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 Which of the following is classified as an immaterial want? Protection Goods and Services Machines Raw materials 2 / 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 3 / 60 Category: JAMB COMMERCE PAST QUESTIONS Current account holders withdraw money through Transfer Cheque Withdrawal form Credit card 4 / 60 Category: JAMB COMMERCE PAST QUESTIONS The development of commerce in west Africa was not hampered by Insurance Inadequate capital Low savings Inadequate means of transportation 5 / 60 Category: JAMB COMMERCE PAST QUESTIONS The scope of commerce is limited to ________ home and foreign trade wholesale and entrepot trade wholesale and retail trade trade and aids-to-trade 6 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is NOT backed by gold but by government securites? Fiat money Token money Commodity money Fiduciary note 7 / 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 Carrying favour from local people Fulfilling part of its social responsibility 8 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of these is not a major in the production process? Producers Marketers Consumers Distributors 9 / 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 of account proforma invoice consular invoice statement affairs 10 / 60 Category: JAMB COMMERCE PAST QUESTIONS The most important resources of business is_______ Human resources Money resources Opportunities Material resources 11 / 60 Category: JAMB COMMERCE PAST QUESTIONS In response to an inquiry from a customer, a wholesaler is expected to send back a consignment note an order an advice note a qoutation 12 / 60 Category: JAMB COMMERCE PAST QUESTIONS Communication enhances business activities by keeping the goods safe until they and needed facilitating interaction among media houses facilitating interaction between producers ensuring the movement of good forms the producer to the consumer 13 / 60 Category: JAMB COMMERCE PAST QUESTIONS Labour as an input in production can be motivated by remuneration promotion profit training 14 / 60 Category: JAMB COMMERCE PAST QUESTIONS A title, symbol, or design that distinguishes a company is called Trademark Brand name Patent right Copyright 15 / 60 Category: JAMB COMMERCE PAST QUESTIONS The application of division of labour would generally bring about Increase in variety of goods and services Cheapness of goods and services Increase in quantity of goods and services Cost efficiency in the production of goods and series. 16 / 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 1500 1600 600 1060 17 / 60 Category: JAMB COMMERCE PAST QUESTIONS Thee major aim of consumer orientation is_________ market research what to produce consumer satisfaction consumer sovereignty 18 / 60 Category: JAMB COMMERCE PAST QUESTIONS A market where new shares are tracked is known as Money Market Secondary Market Primary Market Stock Exchange 19 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is the best method for computing working capital Current assets less current liabilities Total assets less current liabilities Current liabilities less current assets Fixed liabilities less current assets 20 / 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 21 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of consumer goods include all except________ Spoon Nurse Cars Shoes 22 / 60 Category: JAMB COMMERCE PAST QUESTIONS When expenses on trading are deducted, the result is the cost of goods sold rate of turn over gross profit net profit 23 / 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 Consideration Warranties Sureties Guaranties 24 / 60 Category: JAMB COMMERCE PAST QUESTIONS Funds used for paying wages, salaries and payments for raw materials are categorized under liquid capital circulating capital fixed capital nominal capital 25 / 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 order an invoice a quotation an inquiry 26 / 60 Category: JAMB COMMERCE PAST QUESTIONS The minimum lending rate of a bank is a component of its debit balances debit balances fixed assets current assets 27 / 60 Category: JAMB COMMERCE PAST QUESTIONS The risks that can be forecast and measured is termed___________ Insurable risks Gambling Non-Insurable risks Indenmity Insurance 28 / 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 target return pricing market penetration market skimming variable pricing 29 / 60 Category: JAMB COMMERCE PAST QUESTIONS An ancillary to trade which promotes socio - cultural development all over the world is communication transportation insurance tourism 30 / 60 Category: JAMB COMMERCE PAST QUESTIONS keeping the goods safe until they and needed Price concept Distribution concept Product concept Marketing concept 31 / 60 Category: JAMB COMMERCE PAST QUESTIONS Cooperation and friendliness are enhanced among nations through interdependence necessitated by tourism socio-cultural activities agriculture commerce 32 / 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 