JAMB COMMERCE PAST QUESTIONSAcadlly LearningJanuary 9, 2022JAMB/UTME Exam Past Questions & Answers2 Comments 0% 0 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 Goodluck 1 / 60 Category: JAMB COMMERCE PAST QUESTIONS Labour as an input in production can be motivated by promotion remuneration training profit 2 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the followingis a modern trend in retailing ? Tied shop Vending machine Mobile shop Kiosk 3 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is the best method for computing working capital Total assets less current liabilities Current liabilities less current assets Current assets less current liabilities Fixed liabilities less current assets 4 / 60 Category: JAMB COMMERCE PAST QUESTIONS The most important resources of business is_______ Material resources Human resources Money resources Opportunities 5 / 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 cost paid for an empty space left in the ship persons that hire a ship for a specific purpose charge for each day a performance was delayed 6 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the disadvantages of rail transport is It carries bulky goods It works at intervals It is not flexible Cost of transportation is high 7 / 60 Category: JAMB COMMERCE PAST QUESTIONS The effects of devaluation includes all except _______ increase in standard of living exports become cheaper expansion of local industries increase in import 8 / 60 Category: JAMB COMMERCE PAST QUESTIONS The agency in Nigeria which ensure that products conform to government quality specification is the Nigerian Chamber of commerce Nigerian consumers’ association Standard Organization of Nigeria Manufacturers' Association of Nigeria 9 / 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 debit note for #1,800 a debit note for #2,00 a credit note for #1,800 10 / 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 Been applied for but not issued Not yet been issued Been issued but have not been paid-up Not been paid-up 11 / 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 statement affairs proforma invoice consular invoice statement of account 12 / 60 Category: JAMB COMMERCE PAST QUESTIONS A market where new shares are tracked is known as Primary Market Secondary Market Stock Exchange Money Market 13 / 60 Category: JAMB COMMERCE PAST QUESTIONS Trade fairs in Nigeria are organized by Ministry of commerce and industry The federal Government Chambers of commerce Manufacturer’s Association of Nigeria 14 / 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 15 / 60 Category: JAMB COMMERCE PAST QUESTIONS The board of directors of public enterprise is appointed by who? management employees shareholders government 16 / 60 Category: JAMB COMMERCE PAST QUESTIONS The vessels that operate on specific route on high seas and oceans are Coastal Liners and Cargo Liners Passenger Liners and Cargo Liners Cargo Liners and Tramp liners Passenger liners and Tramp liners 17 / 60 Category: JAMB COMMERCE PAST QUESTIONS A formal letter to a dealer to enquire details about certain items for sale is referred to as an inquiry an invoice a quotation an order 18 / 60 Category: JAMB COMMERCE PAST QUESTIONS The minimum lending rate of a bank is a component of its debit balances current assets debit balances fixed assets 19 / 60 Category: JAMB COMMERCE PAST QUESTIONS Bank overdraft as a short term source of fund is A current liability Repayable after more than a year An overdrawn account Grade to a newly opened account 20 / 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 economic responsibility legal responsibility social responsibility financial responsibility 21 / 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 Main frame Computer Hybrid Computer Digital Computer 22 / 60 Category: JAMB COMMERCE PAST QUESTIONS Land as a factor of production does not vary in _______ cost quantity nature quality 23 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one does not provide an Indirect Service? Law Makers Custom Officers Civil Servants Family Doctors 24 / 60 Category: JAMB COMMERCE PAST QUESTIONS The payment for direct service is usually made by the community local authority individual government 25 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the formation of a united liability company, the following documents are prepared except_______ Statement of Nominal Capita Memorandum of Association Prospectus Article of Association 26 / 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 Sureties Guaranties Warranties Consideration 27 / 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 offeree's letter has been recieved by the offeror when the offeree's letter has been posted after the offeror has made an offer 28 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the factors of determining the volume of production is availablity of forex the number of skilled manpower availability of storage facilities the location of the business 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 demographic environment legal environment political environment cultural enviroment 30 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of these is a current asset Motor vehicles Machineries Stock Fittings 31 / 60 Category: JAMB COMMERCE PAST QUESTIONS The risks that can be forecast and measured is termed___________ Gambling Insurable risks Indenmity Insurance Non-Insurable risks 32 / 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 Travelers cheque Bankers’ order Promissory note 33 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a legal tender? Goldsmith receipt Travellers cheque Bank note Cheque 34 / 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 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 Aviation Insurance 35 / 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 36 / 60 Category: JAMB COMMERCE PAST QUESTIONS Thee major aim of consumer orientation is_________ market research consumer sovereignty consumer satisfaction what to produce 37 / 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 38 / 60 Category: JAMB COMMERCE PAST QUESTIONS Mrs 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 commercial service 39 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of consumer goods include all except________ Nurse Cars Spoon Shoes 40 / 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 private mail bag poste restante 41 / 60 Category: JAMB COMMERCE PAST QUESTIONS Citizens are against privatization mainly because of The likely hood of monopoly Increased price of good and services The ration dilation of organizations. Ineffective Management 42 / 60 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 43 / 60 Category: JAMB COMMERCE PAST QUESTIONS The act of selling in a foreign market at a price lower than the cost price is called dumping fair trading under sale hedging 44 / 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 6500 4900 600 2000 45 / 60 Category: JAMB COMMERCE PAST QUESTIONS The duties paid on goods produced locally is ad-valorem duty excise duty quota export duty 46 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following functions is not performed by warehousing? creating scarcity of goods storage of goods Stabilization of price production ahead of demand 47 / 60 Category: JAMB COMMERCE PAST QUESTIONS The document that gives an important freehand to obtain goods form any manufacturer is A freight note A closed indent An open indent A consular invoice 48 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is NOT backed by gold but by government securites? Fiduciary note Token money Commodity money Fiat money 49 / 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 3000 6000 100 600 50 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following best describes an invoice? Receipt containing necessary information about the goods. 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 51 / 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, 2018 Initial Capital 5000 Net Profit 1000 Furniture 2000 Equipment 2900 Debtors 100 Stock 1000 Bank 500 From the above, calculate Current assets 1600 600 1060 1500 52 / 60 Category: JAMB COMMERCE PAST QUESTIONS The process of winding up or bringing a company to an end is________ Dissolution Liquidation Integrating Merger 53 / 60 Category: JAMB COMMERCE PAST QUESTIONS Current account holders withdraw money through Credit card Withdrawal form Cheque Transfer 54 / 60 Category: JAMB COMMERCE PAST QUESTIONS An ancillary to trade which promotes socio - cultural development all over the world is communication insurance transportation tourism 55 / 60 Category: JAMB COMMERCE PAST QUESTIONS Cooperation and friendliness are enhanced among nations through interdependence necessitated by tourism agriculture commerce socio-cultural activities 56 / 60 Category: JAMB COMMERCE PAST QUESTIONS Communication enhances business activities by facilitating interaction between producers keeping the goods safe until they and needed ensuring the movement of good forms the producer to the consumer facilitating interaction among media houses 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 variable pricing target return pricing market penetration 58 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is an item in the marketing mix? market consumer promotion demand 59 / 60 Category: JAMB COMMERCE PAST QUESTIONS The policy used when contracts are awarded as a result of tender is________ market skimming bid Pricing product Line Pricing market penetration 60 / 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 Email Your score is LinkedIn Facebook VKontakte 0% Restart quiz Send feedback
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