Level 1 – Knowsia

BMF – Nov 2024 – L1 – Q1 – Group cohesion and organisational concepts

Describe group cohesion, explain five characteristics of an effective team, and briefly explain concepts: formal organization, organization structure, flat organization, outsourcing, shared services.

Question

a. Describe the term ‘group cohesion’ b. Briefly explain FIVE characteristics of an effective team c. Briefly explain the following concepts: i. Formal organization ii. Organization structure iii. Flat organization iv. Outsourcing v. Shared services

Answer

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Tags: Effective Team, Flat Organisation, Formal Organisation, Group Cohesion, Organisation Structure, Organisational Concepts, Outsourcing, Shared Services, Team Management
Level: Level 1

Topic: MANAGEMENT INFORMATION - 15%

BL – Nov 2024 – L1 – Q6 – Law of Contract

Multi-part question on insurance contribution conditions, contract vitiating factors, employee dismissal grounds, and trust fund investment securities under Nigerian law.

Question

a. Where an insurer has settled a claim on behalf of another insurer, certain insurable interests apply. Required: State FOUR conditions for contribution to take place. b. The validity of a contract may be vitiated by some factors known to law. Required: State TWO factors that may vitiate a contract. c. An employee may be dismissed for justifiable reasons. Required: State FOUR grounds upon which an employee may be dismissed. d. The Trustee Investments Act stipulates securities in which trustees may invest. Required: State THREE categories of securities in which trust funds may be invested

Answer

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Tags: Admission of Partner, Change in Partnership, Firm Reconstitution, Partnership, Partnership Events
Level: Level 1

Topic: Contract Law

BL – Nov 2024 – L1 – Q5 – Alternative Dispute Resolution, Trusts, Hire Purchase, Ethics

State advantages of ADR, elements and types of charitable trusts, ways to terminate hire purchase contracts, and explain ethics and ethical codes.

Question

a. Alternative Dispute Resolution (ADR) as a mode of resolving commercial disputes enjoys an edge over court litigation. Required: State SIX advantages of ADR. b. A trust is an equitable relationship for the benefits of persons or objects. Required: i. State THREE essential elements or certainties of a trust. ii. State THREE types of charitable trust. c. Hire purchase is a contract of possession with an option to the hirer to purchase the goods in due course. Required: State FIVE ways of terminating a hire purchase contract. d. Ethics and ethical codes differ from legal rules. Required: Explain ethics and ethical codes.

Answer

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Tags: ADR, Certainties of Trust, Charitable Trusts, Dispute Resolution, Ethical Codes, Ethics, Hire Purchase Termination, Trusts
Level: Level 1

BCL – L1 – SA – Q100 – Companies in Crisis

Type of winding up by special resolution.

Question

Winding up by special resolution passed by the company.

A Compulsory winding up.

B Winding up

C Voluntary winding up

D All of the above

Answer

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Tags: Company Law, Special Resolution, Winding up
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis

BCL – L1 – SA – Q99 – Company Directors

Minimum number of directors in a public company.

Question

Minimum number of directors in public company is

A 3

B 2

C 4

D 1

Answer

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Tags: Company Law, Directors, Public Company
Level: Level 1

Topic: Company directors and other officers

BCL – L1 – SA – Q98 – Alternative Forms

Document defining a company’s objects and powers.

Question

……………..lays down the objects and powers of the company.

A Memorandum of Association

B Articles of Association

C Prospectus

D Statement in lieu

Answer

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Tags: Company Law, Company Objects, Memorandum of Association
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – SA – Q97 – Alternative Forms

Content of the registered office clause in the memorandum.

Question

Registered Office clause of memorandum of Association contain

A The complete postal address

B The name of Registrar of companies

C The name of City/ Town only and not that of the state

D The name of the state in which registered office of the company is to situate.

Answer

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Tags: Company Law, Memorandum of Association, Registered Office
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – SA – Q96 – Alternative Forms

When a company is considered incorporated.

Question

company is said to be incorporated when it is registered with registrar of the company.

A Licensing

B Government

C Existing

D Joint stock

Answer

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Tags: Company Law, Company registration, Incorporation
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – SA – Q95 – Alternative Forms

Definition of a voluntary association for social or economic goals.

Question

…………………refers to a voluntary association of individuals formed for the purpose of obtaining a particular social or economic goal.

A Illegal Association

B Partnership

C Incorporation

D Company

Answer

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Tags: Business Goals, Company Law, Voluntary Association
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – SA – Q94 – Alternative Forms

Classification of companies by member liability.

Question

Company may be companies limited by shares companies limited guarantee, unlimited companies.

A Number of members

B Liability of members

C Registered

D Incorporation

Answer

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Tags: Company Law, Company Types, Liability
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

Level (SQ): Level 1

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BMF – Nov 2024 – L1 – Q1 – Group cohesion and organisational concepts

Describe group cohesion, explain five characteristics of an effective team, and briefly explain concepts: formal organization, organization structure, flat organization, outsourcing, shared services.

BL – Nov 2024 – L1 – Q6 – Law of Contract

Multi-part question on insurance contribution conditions, contract vitiating factors, employee dismissal grounds, and trust fund investment securities under Nigerian law.

BL – Nov 2024 – L1 – Q5 – Alternative Dispute Resolution, Trusts, Hire Purchase, Ethics

State advantages of ADR, elements and types of charitable trusts, ways to terminate hire purchase contracts, and explain ethics and ethical codes.

BCL – L1 – SA – Q100 – Companies in Crisis

Type of winding up by special resolution.

BCL – L1 – SA – Q99 – Company Directors

Minimum number of directors in a public company.

BCL – L1 – SA – Q98 – Alternative Forms

Document defining a company’s objects and powers.

BCL – L1 – SA – Q97 – Alternative Forms

Content of the registered office clause in the memorandum.

BCL – L1 – SA – Q96 – Alternative Forms

When a company is considered incorporated.

BCL – L1 – SA – Q95 – Alternative Forms

Definition of a voluntary association for social or economic goals.

BCL – L1 – SA – Q94 – Alternative Forms

Classification of companies by member liability.

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BMF – Nov 2024 – L1 – Q1 – Group cohesion and organisational concepts

Describe group cohesion, explain five characteristics of an effective team, and briefly explain concepts: formal organization, organization structure, flat organization, outsourcing, shared services.

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BL – Nov 2024 – L1 – Q6 – Law of Contract

Multi-part question on insurance contribution conditions, contract vitiating factors, employee dismissal grounds, and trust fund investment securities under Nigerian law.

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BL – Nov 2024 – L1 – Q5 – Alternative Dispute Resolution, Trusts, Hire Purchase, Ethics

State advantages of ADR, elements and types of charitable trusts, ways to terminate hire purchase contracts, and explain ethics and ethical codes.

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BCL – L1 – SA – Q100 – Companies in Crisis

Type of winding up by special resolution.

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BCL – L1 – SA – Q99 – Company Directors

Minimum number of directors in a public company.

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BCL – L1 – SA – Q98 – Alternative Forms

Document defining a company’s objects and powers.

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BCL – L1 – SA – Q97 – Alternative Forms

Content of the registered office clause in the memorandum.

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BCL – L1 – SA – Q96 – Alternative Forms

When a company is considered incorporated.

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BCL – L1 – SA – Q95 – Alternative Forms

Definition of a voluntary association for social or economic goals.

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BCL – L1 – SA – Q94 – Alternative Forms

Classification of companies by member liability.

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