Categories JAMB JAMB COMMERCE PAST QUESTIONS Post author By Acadlly JAMB 0% 16 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 The most important resources of business is_______ Human resources Material resources Money resources Opportunities 2 / 60 Category: JAMB COMMERCE PAST QUESTIONS The application of division of labour would generally bring about Increase in variety of goods and services Cost efficiency in the production of goods and series. Cheapness of goods and services Increase in quantity of goods and services 3 / 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 Sureties Warranties Guaranties 4 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of these is not a major in the production process? Consumers Producers Marketers Distributors 5 / 60 Category: JAMB COMMERCE PAST QUESTIONS When expenses on trading are deducted, the result is the rate of turn over gross profit cost of goods sold net profit 6 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a verbal means of communication Business reply services Express mail Telex Telephone 7 / 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 target return pricing variable pricing market penetration 8 / 60 Category: JAMB COMMERCE PAST QUESTIONS The process of winding up or bringing a company to an end is________ Merger Integrating Dissolution Liquidation 9 / 60 Category: JAMB COMMERCE PAST QUESTIONS The act of selling in a foreign market at a price lower than the cost price is called under sale dumping fair trading hedging 10 / 60 Category: JAMB COMMERCE PAST QUESTIONS The document issued by a port authority for goods deposited is a bill of lading consular invoice bill of sight warehouse warrant 11 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following functions is not performed by warehousing? Stabilization of price creating scarcity of goods production ahead of demand storage of goods 12 / 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 issued but have not been paid-up Been applied for but not issued 13 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, it is mandatory for all business enterprises to be registered with the________ Government Agent Enterprise Corporate Affairs Commission 14 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following has power to order withdrawal of a particular food item from circulation? Federal High Courts in Nigeria Food and Drug Department of the Federal Ministry of Health Standard Organization of Nigeria Local Government Health Inspectors 15 / 60 Category: JAMB COMMERCE PAST QUESTIONS From which of the following sources can partnership increase their capital? Discharge of mortgage Sales of shares Admission of new partners Grants from relatives 16 / 60 Category: JAMB COMMERCE PAST QUESTIONS The major determinant of fire insurance premium is the owner of the property usefulness of the property to the owner extent of fire damaged anticipated. type and structure of the property to be insured 17 / 60 Category: JAMB COMMERCE PAST QUESTIONS Thee major aim of consumer orientation is_________ consumer satisfaction what to produce market research consumer sovereignty 18 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the functions of the retailer is branding and packaging of goods granting credit facilities to close relatives provision of after - sales services warehousing of goods 19 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is an item in the marketing mix? promotion demand consumer market 20 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one does not provide an Indirect Service? Law Makers Civil Servants Family Doctors Custom Officers 21 / 60 Category: JAMB COMMERCE PAST QUESTIONS A partnership may be automatically dissolved due to the following factors except________ Admission of new partners Joint decision Bankruptcy of a partner Court verdict 22 / 60 Category: JAMB COMMERCE PAST QUESTIONS The duties paid on goods produced locally is export duty quota excise duty ad-valorem duty 23 / 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 debit note for #2,00 a credit note for #1,800 a debit note for #1,800 an invoice for #200 24 / 60 Category: JAMB COMMERCE PAST QUESTIONS Labour as an input in production can be motivated by promotion profit remuneration training 25 / 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 offeree's letter has been posted after the offeror has made an offer when the offeror's letter has reached the offeree after the offeree's letter has been recieved by the offeror 26 / 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 Carrying favour from local people Finding a way to spend excess profit Fulfilling part of its social responsibility Investing its idle fund 27 / 60 Category: JAMB COMMERCE PAST QUESTIONS The board of directors of public enterprise is appointed by who? government shareholders employees management 28 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the disadvantages of rail transport is It carries bulky goods It is not flexible Cost of transportation is high It works at intervals 29 / 60 Category: JAMB COMMERCE PAST QUESTIONS The type of activity which turns processed raw materials into consumer and industrial goods is described as ________ manufacturing constructive extractive processing 30 / 60 Category: JAMB COMMERCE PAST QUESTIONS The factors which critically determines the choice of occupation is Aptitude Training Interest Skill 31 / 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 Bank draft Bankers’ order Travelers cheque 32 / 