JAMB COMMERCE PAST QUESTIONS School Portal NG JAMB Share on Social Media twitter facebook emailwhatsapp 577 Views0% 10 JAMB COMMERCE PAST QUESTIONS JAMB COMMERCE PAST QUESTIONSAttempt 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 QUESTIONSOne of the disadvantages of rail transport is It works at intervals It is not flexible Cost of transportation is high It carries bulky goods 2 / 60 Category: JAMB COMMERCE PAST QUESTIONSA supplier of flour who intends to sign a contract with a baker through post can establish a binding agreement only after the offeror has made an offer when the offeree's letter has been posted after the offeree's letter has been recieved by the offeror when the offeror's letter has reached the offeree 3 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe duties paid on goods produced locally is export duty quota excise duty ad-valorem duty 4 / 60 Category: JAMB COMMERCE PAST QUESTIONSWhich of the following is a legal tender? Cheque Travellers cheque Bank note Goldsmith receipt 5 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe business unit that applies the principle of one man, one vote is ______ sole proprietorship co-operative society partnership public company 6 / 60 Category: JAMB COMMERCE PAST QUESTIONSA carton of noodles valued at #2,000 was invoiced at #200 only.The accounting procedure to correct this error is to issue a credit note for #1,800 a debit note for #2,00 a debit note for #1,800 an invoice for #200 7 / 60 Category: JAMB COMMERCE PAST QUESTIONSWhich 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 Federal High Courts in Nigeria Standard Organization of Nigeria Local Government Health Inspectors 8 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe document issued by a port authority for goods deposited is a warehouse warrant consular invoice bill of sight bill of lading 9 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe 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 6000 3000 600 100 10 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe factors which critically determines the choice of occupation is Aptitude Interest Training Skill 11 / 60 Category: JAMB COMMERCE PAST QUESTIONSMrs 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 extractive manufacturing service commercial 12 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe internet is a system of telecommunication used for Communicating long-distance Communicating messages through telegrams Sending and renewing text message Sending electronic message 13 / 60 Category: JAMB COMMERCE PAST QUESTIONSOne of the functions of the retailer is granting credit facilities to close relatives warehousing of goods branding and packaging of goods provision of after - sales services 14 / 60 Category: JAMB COMMERCE PAST QUESTIONSAn ancillary to trade which promotes socio - cultural development all over the world is transportation tourism insurance communication 15 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe 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 16 / 60 Category: JAMB COMMERCE PAST QUESTIONSCurrent account holders withdraw money through Credit card Transfer Withdrawal form Cheque 17 / 60 Category: JAMB COMMERCE PAST QUESTIONSA partnership may be automatically dissolved due to the following factors except________ Admission of new partners Bankruptcy of a partner Joint decision Court verdict 18 / 60 Category: JAMB COMMERCE PAST QUESTIONSCommunication 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 19 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe production of goods and services in anticipation of demand is made possible by _______ advertising packaging warehousing warehousing 20 / 60 Category: JAMB COMMERCE PAST QUESTIONSAll but one does not provide an Indirect Service? Custom Officers Civil Servants Family Doctors Law Makers 21 / 60 Category: JAMB COMMERCE PAST QUESTIONSWhich of the following is NOT backed by gold but by government securites? Fiat money Fiduciary note Commodity money Token money 22 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe minimum lending rate of a bank is a component of its fixed assets debit balances current assets debit balances 23 / 60 Category: JAMB COMMERCE PAST QUESTIONSFunds used for paying wages, salaries and payments for raw materials are categorized under circulating capital nominal capital liquid capital fixed capital 24 / 60 Category: JAMB COMMERCE PAST QUESTIONSBank overdraft as a short term source of fund is Grade to a newly opened account Repayable after more than a year A current liability An overdrawn account 25 / 60 Category: JAMB COMMERCE PAST QUESTIONSExamples of consumer goods include all except________ Cars Spoon Nurse Shoes 26 / 60 Category: JAMB COMMERCE PAST QUESTIONSComplying with the rules relating to the conduct of business activities in a country is an aspect of legal environment demographic environment cultural enviroment political environment 27 / 60 Category: JAMB COMMERCE PAST QUESTIONSOne of the major problems of a sole proprietor is sourcing for Labour Raw materials Machineries Funds 28 / 60 Category: JAMB COMMERCE PAST QUESTIONSIn product pricing, which of these elements need more consideration than others? The economic conditions in the market The demand for the product The demography of the buyers of the product The cost of producing the product 29 / 60 Category: JAMB COMMERCE PAST QUESTIONSWhen expenses on trading are deducted, the result is the rate of turn over cost of goods sold net profit gross profit 30 / 60 Category: JAMB COMMERCE PAST QUESTIONSUse 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 1060 1500 600 31 / 60 Category: JAMB COMMERCE PAST QUESTIONSWhen an oil exploring and mining company builds a health centre in one community where at operates, such a company is Carrying favour from local