JAMB COMMERCE PAST QUESTIONS

JAMB COMMERCE PAST QUESTIONS

JAMB COMMERCE PAST QUESTIONS

Attempt all 60 questions from our pool of questions. 60 questions will be picked automatically from our question bank.

You have 1 hour for this exam. You can re-take the exam again and again

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1 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The implied provisions in every sale of goods as contained in the sale of goods act of 1893 are conditions and

Warranties

Guaranties

Consideration

Sureties

2 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Tourists with no fixed address in a town may receive their letters from post office through a

recorded delivery

poste restante

private mail bag

parcel post

3 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The scope of commerce is limited to ________

home and foreign trade

wholesale and entrepot trade

wholesale and retail trade

trade and aids-to-trade

4 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the products of an extractive industry is

an airplane

a textile material

an iron ore

a shoe

5 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The risks that can be forecast and measured is termed___________

Indenmity Insurance

Non-Insurable risks

Gambling

Insurable risks

6 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one does not provide an Indirect Service?

Custom Officers

Civil Servants

Law Makers

Family Doctors

7 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The development of commerce in west Africa was not hampered by

Inadequate means of transportation

Insurance

Low savings

Inadequate capital

8 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a traditional medium of communication used to mark festivals?

Talking drum

Palm frond

Metal gong

Gum blast

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following best describes an invoice?

Contractual agreement for the sale of goods

Letter specifying the contractual sales of goods between two parties

Document specifying quantity, description, prices and total value of purchase .

Receipt containing necessary information about the goods.

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Bank overdraft as a short term source of fund is

A current liability

Repayable after more than a year

Grade to a newly opened account

An overdrawn account

11 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A carton of noodles valued at #2,000 was invoiced at #200 only.The accounting procedure to correct this error is to issue

an invoice for #200

a debit note for #2,00

a credit note for #1,800

a debit note for #1,800

12 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A cheque drawn by a bank official on the bank’s deposit in another bank on a customer’s deposit in another bank

Travelers cheque

Bank draft

Promissory note

Bankers’ order

13 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Privatization is

Transfer of ownership from government to individuals

Government taking charge of all businesses

Transfer of ownership from government to stakeholders

Transfer of ownership from individual to government

14 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The process of winding up or bringing a company to an end is________

Merger

Integrating

Dissolution

Liquidation

15 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major problems of a sole proprietor is sourcing for

Raw materials

Machineries

Funds

Labour

16 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The act of selling in a foreign market at a price lower than the cost price is called

under sale

hedging

fair trading

dumping

17 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Labour as an input in production can be motivated by

training

remuneration

promotion

profit

18 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The document submitted to the customs authority when full description of imported goods is not provided is

a bill of sight

a bill of entry

an indent

an invoice

19 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The computer using linear integrated circuit technology complied with quantification of data in term of length and distance is

Digital Computer

Main frame Computer

Analogue Computer

Hybrid Computer

20 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Funds used for paying wages, salaries and payments for raw materials are categorized under

nominal capital

liquid capital

circulating capital

fixed capital

21 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is classified as an immaterial want?

Machines

Raw materials

Protection

Goods and Services

22 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is an item in the marketing mix?

market

promotion

consumer

demand

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is the best method for computing working capital

Fixed liabilities less current assets

Total assets less current liabilities

Current assets less current liabilities

Current liabilities less current assets

24 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In product pricing, which of these elements need more consideration than others?

The economic conditions in the market

The demand for the product

The demography of the buyers of the product

The cost of producing the product

25 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major determinants of the volume of production is

the availability of banks

government policy

the market size

sex distribution

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An ancillary to trade which promotes socio - cultural development all over the world is

communication

tourism

insurance

transportation

27 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________

Marine Insurance

The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be

Aviation Insurance

Life Assurance

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The agency in Nigeria which ensure that products conform to government quality specification is the

Nigerian Chamber of commerce

Standard Organization of Nigeria

Nigerian consumers’ association

Manufacturers' Association of Nigeria

29 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A partnership may be automatically dissolved due to the following factors except________

