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 One of the disadvantages of Sole Proprietorship is__________ It lacks specialization It involves small capital Grants from government It requires small operations 2 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of these is not a major in the production process? Consumers Producers Distributors Marketers 3 / 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 4 / 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 5 / 60 Category: JAMB COMMERCE PAST QUESTIONS The internet is a system of telecommunication used for Sending and renewing text message Communicating long-distance Sending electronic message Communicating messages through telegrams 6 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a legal tender? Goldsmith receipt Travellers cheque Bank note Cheque 7 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is NOT backed by gold but by government securites? Fiduciary note Fiat money Commodity money Token money 8 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of Commercial occupation are all except___________ Bankers Insurers Goldsmith Traders 9 / 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 10 / 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 political environment cultural enviroment legal environment 11 / 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 Promissory note Travelers cheque Bankers’ order Bank draft 12 / 60 Category: JAMB COMMERCE PAST QUESTIONS The effects of devaluation includes all except _______ increase in standard of living expansion of local industries exports become cheaper increase in import 13 / 60 Category: JAMB COMMERCE PAST QUESTIONS Trade fairs in Nigeria are organized by The federal Government Chambers of commerce Manufacturer’s Association of Nigeria Ministry of commerce and industry 14 / 60 Category: JAMB COMMERCE PAST QUESTIONS Funds used for paying wages, salaries and payments for raw materials are categorized under liquid capital fixed capital nominal capital circulating capital 15 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a verbal means of communication Express mail Telex Telephone Business reply services 16 / 60 Category: JAMB COMMERCE PAST QUESTIONS Land as a factor of production does not vary in _______ cost quality quantity nature 17 / 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 social responsibility legal responsibility economic responsibility financial responsibility 18 / 60 Category: JAMB COMMERCE PAST QUESTIONS The process of winding up or bringing a company to an end is________ Dissolution Liquidation Integrating Merger 19 / 60 Category: JAMB COMMERCE PAST QUESTIONS The board of directors of public enterprise is appointed by who? government employees shareholders management 20 / 60 Category: JAMB COMMERCE PAST QUESTIONS Privatization is Transfer of ownership from government to individuals Transfer of ownership from government to stakeholders Government taking charge of all businesses Transfer of ownership from individual to government 21 / 60 Category: JAMB COMMERCE PAST QUESTIONS Thee major aim of consumer orientation is_________ what to produce consumer satisfaction consumer sovereignty market research 22 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the factors of determining the volume of production is the location of the business the number of skilled manpower availability of storage facilities availablity of forex 23 / 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 Computer remedies Hardware 24 / 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 4900 600 6500 2000 25 / 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 Been issued but have not been paid-up Not yet been issued Not been paid-up 26 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, the ministry in charge of registering trade association is that of Commerce Finance Culture and tourism Industries 27 / 60 Category: JAMB COMMERCE PAST QUESTIONS Citizens are against privatization mainly because of Increased price of good and services The likely hood of monopoly The ration dilation of organizations. Ineffective Management 28 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major determinants of the volume of production is government policy the availability of banks the market size sex distribution 29 / 60 Category: JAMB COMMERCE PAST QUESTIONS Communication enhances business activities by facilitating interaction among media houses facilitating interaction between producers keeping the goods safe until they and needed ensuring the movement of good forms the producer to the consumer 30 / 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 encourages the growth of infant industries provides warehosing facilities at the docks 31 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the functions of the retailer is warehousing of goods granting credit facilities to close relatives branding and packaging of goods provision of after - sales services 32 / 60 Category: JAMB COMMERCE PAST QUESTIONS keeping the goods safe until they and needed Product concept Marketing concept Price concept Distribution concept 33 / 60 Category: