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 All but one does not provide an Indirect Service? Law Makers Custom Officers Civil Servants Family Doctors 2 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the formation of a united liability company, the following documents are prepared except_______ Prospectus Statement of Nominal Capita Memorandum of Association Article of Association 3 / 60 Category: JAMB COMMERCE PAST QUESTIONS When expenses on trading are deducted, the result is the rate of turn over cost of goods sold gross profit net profit 4 / 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 5 / 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 6 / 60 Category: JAMB COMMERCE PAST QUESTIONS Cooperation and friendliness are enhanced among nations through interdependence necessitated by agriculture socio-cultural activities commerce tourism 7 / 60 Category: JAMB COMMERCE PAST QUESTIONS The act of selling in a foreign market at a price lower than the cost price is called hedging dumping fair trading under sale 8 / 60 Category: JAMB COMMERCE PAST QUESTIONS Bank overdraft as a short term source of fund is An overdrawn account Grade to a newly opened account Repayable after more than a year A current liability 9 / 60 Category: JAMB COMMERCE PAST QUESTIONS The Central Bank Monetary policy instrument by which it buys and sells securities is called Bank credit Cash reserve ratio Open market operation Bank rate 10 / 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 parcel post private mail bag recorded delivery 11 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the transportation industry, dead freight is used to describe the charge for each day a performance was delayed 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 12 / 60 Category: JAMB COMMERCE PAST QUESTIONS From which of the following sources can partnership increase their capital? Sales of shares Discharge of mortgage Grants from relatives Admission of new partners 13 / 60 Category: JAMB COMMERCE PAST QUESTIONS A market where new shares are tracked is known as Stock Exchange Secondary Market Primary Market Money Market 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 Tramp liners Passenger Liners and Cargo Liners Cargo Liners and Tramp liners 15 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of Commercial occupation are all except___________ Bankers Insurers Goldsmith Traders 16 / 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 invoice an inquiry an order a quotation 17 / 60 Category: JAMB COMMERCE PAST QUESTIONS Citizens are against privatization mainly because of The likely hood of monopoly The ration dilation of organizations. Ineffective Management Increased price of good and services 18 / 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 been paid-up Not yet been issued 19 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the products of an extractive industry is an iron ore a shoe an airplane a textile material 20 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a legal tender? Goldsmith receipt Bank note Cheque Travellers cheque 21 / 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 an invoice for #200 a debit note for #2,00 22 / 60 Category: JAMB COMMERCE PAST QUESTIONS The duties paid on goods produced locally is quota excise duty ad-valorem duty export duty 23 / 60 Category: JAMB COMMERCE PAST QUESTIONS The business unit that applies the principle of one man, one vote is ______ public company partnership co-operative society sole proprietorship 24 / 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 25 / 60 Category: JAMB COMMERCE PAST QUESTIONS The document issued by a port authority for goods deposited is a consular invoice warehouse warrant bill of sight bill of lading 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 Fulfilling part of its social responsibility Finding a way to spend excess profit Carrying favour from local people Investing its idle fund 27 / 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 legal environment political environment cultural enviroment 28 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, it is mandatory for all business enterprises to be registered with the________ Corporate Affairs Commission Agent Government Enterprise 29 / 60 Category: JAMB COMMERCE PAST QUESTIONS The most important resources of business is_______ Money resources Material resources Human resources Opportunities 30 / 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 31 / 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 syndicate Nigeria Bar Association cartel Chamber of Commerce 32 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a traditional medium of communication used to mark festivals? Gum blast Metal gong Talking drum Palm frond 33 / 60 Category: JAMB COMMERCE PAST QUESTIONS Thee major aim of consumer orientation is_________ consumer sovereignty what to produce market research consumer satisfaction 34 / 60 Category: JAMB COMMERCE PAST QUESTIONS The minimum lending rate of a bank is a component of its debit balances current assets debit balances fixed assets 35 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, the ministry in charge of registering trade association is that of Finance Industries Culture and tourism Commerce 36 / 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 variable pricing market penetration target return pricing 37 / 60 Category: JAMB COMMERCE PAST QUESTIONS The process of winding up or bringing a company to an end is________ Integrating Merger Dissolution Liquidation 38 / 60 Category: JAMB COMMERCE PAST QUESTIONS In a law of contract, what is given in exchange for a promise to perform is_____ warranty acceptance consideration offer 39 / 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 social responsibility legal responsibility financial responsibility 40 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of these is a current asset Stock Machineries Motor vehicles Fittings 41 / 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 42 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major problems of a sole proprietor is sourcing for Machineries Labour Raw materials Funds 43 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the functions of the retailer is granting credit facilities to close relatives warehousing of goods provision of after - sales services branding and packaging of goods 44 / 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 45 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the factors of determining the volume of production is availablity of forex availability of storage facilities the location of the business the number of skilled manpower 46 / 60 Category: JAMB COMMERCE PAST QUESTIONS Communication enhances business activities by keeping the goods safe until they and needed facilitating interaction between producers facilitating interaction among media houses ensuring the movement of good forms the producer to the consumer 47 / 60 Category: JAMB COMMERCE PAST QUESTIONS Land as a factor of production does not vary in _______ quantity nature quality cost 48 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the law of contact, a counter offer operates as a rejection A contact an acceptance a rejection 49 / 60 Category: JAMB COMMERCE PAST QUESTIONS Privatization is Transfer of ownership from individual to government Government taking charge of all businesses Transfer of ownership from government to individuals Transfer of ownership from government to stakeholders 50 / 60 Category: JAMB COMMERCE PAST QUESTIONS The factors which critically determines the choice of occupation is Training Aptitude Interest Skill 51 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one is not an output devices? Plotter Joystick Monitor Printer 52 / 60 Category: JAMB COMMERCE PAST QUESTIONS An important feature of land is that it is an active factor of production is heterogenous in nature is subject to returns to scale has an elastic supply 53 / 60 Category: JAMB COMMERCE PAST QUESTIONS Funds used for paying wages, salaries and payments for raw materials are categorized under liquid capital nominal capital fixed capital circulating capital 54 / 60 Category: JAMB COMMERCE PAST QUESTIONS The production of goods and services in anticipation of demand is made possible by _______ warehousing warehousing packaging advertising 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_________ Hardware Software Computer remedies Virus 56 / 60 Category: JAMB COMMERCE PAST QUESTIONS keeping the goods safe until they and needed Marketing concept Price concept Product concept Distribution concept 57 / 60 Category: JAMB COMMERCE PAST QUESTIONS The type of activity which turns processed raw materials into consumer and industrial goods is described as ________ extractive manufacturing constructive processing 58 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the functions of the Nigerian Ports Authority is that it encourages the growth of infant industries gives preferential treatment to Nigerian investors provides credit facilities to importers provides warehosing facilities at the docks 59 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a verbal means of communication Business reply services Express mail Telex Telephone 60 / 60 Category: JAMB COMMERCE PAST QUESTIONS The application of division of labour would generally bring about Cost efficiency in the production of goods and series. Increase in quantity of goods and services Cheapness of goods and services Increase in variety of goods and services Email Your score is LinkedIn Facebook VKontakte 0% Restart quiz Send feedback
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