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.

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1 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The duties paid on goods produced locally is

excise duty

quota

ad-valorem duty

export duty

2 / 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

3 / 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.

4 / 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

consular invoice

statement affairs

proforma invoice

5 / 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

6 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The policy used when contracts are awarded as a result of tender is________

bid Pricing

market penetration

product Line Pricing

market skimming

7 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An important feature of land is that it

is an active factor of production

is subject to returns to scale

has an elastic supply

is heterogenous in nature

8 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The factors which critically determines the choice of occupation is

Training

Aptitude

Skill

Interest

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In product pricing, which of these elements need more consideration than others?

The cost of producing the product

The demography of the buyers of the product

The demand for the product

The economic conditions in the market

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The payment for direct service is usually made by the

community

local authority

government

individual

11 / 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

Main frame Computer

Hybrid Computer

Analogue Computer

Digital Computer

12 / 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

recorded delivery

parcel post

13 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The vessels that operate on specific route on high seas and oceans are

Passenger Liners and Cargo Liners

Cargo Liners and Tramp liners

Passenger liners and Tramp liners

Coastal Liners and Cargo Liners

14 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a legal tender?

Bank note

Goldsmith receipt

Travellers cheque

Cheque

15 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Stock Exchange

Money Market

Primary Market

Secondary Market

16 / 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

600

3000

6000

100

17 / 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

18 / 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

19 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a verbal means of communication

Express mail

Telex

Business reply services

Telephone

20 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The application of division of labour would generally bring about

Increase in quantity of goods and services

Cheapness of goods and services

Increase in variety of goods and services

Cost efficiency in the production of goods and series.

21 / 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

2000

4900

6500

600

22 / 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

a qoutation

an advice note

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Thee major aim of consumer orientation is_________

consumer sovereignty

consumer satisfaction

market research

what to produce

24 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of rail transport is

Cost of transportation is high

It is not flexible

It carries bulky goods

It works at intervals

25 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

promotion

consumer

demand

market

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the functions of the Nigerian Ports Authority is that it

provides credit facilities to importers

encourages the growth of infant industries

provides warehosing facilities at the docks

gives preferential treatment to Nigerian investors

27 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major determinants of the volume of production is

government policy

sex distribution

the market size

the availability of banks

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The world tourism organization has it headquarters in

New York

Paris

London

Madrid

29 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of Sole Proprietorship is__________

It requires small operations

It involves small capital

It lacks specialization

Grants from government

30 / 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 .

Contractual agreement for the sale of goods

Letter specifying the contractual sales of goods between two parties

31 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In the transportation industry, dead freight is used to describe the

cost paid for an empty space left in the ship

cost of shipping a particular cargo for a specific voyage

persons that hire a ship for a specific purpose

charge for each day a performance was delayed

32 / 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 skimming

market penetration

variable pricing

33 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Cooperation and friendliness are enhanced among nations through interdependence necessitated by

socio-cultural activities

tourism

commerce

agriculture

34 / 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

constructive

processing

35 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The document submitted to the customs authority when full description of imported goods is not provided is

an invoice

a bill of sight

an indent

a bill of entry

36 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of these is a current asset

Machineries

Fittings

Stock

Motor vehicles

37 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A partnership may be automatically dissolved due to the following factors except________

Bankruptcy of a partner

Admission of new partners

Court verdict

Joint decision

38 / 60

Category: JAMB COMMERCE PAST QUESTIONS

keeping the goods safe until they and needed

Marketing concept

Product concept

Distribution concept

Price concept

39 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Admission of new partners

Sales of shares

Grants from relatives

Discharge of mortgage

40 / 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

41 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

legal environment

demographic environment

political environment

cultural enviroment

42 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The development of commerce in west Africa was not hampered by

Inadequate means of transportation

Low savings

Insurance

Inadequate capital

43 / 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

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Open market operation

Bank rate

Cash reserve ratio

Bank credit

45 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The business unit that applies the principle of one man, one vote is ______

public company

co-operative society

sole proprietorship

partnership

46 / 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

after the offeror has made an offer

when the offeree's letter has been posted

47 / 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

hedging

fair trading

under sale

48 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The major determinant of fire insurance premium is the

owner of the property

extent of fire damaged anticipated.

usefulness of the property to the owner

type and structure of the property to be insured

49 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Land as a factor of production does not vary in _______

quantity

cost

quality

nature

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is the best method for computing working capital

Current liabilities less current assets

Current assets less current liabilities

Fixed liabilities less current assets

Total assets less current liabilities

51 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The scope of commerce is limited to ________

trade and aids-to-trade

wholesale and entrepot trade

wholesale and retail trade

home and foreign trade

52 / 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

a debit note for #1,800

a debit note for #2,00

an invoice for #200

53 / 60

Category: JAMB COMMERCE PAST QUESTIONS

When expenses on trading are deducted, the result is the

net profit

cost of goods sold

gross profit

rate of turn over

54 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the products of an extractive industry is

an iron ore

a shoe

a textile material

an airplane

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The internet is a system of telecommunication used for

Sending electronic message

Communicating messages through telegrams

Sending and renewing text message

Communicating long-distance

56 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The most important resources of business is_______

Human resources

Opportunities

Money resources

Material resources

57 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Current account holders withdraw money through

Credit card

Transfer

Withdrawal form

Cheque

58 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In Nigeria, it is mandatory for all business enterprises to be registered with the________

Agent

Government

Corporate Affairs Commission

Enterprise

59 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of Commercial occupation are all except___________

Traders

Goldsmith

Insurers

Bankers

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

multiple shop

departmental store

consumer co-operative

producer co-operative

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