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.

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1 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following best describes an invoice?

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

Contractual agreement for the sale of goods

Letter specifying the contractual sales of goods between two parties

Receipt containing necessary information about the goods.

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Category: JAMB COMMERCE PAST QUESTIONS

keeping the goods safe until they and needed

Price concept

Distribution concept

Product concept

Marketing concept

3 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

communication

insurance

transportation

tourism

4 / 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 offeror's letter has reached the offeree

when the offeree's letter has been posted

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

after the offeror has made an offer

5 / 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

Nigeria Bar Association

Chamber of Commerce

syndicate

cartel

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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

7 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

warehousing

advertising

packaging

warehousing

8 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one is not an output devices?

Joystick

Printer

Monitor

Plotter

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The duties paid on goods produced locally is

export duty

ad-valorem duty

quota

excise duty

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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

1500

1060

1600

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Category: JAMB COMMERCE PAST QUESTIONS

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

provides credit facilities to importers

encourages the growth of infant industries

provides warehosing facilities at the docks

gives preferential treatment to Nigerian investors

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Category: JAMB COMMERCE PAST QUESTIONS

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

Machineries

Labour

Funds

Raw materials

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Category: JAMB COMMERCE PAST QUESTIONS

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

demand

promotion

market

consumer

14 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The application of division of labour would generally bring about

Increase in quantity of goods and services

Increase in variety of goods and services

Cost efficiency in the production of goods and series.

Cheapness of goods and services

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Category: JAMB COMMERCE PAST QUESTIONS

One of the functions of the retailer is

provision of after - sales services

granting credit facilities to close relatives

branding and packaging of goods

warehousing of goods

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Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of Sole Proprietorship is__________

It requires small operations

Grants from government

It lacks specialization

It involves small capital

17 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Money Market

Secondary Market

Stock Exchange

Primary Market

18 / 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

private mail bag

poste restante

parcel post

19 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following functions is not performed by warehousing?

creating scarcity of goods

Stabilization of price

storage of goods

production ahead of demand

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Category: JAMB COMMERCE PAST QUESTIONS

The factors which critically determines the choice of occupation is

Aptitude

Skill

Training

Interest

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Category: JAMB COMMERCE PAST QUESTIONS

The scope of commerce is limited to ________

wholesale and entrepot trade

wholesale and retail trade

trade and aids-to-trade

home and foreign trade

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Category: JAMB COMMERCE PAST QUESTIONS

Thee major aim of consumer orientation is_________

consumer sovereignty

what to produce

consumer satisfaction

market research

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Category: JAMB COMMERCE PAST QUESTIONS

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

The cost of producing the product

The economic conditions in the market

The demography of the buyers of the product

The demand for the product

24 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The effects of devaluation includes all except _______

increase in standard of living

expansion of local industries

increase in import

exports become cheaper

25 / 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

Virus

Hardware

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Category: JAMB COMMERCE PAST QUESTIONS

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

political environment

legal environment

demographic environment

cultural enviroment

27 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the products of an extractive industry is

a textile material

a shoe

an airplane

an iron ore

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Labour as an input in production can be motivated by

remuneration

profit

promotion

training

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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

Warranties

Consideration

Sureties

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Category: JAMB COMMERCE PAST QUESTIONS

In the law of contact, a counter offer operates as

an acceptance

a rejection

A contact

a rejection

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Category: JAMB COMMERCE PAST QUESTIONS

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

Manufacturers' Association of Nigeria

Standard Organization of Nigeria

Nigerian Chamber of commerce

Nigerian consumers’ association

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Category: JAMB COMMERCE PAST QUESTIONS

The world tourism organization has it headquarters in

Madrid

Paris

London

New York

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Category: JAMB COMMERCE PAST QUESTIONS

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

fixed capital

liquid capital

circulating capital

nominal capital

34 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

bid Pricing

market skimming

market penetration

product Line Pricing

35 / 60

Category: JAMB COMMERCE PAST QUESTIONS

When expenses on trading are deducted, the result is the

gross profit

cost of goods sold

rate of turn over

net profit

36 / 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 entry

an indent

an invoice

a bill of sight

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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

38 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Bank overdraft as a short term source of fund is

Grade to a newly opened account

Repayable after more than a year

An overdrawn account

A current liability

39 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Palm frond

Metal gong

Talking drum

Gum blast

40 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Local Government Health Inspectors

Standard Organization of Nigeria

Food and Drug Department of the Federal Ministry of Health

Federal High Courts in Nigeria

41 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The internet is a system of telecommunication used for

Communicating long-distance

Sending and renewing text message

Sending electronic message

Communicating messages through telegrams

42 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Grants from relatives

Sales of shares

Discharge of mortgage

Admission of new partners

43 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The risks that can be forecast and measured is termed___________

Indenmity Insurance

Gambling

Insurable risks

Non-Insurable risks

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the followingis a modern trend in retailing ?

Tied shop

Vending machine

Mobile shop

Kiosk

45 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the factors of determining the volume of production is

the location of the business

availability of storage facilities

availablity of forex

the number of skilled manpower

46 / 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

47 / 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

proforma invoice

statement of account

statement affairs

consular invoice

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

6000

600

100

3000

49 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

processing

constructive

extractive

manufacturing

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

offer

acceptance

consideration

warranty

51 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of rail transport is

It carries bulky goods

It is not flexible

Cost of transportation is high

It works at intervals

52 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Industries

Culture and tourism

Finance

Commerce

53 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An important feature of land is that it

is heterogenous in nature

is an active factor of production

is subject to returns to scale

has an elastic supply

54 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Token money

Fiduciary note

Fiat money

Commodity money

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is classified as an immaterial want?

Protection

Machines

Goods and Services

Raw materials

56 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Distributors

Producers

Marketers

Consumers

57 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The development of commerce in west Africa was not hampered by

Inadequate means of transportation

Low savings

Insurance

Inadequate capital

58 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Cash reserve ratio

Open market operation

Bank credit

Bank rate

59 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Land as a factor of production does not vary in _______

nature

quantity

quality

cost

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of Commercial occupation are all except___________

Traders

Goldsmith

Insurers

Bankers

Email

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