JAMB COMMERCE PAST QUESTIONS

JAMB COMMERCE PAST QUESTIONS

JAMB COMMERCE PAST QUESTIONS

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1 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The type of activity which turns processed raw materials into consumer and industrial goods is described as ________

extractive

constructive

processing

manufacturing

2 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The most important resources of business is_______

Material resources

Human resources

Money resources

Opportunities

3 / 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

An open indent

A freight note

4 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Stock Exchange

Money Market

Secondary Market

Primary Market

5 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The payment for direct service is usually made by the

individual

government

local authority

community

6 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In the law of contact, a counter offer operates as

A contact

an acceptance

a rejection

7 / 60

Category: JAMB COMMERCE PAST QUESTIONS

What is a Quota?

Tax paid on goods produced outside a country

Tax pad on goods produced within a country

Ban on all imported goods

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

8 / 60

Category: JAMB COMMERCE PAST QUESTIONS

To eliminate middlemen, there should be a retail outlet such as

departmental store

producer co-operative

consumer co-operative

multiple shop

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

communication

transportation

tourism

insurance

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

shareholders

employees

management

government

11 / 60

Category: JAMB COMMERCE PAST QUESTIONS

DF is charging certain duties by an organization to the public to gain high patronage is a concern of financial resposibility

social responsibility

financial responsibility

economic responsibility

legal responsibility

12 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

warehousing

advertising

packaging

13 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Manufacturers' Association of Nigeria

Nigerian consumers’ association

Standard Organization of Nigeria

Nigerian Chamber of commerce

14 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Thee major aim of consumer orientation is_________

consumer satisfaction

what to produce

consumer sovereignty

market research

15 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following functions is not performed by warehousing?

Stabilization of price

creating scarcity of goods

production ahead of demand

storage of goods

16 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Funds

Machineries

Labour

Raw materials

17 / 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

Bank draft

Promissory note

Bankers’ order

Travelers cheque

18 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Current account holders withdraw money through

Credit card

Withdrawal form

Cheque

Transfer

19 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Distributors

Consumers

Marketers

Producers

20 / 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

variable pricing

market penetration

target return pricing

market skimming

21 / 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

charge for each day a performance was delayed

cost of shipping a particular cargo for a specific voyage

persons that hire a ship for a specific purpose

22 / 60

Category: JAMB COMMERCE PAST QUESTIONS

When expenses on trading are deducted, the result is the

rate of turn over

net profit

cost of goods sold

gross profit

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The development of commerce in west Africa was not hampered by

Insurance

Low savings

Inadequate means of transportation

Inadequate capital

24 / 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

after the offeror has made an offer

when the offeror's letter has reached the offeree

when the offeree's letter has been posted

25 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The duties paid on goods produced locally is

quota

ad-valorem duty

export duty

excise duty

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

keeping the goods safe until they and needed

Marketing concept

Price concept

Product concept

Distribution concept

27 / 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

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

warranty

acceptance

consideration

offer

29 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Cash reserve ratio

Bank credit

Open market operation

Bank rate

30 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The effects of devaluation includes all except _______

increase in import

expansion of local industries

exports become cheaper

increase in standard of living

31 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An important feature of land is that it

has an elastic supply

is an active factor of production

is heterogenous in nature

is subject to returns to scale

32 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a legal tender?

Cheque

Travellers cheque

Bank note

Goldsmith receipt

33 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The factors which critically determines the choice of occupation is

Skill

Interest

Aptitude

Training

34 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

bill of sight

consular invoice

warehouse warrant

bill of lading

35 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following has power to order withdrawal of a particular food item from circulation?

Federal High Courts in Nigeria

Local Government Health Inspectors

Food and Drug Department of the Federal Ministry of Health

Standard Organization of Nigeria

36 / 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

600

100

6000

3000

37 / 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 #1,800

an invoice for #200

a credit note for #1,800

a debit note for #2,00

38 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the products of an extractive industry is

a shoe

a textile material

an iron ore

an airplane

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

40 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Trade fairs in Nigeria are organized by

Ministry of commerce and industry

Manufacturer’s Association of Nigeria

The federal Government

Chambers of commerce

41 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Merger

Liquidation

Integrating

Dissolution

42 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of Commercial occupation are all except___________

Traders

Bankers

Insurers

Goldsmith

43 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of rail transport is

It works at intervals

Cost of transportation is high

It carries bulky goods

It is not flexible

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The application of division of labour would generally bring about

Cost efficiency in the production of goods and series.

Cheapness of goods and services

Increase in quantity of goods and services

Increase in variety of goods and services

45 / 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

Not been paid-up

Been applied for but not issued

Not yet been issued

Been issued but have not been paid-up

46 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Land as a factor of production does not vary in _______

nature

cost

quality

quantity

47 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Current assets less current liabilities

Total assets less current liabilities

Current liabilities less current assets

Fixed liabilities less current assets

48 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

bid Pricing

product Line Pricing

market skimming

market penetration

49 / 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

Sureties

Guaranties

Consideration

50 / 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

51 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A title, symbol, or design that distinguishes a company is called

Trademark

Copyright

Brand name

Patent right

52 / 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________

Life Assurance

Aviation Insurance

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

53 / 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

Coastal Liners and Cargo Liners

Cargo Liners and Tramp liners

54 / 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_________

Virus

Computer remedies

Hardware

Software

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one is not an output devices?

Printer

Joystick

Monitor

Plotter

56 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of consumer goods include all except________

Nurse

Spoon

Cars

Shoes

57 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

The demand for the product

The economic conditions in the market

The cost of producing the product

The demography of the buyers of the product

58 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the functions of the retailer is

provision of after - sales services

warehousing of goods

granting credit facilities to close relatives

branding and packaging of goods

59 / 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

2000

4900

600

6500

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is NOT backed by gold but by government securites?

Fiat money

Commodity money

Fiduciary note

Token money

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