economic responsibility social responsibility legal responsibility 33 / 60 Category: JAMB COMMERCE PAST QUESTIONS The vessels that operate on specific route on high seas and oceans are Passenger Liners and Cargo Liners Coastal Liners and Cargo Liners Passenger liners and Tramp liners Cargo Liners and Tramp liners 34 / 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 manufacturing service commercial extractive 35 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the followingis a modern trend in retailing ? Tied shop Vending machine Kiosk Mobile shop 36 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the products of an extractive industry is an airplane a shoe a textile material an iron ore 37 / 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 Travelers cheque Promissory note Bankers’ order Bank draft 38 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the law of contact, a counter offer operates as a rejection A contact a rejection an acceptance 39 / 60 Category: JAMB COMMERCE PAST QUESTIONS The document that gives an important freehand to obtain goods form any manufacturer is A closed indent A consular invoice An open indent A freight note 40 / 60 Category: JAMB COMMERCE PAST QUESTIONS To eliminate middlemen, there should be a retail outlet such as producer co-operative departmental store multiple shop consumer co-operative 41 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a verbal means of communication Telex Telephone Express mail Business reply services 42 / 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 43 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one does not provide an Indirect Service? Custom Officers Civil Servants Law Makers Family Doctors 44 / 60 Category: JAMB COMMERCE PAST QUESTIONS What is a Quota? Ban on all imported goods Tax paid on goods produced outside a country A physical restriction placed on quantity of goods that can be imported Tax pad on goods produced within a country 45 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is an item in the marketing mix? demand promotion market consumer 46 / 60 Category: JAMB COMMERCE PAST QUESTIONS Land as a factor of production does not vary in _______ quantity nature cost quality 47 / 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 Virus Hardware Computer remedies 48 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the functions of the Nigerian Ports Authority is that it gives preferential treatment to Nigerian investors provides credit facilities to importers provides warehosing facilities at the docks encourages the growth of infant industries 49 / 60 Category: JAMB COMMERCE PAST QUESTIONS Privatization is Government taking charge of all businesses Transfer of ownership from government to individuals Transfer of ownership from individual to government Transfer of ownership from government to stakeholders 50 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major determinants of the volume of production is the availability of banks government policy sex distribution the market size 51 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, the ministry in charge of registering trade association is that of Finance Commerce Culture and tourism Industries 52 / 60 Category: JAMB COMMERCE PAST QUESTIONS From which of the following sources can partnership increase their capital? Discharge of mortgage Admission of new partners Grants from relatives Sales of shares 53 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a traditional medium of communication used to mark festivals? Gum blast Palm frond Metal gong Talking drum 54 / 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 issued but have not been paid-up Been applied for but not issued Not yet been issued Not been paid-up 55 / 60 Category: JAMB COMMERCE PAST QUESTIONS The production of goods and services in anticipation of demand is made possible by _______ warehousing advertising packaging warehousing 56 / 60 Category: JAMB COMMERCE PAST QUESTIONS The duties paid on goods produced locally is export duty quota ad-valorem duty excise duty 57 / 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 100 600 3000 58 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major problems of a sole proprietor is sourcing for Funds Labour Raw materials Machineries 59 / 60 Category: JAMB COMMERCE PAST QUESTIONS Citizens are against privatization mainly because of The ration dilation of organizations. Increased price of good and services The likely hood of monopoly Ineffective Management 60 / 60 Category: JAMB COMMERCE PAST QUESTIONS Trade fairs in Nigeria are organized by Manufacturer’s Association of Nigeria Ministry of commerce and industry The federal Government Chambers of commerce Email Your score is LinkedIn Facebook VKontakte 0% Restart quiz Send feedback Related posts: JAMB MATHEMATICS PAST QUESTIONS JAMB ENGLISH LANGUAGE PAST QUESTIONS JAMB Accounting Past Questions JAMB Accounting Past Question and Answer
Good
Thank you so much Ogedegbe