JAMB COMMERCE PAST QUESTIONS School Portal NG51 years agoJAMB 1+ 369 Views 0% 1 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 keeping the goods safe until they and needed Distribution concept Price concept Marketing concept Product concept 2 / 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 3 / 60 Category: JAMB COMMERCE PAST QUESTIONS The policy used when contracts are awarded as a result of tender is________ product Line Pricing market skimming bid Pricing market penetration 4 / 60 Category: JAMB COMMERCE PAST QUESTIONS What is a Quota? Ban on all imported goods Tax paid on goods produced outside a country A physical restriction placed on quantity of goods that can be imported Tax pad on goods produced within a country 5 / 60 Category: JAMB COMMERCE PAST QUESTIONS The production of goods and services in anticipation of demand is made possible by _______ warehousing warehousing advertising packaging 6 / 60 Category: JAMB COMMERCE PAST QUESTIONS The board of directors of public enterprise is appointed by who? management government employees shareholders 7 / 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 Receipt containing necessary information about the goods. Document specifying quantity, description, prices and total value of purchase . 8 / 60 Category: JAMB COMMERCE PAST QUESTIONS An association that acts as a watchdog between enterpreneurs and government to protect trade from any unfavourable laws is said to be a cartel Chamber of Commerce Nigeria Bar Association syndicate 9 / 60 Category: JAMB COMMERCE PAST QUESTIONS The factors which critically determines the choice of occupation is Interest Aptitude Skill Training 10 / 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 Not yet been issued Been issued but have not been paid-up 11 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one is not an output devices? Joystick Plotter Printer Monitor 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 skimming market penetration variable pricing target return pricing 13 / 60 Category: JAMB COMMERCE PAST QUESTIONS The process of winding up or bringing a company to an end is________ Liquidation Dissolution Integrating Merger 14 / 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 15 / 60 Category: JAMB COMMERCE PAST QUESTIONS Communication enhances business activities by keeping the goods safe until they and needed facilitating interaction between producers facilitating interaction among media houses ensuring the movement of good forms the producer to the consumer 16 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the products of an extractive industry is a shoe a textile material an airplane an iron ore 17 / 60 Category: JAMB COMMERCE PAST QUESTIONS When expenses on trading are deducted, the result is the cost of goods sold gross profit rate of turn over net profit 18 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the followingis a modern trend in retailing ? Tied shop Vending machine Mobile shop Kiosk 19 / 60 Category: JAMB COMMERCE PAST QUESTIONS The risks that can be forecast and measured is termed___________ Gambling Non-Insurable risks Indenmity Insurance Insurable risks 20 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a legal tender? Travellers cheque Cheque Goldsmith receipt Bank note 21 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is an item in the marketing mix? demand market promotion consumer 22 / 60 Category: JAMB COMMERCE PAST QUESTIONS The document issued by a port authority for goods deposited is a consular invoice warehouse warrant bill of sight bill of lading 23 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of consumer goods include all except________ Cars Nurse Shoes Spoon 24 / 60 Category: JAMB COMMERCE PAST QUESTIONS Citizens are against privatization mainly because of The ration dilation of organizations. Ineffective Management The likely hood of monopoly Increased price of good and services 25 / 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 26 / 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 after the offeree's letter has been recieved by the offeror when the offeror's letter has reached the offeree when the offeree's letter has been posted after the offeror has made an offer 27 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the transportation industry, dead freight is used to describe the cost paid for an empty space left in the ship cost of shipping a particular cargo for a specific voyage persons that hire a ship for a specific purpose charge for each day a performance was delayed 28 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major determinants of the volume of production is the market size the availability of banks sex distribution government policy 29 / 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 30 / 60 Category: JAMB COMMERCE PAST QUESTIONS A partnership may be automatically dissolved due to the following factors except________ Bankruptcy of a partner Admission of new partners Court verdict Joint decision 31 / 60 Category: JAMB COMMERCE PAST QUESTIONS In a law of contract, what is given in exchange for a promise to perform is_____ warranty consideration acceptance offer 32 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the functions of the retailer is branding and packaging of goods warehousing of goods granting credit facilities to close relatives provision of after - sales services 33 / 60 Category: JAMB COMMERCE PAST QUESTIONS The application of division of labour would generally bring about Increase in variety of goods and services Increase in quantity of goods and services Cheapness of goods and services Cost efficiency in the production of goods and series. 