JAMB COMMERCE PAST QUESTIONSJAMB School Portal NG Post Views: 361 % 10 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 GoodluckClick Here To Download School Portal NG Official Android App 1 / 60 Category: JAMB COMMERCE PAST QUESTIONS Citizens are against privatization mainly because of Ineffective Management The likely hood of monopoly The ration dilation of organizations. Increased price of good and services 2 / 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, 2018Initial Capital5000Net Profit1000Furniture2000Equipment2900Debtors100Stock1000Bank500 From the above, calculate Current assets 1600 600 1500 1060 3 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a verbal means of communication Telex Express mail Telephone Business reply services 4 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, the ministry in charge of registering trade association is that of Culture and tourism Commerce Finance Industries 5 / 60 Category: JAMB COMMERCE PAST QUESTIONS An ancillary to trade which promotes socio - cultural development all over the world is transportation insurance communication tourism 6 / 60 Category: JAMB COMMERCE PAST QUESTIONS In response to an inquiry from a customer, a wholesaler is expected to send back an order an advice note a qoutation a consignment note 7 / 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 financial responsibility social responsibility economic responsibility legal responsibility 8 / 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 Guaranties Sureties Consideration Warranties 9 / 60 Category: JAMB COMMERCE PAST QUESTIONS When expenses on trading are deducted, the result is the gross profit rate of turn over cost of goods sold net profit 10 / 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 Fixed liabilities less current assets Current liabilities less current assets 11 / 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 syndicate Chamber of Commerce Nigeria Bar Association cartel 12 / 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 13 / 60 Category: JAMB COMMERCE PAST QUESTIONS Current account holders withdraw money through Withdrawal form Transfer Credit card Cheque 14 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following best describes an invoice? Receipt containing necessary information about the goods. Letter specifying the contractual sales of goods between two parties Contractual agreement for the sale of goods Document specifying quantity, description, prices and total value of purchase . 15 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the factors of determining the volume of production is the number of skilled manpower the location of the business availablity of forex availability of storage facilities 16 / 60 Category: JAMB COMMERCE PAST QUESTIONS Tourists with no fixed address in a town may receive their letters from post office through a parcel post recorded delivery private mail bag poste restante 17 / 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 Carrying favour from local people Finding a way to spend excess profit 18 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of these is a current asset Fittings Motor vehicles Stock Machineries 19 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following has power to order withdrawal of a particular food item from circulation?See also JAMB Accounting Past Questions Local Government Health Inspectors Food and Drug Department of the Federal Ministry of Health Standard Organization of Nigeria Federal High Courts in Nigeria 20 / 60 Category: JAMB COMMERCE PAST QUESTIONS The payment for direct service is usually made by the government community individual local authority 21 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a legal tender? Goldsmith receipt Travellers cheque Bank note Cheque 22 / 60 Category: JAMB COMMERCE PAST QUESTIONS Cooperation and friendliness are enhanced among nations through interdependence necessitated by agriculture commerce socio-cultural activities tourism 23 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is NOT backed by gold but by government securites? Commodity money Fiat money Token money Fiduciary note 24 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the disadvantages of Sole Proprietorship is__________ Grants from government It lacks specialization It involves small capital It requires small operations 25 / 60 Category: JAMB COMMERCE PAST QUESTIONS The world tourism organization has it headquarters in Madrid New York Paris London 26 / 60 Category: JAMB COMMERCE PAST QUESTIONS The agency in Nigeria which ensure that products conform to government quality specification is the Nigerian consumers’ association Standard Organization of Nigeria Manufacturers' Association of Nigeria Nigerian Chamber of commerce 27 / 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 Not yet been issued Been issued but have not been paid-up Been applied for but not issued 28 / 60 Category: JAMB COMMERCE PAST QUESTIONS An important feature of land is that it is an active factor of production is subject to returns to scale has an elastic supply is heterogenous in nature 29 / 60 Category: JAMB COMMERCE PAST QUESTIONS The minimum lending rate of a bank is a