people Fulfilling part of its social responsibility Investing its idle fund Finding a way to spend excess profit 32 / 60 Category: JAMB COMMERCE PAST QUESTIONSIn Nigeria, it is mandatory for all business enterprises to be registered with the________ Government Corporate Affairs Commission Agent Enterprise 33 / 60 Category: JAMB COMMERCE PAST QUESTIONSCooperation and friendliness are enhanced among nations through interdependence necessitated by agriculture socio-cultural activities commerce tourism 34 / 60 Category: JAMB COMMERCE PAST QUESTIONSIn a law of contract, what is given in exchange for a promise to perform is_____ offer warranty consideration acceptance 35 / 60 Category: JAMB COMMERCE PAST QUESTIONSOne of these is not a major in the production process? Consumers Marketers Distributors Producers 36 / 60 Category: JAMB COMMERCE PAST QUESTIONSOne of the disadvantages of Sole Proprietorship is__________ Grants from government It requires small operations It lacks specialization It involves small capital 37 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe 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 Marine Insurance Aviation 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 38 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe implied provisions in every sale of goods as contained in the sale of goods act of 1893 are conditions and Guaranties Sureties Consideration Warranties 39 / 60 Category: JAMB COMMERCE PAST QUESTIONSIn response to an inquiry from a customer, a wholesaler is expected to send back an advice note a consignment note an order a qoutation 40 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe document submitted to the customs authority when full description of imported goods is not provided is an invoice an indent a bill of sight a bill of entry 41 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe application of division of labour would generally bring about Cheapness of goods and services Increase in variety of goods and services Increase in quantity of goods and services Cost efficiency in the production of goods and series. 42 / 60 Category: JAMB COMMERCE PAST QUESTIONSIn the law of contact, a counter offer operates as an acceptance a rejection A contact a rejection 43 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe scope of commerce is limited to ________ trade and aids-to-trade wholesale and entrepot trade home and foreign trade wholesale and retail trade 44 / 60 Category: JAMB COMMERCE PAST QUESTIONSIn Nigeria, the ministry in charge of registering trade association is that of Finance Culture and tourism Commerce Industries 45 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe vessels that operate on specific route on high seas and oceans are Cargo Liners and Tramp liners Passenger Liners and Cargo Liners Coastal Liners and Cargo Liners Passenger liners and Tramp liners 46 / 60 Category: JAMB COMMERCE PAST QUESTIONSWhich of the following is classified as an immaterial want? Protection Goods and Services Machines Raw materials 47 / 60 Category: JAMB COMMERCE PAST QUESTIONSTrade fairs in Nigeria are organized by The federal Government Ministry of commerce and industry Chambers of commerce Manufacturer’s Association of Nigeria 48 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe major determinant of fire insurance premium is the owner of the property type and structure of the property to be insured extent of fire damaged anticipated. usefulness of the property to the owner 49 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe most important resources of business is_______ Opportunities Human resources Material resources Money resources 50 / 60 Category: JAMB COMMERCE PAST QUESTIONSOne of the products of an extractive industry is an airplane an iron ore a shoe a textile material 51 / 60 Category: JAMB COMMERCE PAST QUESTIONSOne of the factors of determining the volume of production is the number of skilled manpower availability of storage facilities availablity of forex the location of the business 52 / 60 Category: JAMB COMMERCE PAST QUESTIONSTo eliminate middlemen, there should be a retail outlet such as departmental store producer co-operative consumer co-operative multiple shop 53 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe type of activity which turns processed raw materials into consumer and industrial goods is described as ________ extractive constructive manufacturing processing 54 / 60 Category: JAMB COMMERCE PAST QUESTIONSWhich of the following is a traditional medium of communication used to mark festivals? Gum blast Metal gong Palm frond Talking drum 55 / 60 Category: JAMB COMMERCE PAST QUESTIONSWhat is a Quota? Tax pad on goods produced within a country A physical restriction placed on quantity of goods that can be imported Tax paid on goods produced outside a country Ban on all imported goods 56 / 60 Category: JAMB COMMERCE PAST QUESTIONSA formal letter to a dealer to enquire details about certain items for sale is referred to as an invoice an inquiry a quotation an order 57 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe world tourism organization has it headquarters in London Paris Madrid New York 58 / 60 Category: JAMB COMMERCE PAST QUESTIONSAn important feature of land is that it is heterogenous in nature is subject to returns to scale has an elastic supply is an active factor of production 59 / 60 Category: JAMB COMMERCE PAST QUESTIONSA 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 Software Computer remedies 60 / 60 Category: JAMB COMMERCE PAST QUESTIONSThe effects of devaluation includes all except _______ exports become cheaper increase in standard of living expansion of local industries increase in import Your score is LinkedIn Facebook Twitter 0% Restart quiz Send feedback Share on Social Media twitter facebook emailwhatsapp
