JAMB COMMERCE PAST QUESTIONS

JAMB COMMERCE PAST QUESTIONS

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1 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In Nigeria, the ministry in charge of registering trade association is that of

Industries

Finance

Culture and tourism

Commerce

2 / 60

Category: JAMB COMMERCE PAST QUESTIONS

keeping the goods safe until they and needed

Distribution concept

Price concept

Product concept

Marketing concept

3 / 60

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Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a traditional medium of communication used to mark festivals?

Metal gong

Palm frond

Gum blast

Talking drum

4 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The type of activity which turns processed raw materials into consumer and industrial goods is described as ________

processing

extractive

manufacturing

constructive

5 / 60

Category: JAMB COMMERCE PAST QUESTIONS

To eliminate middlemen, there should be a retail outlet such as

producer co-operative

multiple shop

consumer co-operative

departmental store

6 / 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

a credit note for #1,800

an invoice for #200

a debit note for #2,00

a debit note for #1,800

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Category: JAMB COMMERCE PAST QUESTIONS

A title, symbol, or design that distinguishes a company is called

Trademark

Patent right

Brand name

8 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Land as a factor of production does not vary in _______

quality

nature

quantity

cost

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An ancillary to trade which promotes socio - cultural development all over the world is

communication

insurance

tourism

transportation

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Citizens are against privatization mainly because of

Increased price of good and services

Ineffective Management

The likely hood of monopoly

The ration dilation of organizations.

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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

600

1600

1060

1500

12 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The production of goods and services in anticipation of demand is made possible by _______

warehousing

advertising

packaging

warehousing

13 / 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

under sale

fair trading

hedging

14 / 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

15 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The Central Bank Monetary policy instrument by which it buys and sells securities is called

Bank rate

Cash reserve ratio

Open market operation

Bank credit

16 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a verbal means of communication

Telephone

Business reply services

Telex

Express mail

17 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In response to an inquiry from a customer, a wholesaler is expected to send back

a qoutation

an order

an advice note

a consignment note

18 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Current account holders withdraw money through

Withdrawal form

Credit card

Transfer

Cheque

19 / 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

financial responsibility

legal responsibility

economic responsibility

20 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of these is a current asset

Fittings

Motor vehicles

Machineries

Stock

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Category: JAMB COMMERCE PAST QUESTIONS

One of the products of an extractive industry is

an iron ore

a shoe

an airplane

a textile material

22 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one is not an output devices?

Monitor

Joystick

Printer

Plotter

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The process of winding up or bringing a company to an end is________

Integrating

Merger

Liquidation

Dissolution

24 / 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

after the offeree's letter has been recieved by the offeror

when the offeree's letter has been posted

when the offeror's letter has reached the offeree

after the offeror has made an offer

25 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In a law of contract, what is given in exchange for a promise to perform is_____

offer

warranty

consideration

acceptance

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Complying with the rules relating to the conduct of business activities in a country is an aspect of

political environment

demographic environment

cultural enviroment

legal environment

27 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one does not provide an Indirect Service?

Civil Servants

Custom Officers

Family Doctors

Law Makers

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An 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

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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

charge for each day a performance was delayed

persons that hire a ship for a specific purpose

cost paid for an empty space left in the ship

30 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of Sole Proprietorship is__________

It involves small capital

It requires small operations

It lacks specialization

Grants from government

31 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The duties paid on goods produced locally is

quota

export duty

ad-valorem duty

excise duty

32 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The payment for direct service is usually made by the

government

individual

local authority

community

33 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The most important resources of business is_______

Human resources

Material resources

Money resources

Opportunities

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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

proforma invoice

consular invoice

statement affairs

statement of account

35 / 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

Digital Computer

Main frame Computer

Hybrid Computer

Analogue Computer

36 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In the law of contact, a counter offer operates as

a rejection

A contact

an acceptance

37 / 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

Guaranties

Sureties

38 / 60

Category: JAMB COMMERCE PAST QUESTIONS

From which of the following sources can partnership increase their capital?

Sales of shares

Grants from relatives

Discharge of mortgage

Admission of new partners

39 / 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

40 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The board of directors of public enterprise is appointed by who?

management

government

shareholders

employees

41 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is an item in the marketing mix?

demand

promotion

consumer

market

42 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The minimum lending rate of a bank is a component of its

fixed assets

current assets

debit balances

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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

100

3000

600

6000

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Money Market

Primary Market

Secondary Market

Stock Exchange

45 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In the formation of a united liability company, the following documents are prepared except_______

Prospectus

Article of Association

Memorandum of Association

Statement of Nominal Capita

46 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is NOT backed by gold but by government securites?

Token money

Fiat money

Fiduciary note

Commodity money

47 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is classified as an immaterial want?

Raw materials

Protection

Goods and Services

Machines

48 / 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

Not been paid-up

Been applied for but not issued

Been issued but have not been paid-up

49 / 60

Category: JAMB COMMERCE PAST QUESTIONS

When expenses on trading are deducted, the result is the

cost of goods sold

net profit

gross profit

rate of turn over

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The internet is a system of telecommunication used for

Sending and renewing text message

Communicating long-distance

Communicating messages through telegrams

Sending electronic message

51 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Labour as an input in production can be motivated by

training

remuneration

profit

promotion

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Category: JAMB COMMERCE PAST QUESTIONS

One of these is not a major in the production process?

Distributors

Producers

Marketers

Consumers

53 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major determinants of the volume of production is

sex distribution

the market size

government policy

the availability of banks

54 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The document issued by a port authority for goods deposited is a

consular invoice

bill of lading

warehouse warrant

bill of sight

55 / 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_________

Computer remedies

Hardware

Software

Virus

56 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Tourists with no fixed address in a town may receive their letters from post office through a

parcel post

recorded delivery

private mail bag

poste restante

57 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The major determinant of fire insurance premium is the

usefulness of the property to the owner

type and structure of the property to be insured

owner of the property

extent of fire damaged anticipated.

58 / 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

59 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the functions of the retailer is

branding and packaging of goods

warehousing of goods

granting credit facilities to close relatives

provision of after - sales services

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following best describes an invoice?

Contractual agreement for the sale of goods

Document specifying quantity, description, prices and total value of purchase .

Receipt containing necessary information about the goods.

Letter specifying the contractual sales of goods between two parties

Your score is

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