component of its debit balances debit balances current assets fixed assets 30 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the functions of the Nigerian Ports Authority is that it provides credit facilities to importers provides warehosing facilities at the docks encourages the growth of infant industries gives preferential treatment to Nigerian investors 31 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one does not provide an Indirect Service? Law Makers Custom Officers Family Doctors Civil Servants 32 / 60 Category: JAMB COMMERCE PAST QUESTIONS To eliminate middlemen, there should be a retail outlet such as producer co-operative multiple shop departmental store consumer co-operative 33 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major determinants of the volume of production is sex distribution the availability of banks the market size government policy 34 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the products of an extractive industry is an airplane an iron ore a shoe a textile material 35 / 60 Category: JAMB COMMERCE PAST QUESTIONS Land as a factor of production does not vary in _______ cost quality nature quantity 36 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the transportation industry, dead freight is used to describe the cost of shipping a particular cargo for a specific voyage 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 37 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, it is mandatory for all business enterprises to be registered with the________ Government Agent Enterprise Corporate Affairs Commission 38 / 60 Category: JAMB COMMERCE PAST QUESTIONS From which of the following sources can partnership increase their capital? Admission of new partners Sales of shares Grants from relatives Discharge of mortgage 39 / 60 Category: JAMB COMMERCE PAST QUESTIONS The policy used when contracts are awarded as a result of tender is________ product Line Pricing market penetration market skimming bid Pricing 40 / 60 Category: JAMB COMMERCE PAST QUESTIONS The duties paid on goods produced locally is export duty excise duty quota ad-valorem duty 41 / 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 aSee also JAMB ENGLISH LANGUAGE PAST QUESTIONS proforma invoice statement affairs statement of account consular invoice 42 / 60 Category: JAMB COMMERCE PAST QUESTIONS Bank overdraft as a short term source of fund is Repayable after more than a year A current liability An overdrawn account Grade to a newly opened account 43 / 60 Category: JAMB COMMERCE PAST QUESTIONS The development of commerce in west Africa was not hampered by Low savings Inadequate means of transportation Inadequate capital Insurance 44 / 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 offeree's letter has been posted when the offeror's letter has reached the offeree 45 / 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 100 6000 3000 600 46 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is an item in the marketing mix? demand promotion market consumer 47 / 60 Category: JAMB COMMERCE PAST QUESTIONS Labour as an input in production can be motivated by profit training promotion remuneration 48 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of consumer goods include all except________ Spoon Nurse Cars Shoes 49 / 60 Category: JAMB COMMERCE PAST QUESTIONS The board of directors of public enterprise is appointed by who? management shareholders government employees 50 / 60 Category: JAMB COMMERCE PAST QUESTIONS A market where new shares are tracked is known as Primary Market Money Market Stock Exchange Secondary Market 51 / 60 Category: JAMB COMMERCE PAST QUESTIONS The production of goods and services in anticipation of demand is made possible by _______ packaging advertising warehousing warehousing 52 / 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 Fixed assets 6500 600 4900 2000 53 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the law of contact, a counter offer operates as an acceptance A contact a rejection a rejection 54 / 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 55 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the disadvantages of rail transport is It is not flexible Cost of transportation is high It carries bulky goods It works at intervals 56 / 60 Category: JAMB COMMERCE PAST QUESTIONS Funds used for paying wages, salaries and payments for raw materials are categorized under liquid capital fixed capital circulating capital nominal capital 57 / 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 target return pricing variable pricing 58 / 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_________ Hardware Virus Computer remedies Software 59 / 60 Category: JAMB COMMERCE PAST QUESTIONS The Central Bank Monetary policy instrument by which it buys and sells securities is called Open market operation Bank credit Bank rate Cash reserve ratio 60 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major problems of a sole proprietor is sourcing for Raw materials Machineries Funds Labour Email Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback SUBSCRIBE BELOW FOR A GIVEAWAY First name or full name Email WOW! 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