Admission of new partners

Court verdict

Bankruptcy of a partner

Joint decision

30 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of Commercial occupation are all except___________

Bankers

Goldsmith

Traders

Insurers

31 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In the formation of a united liability company, the following documents are prepared except_______

Prospectus

Statement of Nominal Capita

Article of Association

Memorandum of Association

32 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the functions of the Nigerian Ports Authority is that it

gives preferential treatment to Nigerian investors

provides credit facilities to importers

provides warehosing facilities at the docks

encourages the growth of infant industries

33 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Stock Exchange

Primary Market

Money Market

Secondary Market

34 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of consumer goods include all except________

Spoon

Shoes

Cars

Nurse

35 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The world tourism organization has it headquarters in

Madrid

London

Paris

New York

36 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The Central Bank Monetary policy instrument by which it buys and sells securities is called

Bank credit

Open market operation

Bank rate

Cash reserve ratio

37 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a verbal means of communication

Business reply services

Telephone

Express mail

Telex

38 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Complying with the rules relating to the conduct of business activities in a country is an aspect of

cultural enviroment

demographic environment

legal environment

political environment

39 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Current account holders withdraw money through

Cheque

Withdrawal form

Credit card

Transfer

40 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In a law of contract, what is given in exchange for a promise to perform is_____

offer

acceptance

warranty

consideration

41 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The major determinant of fire insurance premium is the

usefulness of the property to the owner

type and structure of the property to be insured

extent of fire damaged anticipated.

owner of the property

42 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Cooperation and friendliness are enhanced among nations through interdependence necessitated by

agriculture

tourism

commerce

socio-cultural activities

43 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The vessels that operate on specific route on high seas and oceans are

Passenger liners and Tramp liners

Coastal Liners and Cargo Liners

Passenger Liners and Cargo Liners

Cargo Liners and Tramp liners

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Thee major aim of consumer orientation is_________

consumer satisfaction

consumer sovereignty

what to produce

market research

45 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the followingis a modern trend in retailing ?

Mobile shop

Tied shop

Vending machine

Kiosk

46 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Land as a factor of production does not vary in _______

cost

quantity

nature

quality

47 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An important feature of land is that it

is heterogenous in nature

is an active factor of production

has an elastic supply

is subject to returns to scale

48 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

Initial Capital	5000
Net Profit	1000
Furniture	2000
Equipment	2900
Debtors	100
Stock	1000
Bank	500

From the above, calculate Current liabilities

3000

6000

600

100

49 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The production of goods and services in anticipation of demand is made possible by _______

advertising

packaging

warehousing

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The document that gives an important freehand to obtain goods form any manufacturer is

An open indent

A consular invoice

A closed indent

A freight note

51 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of rail transport is

Cost of transportation is high

It carries bulky goods

It is not flexible

It works at intervals

52 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The factors which critically determines the choice of occupation is

Training

Skill

Interest

Aptitude

53 / 60

Category: JAMB COMMERCE PAST QUESTIONS

From which of the following sources can partnership increase their capital?

Grants from relatives

Discharge of mortgage

Sales of shares

Admission of new partners

54 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The board of directors of public enterprise is appointed by who?

management

shareholders

employees

government

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Use the following information to answer this question.

The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

Initial Capital	5000
Net Profit	1000
Furniture	2000
Equipment	2900
Debtors	100
Stock	1000
Bank	500

From the above, calculate Current assets

600

1060

1500

1600

56 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of these is a current asset

Fittings

Machineries

Stock

Motor vehicles

57 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A self-contained chunk of code with principal aim to replies preferably undetected and to copy itself into the computer's memory and the computer's hard-disk is_________

Software

Computer remedies

Hardware

Virus

58 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the factors of determining the volume of production is

availability of storage facilities

availablity of forex

the number of skilled manpower

the location of the business

59 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The document issued by a port authority for goods deposited is a

bill of sight

warehouse warrant

consular invoice

bill of lading

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The policy used when contracts are awarded as a result of tender is________

product Line Pricing

market penetration

bid Pricing

market skimming

Your score is

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