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 consular invoice proforma invoice statement affairs statement of account 33 / 60 Category: JAMB COMMERCE PAST QUESTIONS The effects of devaluation includes all except _______ increase in import exports become cheaper increase in standard of living expansion of local industries 34 / 60 Category: JAMB COMMERCE PAST QUESTIONS A title, symbol, or design that distinguishes a company is called Copyright Patent right Brand name Trademark 35 / 60 Category: JAMB COMMERCE PAST QUESTIONS In product pricing, which of these elements need more consideration than others? The demand for the product The economic conditions in the market The cost of producing the product The demography of the buyers of the product 36 / 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 Nigeria Bar Association syndicate cartel Chamber of Commerce 37 / 60 Category: JAMB COMMERCE PAST QUESTIONS The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018Initial Capital5000Net Profit1000Furniture2000Equipment2900Debtors100Stock1000Bank500 From the above, calculate Current liabilities 6000 3000 600 100 38 / 60 Category: JAMB COMMERCE PAST QUESTIONS What is a Quota? 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 Tax pad on goods produced within a country 39 / 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_________ Virus Hardware Computer remedies Software 40 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, the ministry in charge of registering trade association is that of Industries Culture and tourism Finance Commerce 41 / 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 Analogue Computer Main frame Computer Hybrid Computer 42 / 60 Category: JAMB COMMERCE PAST QUESTIONS A formal letter to a dealer to enquire details about certain items for sale is referred to as a quotation an order an inquiry an invoice 43 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the products of an extractive industry is an airplane a shoe an iron ore a textile material 44 / 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 sight a bill of entry an invoice an indent 45 / 60 Category: JAMB COMMERCE PAST QUESTIONS In a law of contract, what is given in exchange for a promise to perform is_____ offer warranty acceptance consideration 46 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the disadvantages of Sole Proprietorship is__________ It involves small capital It lacks specialization It requires small operations Grants from government 47 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of Commercial occupation are all except___________ Bankers Goldsmith Insurers Traders 48 / 60 Category: JAMB COMMERCE PAST QUESTIONS Cooperation and friendliness are enhanced among nations through interdependence necessitated by socio-cultural activities tourism commerce agriculture 49 / 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 50 / 60 Category: JAMB COMMERCE PAST QUESTIONS An important feature of land is that it has an elastic supply is subject to returns to scale is heterogenous in nature is an active factor of production 51 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the followingis a modern trend in retailing ? Kiosk Vending machine Mobile shop Tied shop 52 / 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 53 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of consumer goods include all except________ Nurse Shoes Cars Spoon 54 / 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, 2018Initial Capital5000Net Profit1000Furniture2000Equipment2900Debtors100Stock1000Bank500 From the above, calculate Current assets 600 1500 1600 1060 55 / 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 56 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major problems of a sole proprietor is sourcing for Machineries Funds Raw materials Labour 57 / 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 charge for each day a performance was delayed persons that hire a ship for a specific purpose cost of shipping a particular cargo for a specific voyage 58 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the law of contact, a counter offer operates as an acceptance A contact a rejection a rejection 59 / 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 private mail bag poste restante parcel post 60 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the functions of the Nigerian Ports Authority is that it gives preferential treatment to Nigerian investors encourages the growth of infant industries provides credit facilities to importers provides warehosing facilities at the docks Email Your score is LinkedIn Facebook Twitter VKontakte 0% Restart quiz Send feedback Share on Social Media x facebook linkedinwhatsappFollow us on Social Media x facebook instagram youtubegoogle playTop 10 Affordable or Tuition-Free Universities in the USA Top Universities and IELTS-Free Scholarships Free Tuition: Study at German Universities Companies Sponsoring Work Visas in Canada 2024 Master’s Scholarships in the UK without IELTS Top 25 Master’s Scholarships Without IELTS or TOEFL Top 15 USA Scholarships Offering $50,000+ Related posts: JAMB MATHEMATICS PAST QUESTIONS JAMB ENGLISH LANGUAGE PAST QUESTIONS JAMB Accounting Past Questions JAMB Accounting Past Question and Answer Tags Commerce, JAMB ← Mathematics Questions and Answers → JAMB CHEMISTRY PAST QUESTIONS 2 replies on “JAMB COMMERCE PAST QUESTIONS” Good Thank you so much Ogedegbe Leave a Reply Cancel replyYour email address will not be published. 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