JAMB COMMERCE PAST QUESTIONSJAMB School Portal NG 0% 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 Download School Portal NG Official Android App Goodluck 1 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the law of contact, a counter offer operates as A contact a rejection a rejection an acceptance 2 / 60 Category: JAMB COMMERCE PAST QUESTIONS The world tourism organization has it headquarters in Paris New York Madrid London 3 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of consumer goods include all except________ Spoon Cars Shoes Nurse 4 / 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 an invoice for #200 a credit note for #1,800 a debit note for #1,800 a debit note for #2,00 5 / 60 Category: JAMB COMMERCE PAST QUESTIONS Labour as an input in production can be motivated by remuneration profit promotion training 6 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one does not provide an Indirect Service? Law Makers Civil Servants Family Doctors Custom Officers 7 / 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 Chamber of Commerce Nigeria Bar Association cartel syndicate 8 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following best describes an invoice? Document specifying quantity, description, prices and total value of purchase . Letter specifying the contractual sales of goods between two parties Contractual agreement for the sale of goods Receipt containing necessary information about the goods. 9 / 60 Category: JAMB COMMERCE PAST QUESTIONS The application of division of labour would generally bring about Cheapness of goods and services Increase in quantity of goods and services Increase in variety of goods and services Cost efficiency in the production of goods and series. 10 / 60 Category: JAMB COMMERCE PAST QUESTIONS Communication enhances business activities by facilitating interaction among media houses facilitating interaction between producers ensuring the movement of good forms the producer to the consumer keeping the goods safe until they and needed 11 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a legal tender? Bank note Goldsmith receipt Cheque Travellers cheque 12 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, it is mandatory for all business enterprises to be registered with the________ Corporate Affairs Commission Agent Government Enterprise 13 / 60 Category: JAMB COMMERCE PAST QUESTIONS The board of directors of public enterprise is appointed by who? shareholders employees government management 14 / 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 Chamber of commerce Standard Organization of Nigeria Nigerian consumers’ association 15 / 60 Category: JAMB COMMERCE PAST QUESTIONS In product pricing, which of these elements need more consideration than others? The demography of the buyers of the product The cost of producing the product The economic conditions in the market The demand for the product 16 / 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 Bankers’ order Travelers cheque Promissory note 17 / 60 Category: JAMB COMMERCE PAST QUESTIONS In a law of contract, what is given in exchange for a promise to perform is_____ acceptance consideration offer warranty 18 / 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 4900 6500 2000 600 19 / 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 yet been issued Been issued but have not been paid-up Not been paid-up Been applied for but not issued 20 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the followingis a modern trend in retailing ? Tied shop Kiosk Mobile shop Vending machine 21 / 60 Category: JAMB COMMERCE PAST QUESTIONS The type of activity which turns processed raw materials into consumer and industrial goods is described as ________ manufacturing extractive processing constructive 22 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of Commercial occupation are all except___________ Insurers Goldsmith Traders Bankers 23 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a traditional medium of communication used to mark festivals? Talking drum Metal gong Palm frond Gum blast 24 / 60 Category: JAMB COMMERCE PAST QUESTIONS The payment for direct service is usually made by the community individual local authority government 25 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one is not an output devices? Joystick Plotter Printer Monitor 26 / 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 Investing its idle fund Finding a way to spend excess profit Fulfilling part of its social responsibility Carrying favour from local people 27 / 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 a bill of sight an invoice an indent 28 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major problems of a sole proprietor is sourcing for Labour Machineries Raw materials Funds 29 / 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 30 / 60 Category: JAMB COMMERCE PAST QUESTIONS Funds used for paying wages, salaries and payments for raw materials are categorized under nominal capital fixed capital circulating capital liquid capital 31 / 60 Category: JAMB COMMERCE PAST QUESTIONS Thee major aim of consumer orientation is_________ what to produce consumer satisfaction market research