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

Goodluck

1 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Communication enhances business activities by

facilitating interaction among media houses

keeping the goods safe until they and needed

ensuring the movement of good forms the producer to the consumer

facilitating interaction between producers

2 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In the law of contact, a counter offer operates as

an acceptance

a rejection

A contact

a rejection

3 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The risks that can be forecast and measured is termed___________

Insurable risks

Non-Insurable risks

Indenmity Insurance

Gambling

4 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of these is not a major in the production process?

Distributors

Marketers

Producers

Consumers

5 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of rail transport is

It is not flexible

It carries bulky goods

Cost of transportation is high

It works at intervals

6 / 60

Category: JAMB COMMERCE PAST QUESTIONS

When expenses on trading are deducted, the result is the

net profit

gross profit

rate of turn over

cost of goods sold

7 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Discharge of mortgage

Grants from relatives

Admission of new partners

Sales of shares

8 / 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

600

100

6000

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The scope of commerce is limited to ________

wholesale and retail trade

wholesale and entrepot trade

trade and aids-to-trade

home and foreign trade

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

What is a Quota?

Ban on all imported goods

A physical restriction placed on quantity of goods that can be imported

Tax pad on goods produced within a country

Tax paid on goods produced outside a country

11 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

acceptance

offer

warranty

consideration

12 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The pricing policy that seeks to set prices relatively high in order to attract the wealthy segment of the market is

market penetration

market skimming

variable pricing

target return pricing

13 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The most important resources of business is_______

Money resources

Material resources

Human resources

Opportunities

14 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

management

government

shareholders

employees

15 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a verbal means of communication

Business reply services

Express mail

Telex

Telephone

16 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Liquidation

Integrating

Merger

Dissolution

17 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

The demography of the buyers of the product

The economic conditions in the market

The demand for the product

The cost of producing the product

18 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An important feature of land is that it

is an active factor of production

has an elastic supply

is subject to returns to scale

is heterogenous in nature

19 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Passenger Liners and Cargo Liners

Cargo Liners and Tramp liners

Passenger liners and Tramp liners

Coastal Liners and Cargo Liners

20 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is classified as an immaterial want?

Protection

Raw materials

Goods and Services

Machines

21 / 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

Analogue Computer

Digital Computer

Hybrid Computer

Main frame Computer

22 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A formal letter to a dealer to enquire details about certain items for sale is referred to as

an invoice

an order

an inquiry

a quotation

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Primary Market

Money Market

Stock Exchange

Secondary Market

24 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

fixed capital

circulating capital

nominal capital

liquid capital

25 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Privatization is

Transfer of ownership from individual to government

Government taking charge of all businesses

Transfer of ownership from government to individuals

Transfer of ownership from government to stakeholders

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of Commercial occupation are all except___________

Traders

Goldsmith

Insurers

Bankers

27 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the products of an extractive industry is

an iron ore

a textile material

a shoe

an airplane

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In Nigeria, the ministry in charge of registering trade association is that of

Commerce

Industries

Finance

Culture and tourism

29 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In the transportation industry, dead freight is used to describe the

charge for each day a performance was delayed

persons that hire a ship for a specific purpose

cost paid for an empty space left in the ship

cost of shipping a particular cargo for a specific voyage

30 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Thee major aim of consumer orientation is_________

consumer satisfaction

what to produce

market research

consumer sovereignty

31 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Trade fairs in Nigeria are organized by

Chambers of commerce

Ministry of commerce and industry

Manufacturer’s Association of Nigeria

The federal Government

32 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of these is a current asset

Fittings

Stock

Motor vehicles

Machineries

33 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Mrs Jones who lives in the riverine community of Rivers State makes her living through crabbing and fishing . This type of occupation she is in is

manufacturing

service

commercial

extractive

34 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the followingis a modern trend in retailing ?

Vending machine

Tied shop

Mobile shop

Kiosk

35 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the functions of the retailer is

warehousing of goods

provision of after - sales services

branding and packaging of goods

granting credit facilities to close relatives

36 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Current account holders withdraw money through

Withdrawal form

Cheque

Credit card

Transfer

37 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The payment for direct service is usually made by the

community

government

individual

local authority

38 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

communication

insurance

transportation

tourism

39 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Memorandum of Association

Statement of Nominal Capita

Article of Association

Prospectus

40 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Company has an authorized capital of 100 millon shares at N1 per share, out of which 50 million shares have been issued and fully paid-up the remaining 50 million shares have

Been applied for but not issued

Not been paid-up

Been issued but have not been paid-up

Not yet been issued

41 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Palm frond

Gum blast

Metal gong

Talking drum

42 / 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

Sureties

Warranties

Guaranties

Consideration

43 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

A closed indent

A consular invoice

A freight note

An open indent

44 / 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

dumping

fair trading

45 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A supplier of flour who intends to sign a contract with a baker through post can establish a binding agreement only

when the offeree's letter has been posted

when the offeror's letter has reached the offeree

after the offeree's letter has been recieved by the offeror

after the offeror has made an offer

46 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The duties paid on goods produced locally is

excise duty

ad-valorem duty

quota

export duty

47 / 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 warehosing facilities at the docks

provides credit facilities to importers

encourages the growth of infant industries

48 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The effects of devaluation includes all except _______

expansion of local industries

increase in standard of living

exports become cheaper

increase in import

49 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Total assets less current liabilities

Current assets less current liabilities

Current liabilities less current assets

Fixed liabilities less current assets

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In response to an inquiry from a customer, a wholesaler is expected to send back

a qoutation

an order

a consignment note

an advice note

51 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A document recording the transactions of an organization with its customer for a specified period which normally shows the indebtedness of one to the other is a

consular invoice

statement affairs

statement of account

proforma invoice

52 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

warehouse warrant

consular invoice

bill of sight

bill of lading

53 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

legal environment

demographic environment

political environment

cultural enviroment

54 / 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 Fixed assets

600

6500

2000

4900

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Bank overdraft as a short term source of fund is

An overdrawn account

Repayable after more than a year

A current liability

Grade to a newly opened account

56 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Citizens are against privatization mainly because of

Increased price of good and services

The likely hood of monopoly

Ineffective Management

The ration dilation of organizations.

57 / 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

a debit note for #2,00

a credit note for #1,800

a debit note for #1,800

an invoice for #200

58 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following best describes an invoice?

Contractual agreement for the sale of goods

Receipt containing necessary information about the goods.

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

Letter specifying the contractual sales of goods between two parties

59 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major determinants of the volume of production is

government policy

the availability of banks

sex distribution

the market size

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one is not an output devices?

Monitor

Joystick

Printer

Plotter

Your score is

0%

SCHOOL PORTAL NG

Post Comment Cancel reply

INSTALL TO YOUR HOME SCREEN!

You Might Also Like:

Post Comment Cancel reply

INSTALL TO YOUR HOME SCREEN!