JAMB COMMERCE PAST QUESTIONS A title, symbol, or design that distinguishes a company is called Trademark Copyright Patent right Brand name 34 / 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 Cash reserve ratio Open market operation 35 / 60 Category: JAMB COMMERCE PAST QUESTIONS An important feature of land is that it is subject to returns to scale is an active factor of production is heterogenous in nature has an elastic supply 36 / 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 an inquiry a quotation 37 / 60 Category: JAMB COMMERCE PAST QUESTIONS The risks that can be forecast and measured is termed___________ Insurable risks Gambling Indenmity Insurance Non-Insurable risks 38 / 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 1060 600 1500 1600 39 / 60 Category: JAMB COMMERCE PAST QUESTIONS Cooperation and friendliness are enhanced among nations through interdependence necessitated by commerce tourism agriculture socio-cultural activities 40 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the formation of a united liability company, the following documents are prepared except_______ Statement of Nominal Capita Prospectus Memorandum of Association Article of Association 41 / 60 Category: JAMB COMMERCE PAST QUESTIONS The agency in Nigeria which ensure that products conform to government quality specification is the Nigerian consumers’ association Manufacturers' Association of Nigeria Nigerian Chamber of commerce Standard Organization of Nigeria 42 / 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 Fulfilling part of its social responsibility Carrying favour from local people Finding a way to spend excess profit 43 / 60 Category: JAMB COMMERCE PAST QUESTIONS Tourists with no fixed address in a town may receive their letters from post office through a poste restante private mail bag parcel post recorded delivery 44 / 60 Category: JAMB COMMERCE PAST QUESTIONS Current account holders withdraw money through Transfer Credit card Withdrawal form Cheque 45 / 60 Category: JAMB COMMERCE PAST QUESTIONS The document submitted to the customs authority when full description of imported goods is not provided is an indent a bill of entry an invoice a bill of sight 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 variable pricing market penetration target return pricing market skimming 47 / 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 Aviation Insurance Marine 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 48 / 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 Guaranties Warranties Sureties 49 / 60 Category: JAMB COMMERCE PAST QUESTIONS In a law of contract, what is given in exchange for a promise to perform is_____ warranty acceptance offer consideration 50 / 60 Category: JAMB COMMERCE PAST QUESTIONS An ancillary to trade which promotes socio - cultural development all over the world is communication insurance tourism transportation 51 / 60 Category: JAMB COMMERCE PAST QUESTIONS The duties paid on goods produced locally is export duty excise duty ad-valorem duty quota 52 / 60 Category: JAMB COMMERCE PAST QUESTIONS The most important resources of business is_______ Money resources Material resources Opportunities Human resources 53 / 60 Category: JAMB COMMERCE PAST QUESTIONS What is a Quota? Tax pad on goods produced within a country Tax paid on goods produced outside a country Ban on all imported goods A physical restriction placed on quantity of goods that can be imported 54 / 60 Category: JAMB COMMERCE PAST QUESTIONS The major determinant of fire insurance premium is the usefulness of the property to the owner owner of the property type and structure of the property to be insured extent of fire damaged anticipated. 55 / 60 Category: JAMB COMMERCE PAST QUESTIONS When expenses on trading are deducted, the result is the rate of turn over gross profit net profit cost of goods sold 56 / 60 Category: JAMB COMMERCE PAST QUESTIONS The vessels that operate on specific route on high seas and oceans are Passenger liners and Tramp liners Passenger Liners and Cargo Liners Coastal Liners and Cargo Liners Cargo Liners and Tramp liners 57 / 60 Category: JAMB COMMERCE PAST QUESTIONS From which of the following sources can partnership increase their capital? Grants from relatives Admission of new partners Discharge of mortgage Sales of shares 58 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following best describes an invoice? Letter specifying the contractual sales of goods between two parties Receipt containing necessary information about the goods. Document specifying quantity, description, prices and total value of purchase . Contractual agreement for the sale of goods 59 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major problems of a sole proprietor is sourcing for Machineries Labour Funds Raw materials 60 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following functions is not performed by warehousing? storage of goods production ahead of demand Stabilization of price creating scarcity of goods Email Your score is LinkedIn Facebook VKontakte 0% Restart quiz Send feedback
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