34 / 60 Category: JAMB COMMERCE PAST QUESTIONS In response to an inquiry from a customer, a wholesaler is expected to send back a qoutation an advice note a consignment note an order 35 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major problems of a sole proprietor is sourcing for Labour Raw materials Funds Machineries 36 / 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 37 / 60 Category: JAMB COMMERCE PAST QUESTIONS The world tourism organization has it headquarters in Madrid New York London Paris 38 / 60 Category: JAMB COMMERCE PAST QUESTIONS An ancillary to trade which promotes socio - cultural development all over the world is insurance tourism transportation communication 39 / 60 Category: JAMB COMMERCE PAST QUESTIONS The minimum lending rate of a bank is a component of its fixed assets current assets debit balances debit balances 40 / 60 Category: JAMB COMMERCE PAST QUESTIONS The document submitted to the customs authority when full description of imported goods is not provided is an indent a bill of sight an invoice a bill of entry 41 / 60 Category: JAMB COMMERCE PAST QUESTIONS Labour as an input in production can be motivated by training remuneration profit promotion 42 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one does not provide an Indirect Service? Custom Officers Family Doctors Civil Servants Law Makers 43 / 60 Category: JAMB COMMERCE PAST QUESTIONS From which of the following sources can partnership increase their capital? Grants from relatives Admission of new partners Discharge of mortgage Sales of shares 44 / 60 Category: JAMB COMMERCE PAST QUESTIONS Thee major aim of consumer orientation is_________ what to produce consumer sovereignty consumer satisfaction market research 45 / 60 Category: JAMB COMMERCE PAST QUESTIONS Land as a factor of production does not vary in _______ quality cost nature quantity 46 / 60 Category: JAMB COMMERCE PAST QUESTIONS The type of activity which turns processed raw materials into consumer and industrial goods is described as ________ constructive processing extractive manufacturing 47 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of Commercial occupation are all except___________ Bankers Insurers Goldsmith Traders 48 / 60 Category: JAMB COMMERCE PAST QUESTIONS The development of commerce in west Africa was not hampered by Low savings Inadequate capital Inadequate means of transportation Insurance 49 / 60 Category: JAMB COMMERCE PAST QUESTIONS The act of selling in a foreign market at a price lower than the cost price is called hedging under sale dumping fair trading 50 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a verbal means of communication Telex Telephone Business reply services Express mail 51 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the functions of the Nigerian Ports Authority is that it provides credit facilities to importers gives preferential treatment to Nigerian investors encourages the growth of infant industries provides warehosing facilities at the docks 52 / 60 Category: JAMB COMMERCE PAST QUESTIONS Trade fairs in Nigeria are organized by Ministry of commerce and industry Chambers of commerce The federal Government Manufacturer’s Association of Nigeria 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 cultural enviroment political environment demographic environment legal environment 54 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following has power to order withdrawal of a particular food item from circulation? Food and Drug Department of the Federal Ministry of Health Local Government Health Inspectors Standard Organization of Nigeria Federal High Courts in Nigeria 55 / 60 Category: JAMB COMMERCE PAST QUESTIONS When an oil exploring and mining company builds a health centre in one community where at operates, such a company is Fulfilling part of its social responsibility Investing its idle fund Finding a way to spend excess profit Carrying favour from local people 56 / 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 cost of producing the product The demography of the buyers of the product 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 debit note for #1,800 an invoice for #200 a credit note for #1,800 58 / 60 Category: JAMB COMMERCE PAST QUESTIONS The vessels that operate on specific route on high seas and oceans are Passenger Liners and Cargo Liners Passenger liners and Tramp liners Cargo Liners and Tramp liners Coastal Liners and Cargo Liners 59 / 60 Category: JAMB COMMERCE PAST QUESTIONS The duties paid on goods produced locally is export duty excise duty ad-valorem duty quota 60 / 60 Category: JAMB COMMERCE PAST QUESTIONS The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018Initial Capital5000Net Profit1000Furniture2000Equipment2900Debtors100Stock1000Bank500 From the above, calculate Current liabilities 600 100 6000 3000 Your score is LinkedIn Facebook Twitter 0% Restart quiz Send feedback 1+ Recommeded Lessons:JAMB BIOLOGY PAST QUESTIONSECONOMICS POST UTME (PRO)CRK/CRE/CRS POST UTME (PRO)BIOLOGY POST UTME (PRO)COMMERCE POST UTME (PRO)
