a listing on the Nigerian Exchange (NGX). In preparing its statutory filings and capital structure (comprising ordinary shares, preference shares, and debentures), which of the following statements correctly describes the legal framework governing its internal rules, capital instruments, and security holder rights?

Show answer & explanation

Answer: The internal rules and rights of various share classes are defined in the Articles of Association, while debenture holders are company creditors entitled to fixed interest regardless of profit.

Answer

The statement accurately noting that the internal rules and rights of various share classes are defined in the Articles of Association, while debenture holders are company creditors entitled to fixed interest regardless of profit.
In a Public Limited Company (PLC), the Articles of Association contain the internal regulations governing company management, voting procedures, and rights attached to share classes. Furthermore, debentures are long-term debt securities; debenture holders are creditors of the PLC who are entitled to fixed interest payments regardless of whether the company earns a profit.

Step-by-Step Solution

1
Analyze statutory company documents.
The Memorandum of Association establishes the company's legal existence, name, registered office, share capital, and object clause (external boundaries). The Articles of Association regulate internal management, administrative rules, and rights of different share classes.
Understanding the distinct statutory purpose of the Memorandum versus the Articles is essential under corporate law.
2
Differentiate between capital market securities and creditor instruments.
Ordinary and preference shares represent equity (ownership) capital, whereas debentures represent long-term borrowed (loan) capital.
Debenture holders are creditors of the PLC who receive a fixed rate of interest prior to any dividend payments, irrespective of corporate profitability.
3
Evaluate the options against legal and stock listing characteristics.
The option stating that internal regulations are set in the Articles of Association and debenture holders are creditors with fixed interest rights correctly synthesizes statutory governance and security features.
All other options contain fundamental misclassifications regarding company documents, financial market classification, or public enterprise reforms.

Key Concept

Statutory Governance, Stock Listing, and Securities of Public Limited Companies
Estimated Time:2m 0s
Question 11420Question →

Which of the following represents the correct chronological sequence of procedural steps for registering a partnership enterprise with the Corporate Affairs Commission (CAC) in Nigeria?

Drag items to arrange them in the correct order

Show answer & explanation

Answer

The correct order of steps is: conducting a name search and reservation with the CAC, drafting and executing the Partnership Deed, submitting the registration application forms with statutory fees, and receiving the official Certificate of Registration.
The correct procedural order begins with verifying and reserving an available business name with the Corporate Affairs Commission (CAC). Next, the partners execute their Partnership Deed to govern their internal relationship. Following this, the formal registration forms and statutory fees are submitted to the CAC. Finally, upon review and approval, the CAC issues the Certificate of Registration.

Step-by-Step Solution

1
Determine the initial administrative requirement prior to registration.
Conducting a name availability search and reservation with the CAC comes first.
The regulatory authority must confirm that the proposed firm name is unique and legally permissible before any documentation can be processed.
2
Identify the internal legal agreement step among partners.
Drafting and executing the Partnership Deed follows name approval.
Partners must establish their contractual rights, capital contributions, and operational rules before submitting business details.
3
Determine the formal filing phase with the regulatory body.
Submitting completed registration forms and statutory fees to the CAC is the third step.
The application materials and required fees must be lodged with the commission to initiate official evaluation and approval.
4
Identify the concluding outcome of the registration process.
Receiving the Certificate of Registration is the final step.
The certificate serves as legal proof of registration, granted only after full compliance and verification by the CAC.

Key Concept

Partnership Formation and Business Name Registration Procedure
PreviousPage 571 / 697Next
All practice questions — JAMB UTME | Examkin