consumer sovereignty 32 / 60 Category: JAMB COMMERCE PAST QUESTIONS A partnership may be automatically dissolved due to the following factors except________ Admission of new partners Joint decision Bankruptcy of a partner Court verdict 33 / 60 Category: JAMB COMMERCE PAST QUESTIONS From which of the following sources can partnership increase their capital? Admission of new partners Grants from relatives Discharge of mortgage Sales of shares 34 / 60 Category: JAMB COMMERCE PAST QUESTIONS The major determinant of fire insurance premium is the type and structure of the property to be insured usefulness of the property to the owner extent of fire damaged anticipated. owner of the property 35 / 60 Category: JAMB COMMERCE PAST QUESTIONS Privatization is Transfer of ownership from government to stakeholders Transfer of ownership from individual to government Transfer of ownership from government to individuals Government taking charge of all businesses 36 / 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 37 / 60 Category: JAMB COMMERCE PAST QUESTIONS keeping the goods safe until they and needed Product concept Distribution concept Price concept Marketing concept 38 / 60 Category: JAMB COMMERCE PAST QUESTIONS The production of goods and services in anticipation of demand is made possible by _______ advertising warehousing packaging warehousing 39 / 60 Category: JAMB COMMERCE PAST QUESTIONS An ancillary to trade which promotes socio - cultural development all over the world is tourism transportation communication insurance 40 / 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 after the offeror has made an offer after the offeree's letter has been recieved by the offeror when the offeree's letter has been posted 41 / 60 Category: JAMB COMMERCE PAST QUESTIONS The risks that can be forecast and measured is termed___________ Insurable risks Indenmity Insurance Gambling Non-Insurable risks 42 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is an item in the marketing mix? consumer demand promotion market 43 / 60 Category: JAMB COMMERCE PAST QUESTIONS Bank overdraft as a short term source of fund is Repayable after more than a year An overdrawn account A current liability Grade to a newly opened account 44 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the formation of a united liability company, the following documents are prepared except_______ Article of Association Statement of Nominal Capita Memorandum of Association Prospectus 45 / 60 Category: JAMB COMMERCE PAST QUESTIONS The computer using linear integrated circuit technology complied with quantification of data in term of length and distance is Analogue Computer Hybrid Computer Main frame Computer Digital Computer 46 / 60 Category: JAMB COMMERCE PAST QUESTIONS The minimum lending rate of a bank is a component of its debit balances fixed assets debit balances current assets 47 / 60 Category: JAMB COMMERCE PAST QUESTIONS The duties paid on goods produced locally is quota export duty excise duty ad-valorem duty 48 / 60 Category: JAMB COMMERCE PAST QUESTIONS The internet is a system of telecommunication used for Communicating long-distance Sending electronic message Sending and renewing text message Communicating messages through telegrams 49 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is classified as an immaterial want? Machines Raw materials Goods and Services Protection 50 / 60 Category: JAMB COMMERCE PAST QUESTIONS The Central Bank Monetary policy instrument by which it buys and sells securities is called Bank credit Bank rate Open market operation Cash reserve ratio 51 / 60 Category: JAMB COMMERCE PAST QUESTIONS The document issued by a port authority for goods deposited is a warehouse warrant bill of lading bill of sight consular invoice 52 / 60 Category: JAMB COMMERCE PAST QUESTIONS Citizens are against privatization mainly because of Increased price of good and services The ration dilation of organizations. Ineffective Management The likely hood of monopoly 53 / 60 Category: JAMB COMMERCE PAST QUESTIONS The effects of devaluation includes all except _______ increase in import increase in standard of living expansion of local industries exports become cheaper 54 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the products of an extractive industry is a shoe an airplane an iron ore a textile material 55 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a verbal means of communication Telephone Express mail Telex Business reply services 56 / 60 Category: JAMB COMMERCE PAST QUESTIONS The factors which critically determines the choice of occupation is Aptitude Skill Interest Training 57 / 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 parcel post poste restante private mail bag 58 / 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________ Aviation Insurance Life Assurance 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 Marine Insurance 59 / 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 60 / 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 Email Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback {{#message}}{{{message}}}{{/message}}{{^message}}Your submission failed. 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