JAMB COMMERCE PAST QUESTIONS

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

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

acceptance

offer

consideration

warranty

2 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

warehouse warrant

bill of lading

consular invoice

bill of sight

3 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Bank overdraft as a short term source of fund is

An overdrawn account

A current liability

Repayable after more than a year

Grade to a newly opened account

4 / 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

Standard Organization of Nigeria

Food and Drug Department of the Federal Ministry of Health

Local Government Health Inspectors

5 / 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

6 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Distributors

Producers

Consumers

Marketers

7 / 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

cartel

syndicate

Nigeria Bar Association

Chamber of Commerce

8 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Cooperation and friendliness are enhanced among nations through interdependence necessitated by

socio-cultural activities

agriculture

tourism

commerce

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

What is a Quota?

A physical restriction placed on quantity of goods that can be imported

Ban on all imported goods

Tax paid on goods produced outside a country

Tax pad on goods produced within a country

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Land as a factor of production does not vary in _______

cost

quality

nature

quantity

11 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Trade fairs in Nigeria are organized by

Chambers of commerce

Ministry of commerce and industry

The federal Government

Manufacturer’s Association of Nigeria

12 / 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

Fulfilling part of its social responsibility

Investing its idle fund

Finding a way to spend excess profit

13 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The payment for direct service is usually made by the

community

individual

local authority

government

14 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Government

Enterprise

Corporate Affairs Commission

Agent

15 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Industries

Commerce

Culture and tourism

Finance

16 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Bank credit

Open market operation

Bank rate

Cash reserve ratio

17 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Total assets less current liabilities

Current assets less current liabilities

Fixed liabilities less current assets

Current liabilities less current assets

18 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The most important resources of business is_______

Opportunities

Material resources

Money resources

Human resources

19 / 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

6000

600

3000

100

20 / 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

cultural enviroment

legal environment

demographic environment

21 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a legal tender?

Bank note

Goldsmith receipt

Travellers cheque

Cheque

22 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following functions is not performed by warehousing?

creating scarcity of goods

storage of goods

Stabilization of price

production ahead of demand

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Patent right

Copyright

Brand name

Trademark

24 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Token money

Fiduciary note

Commodity money

Fiat money

25 / 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

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

communication

insurance

transportation

tourism

27 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In the law of contact, a counter offer operates as

an acceptance

a rejection

A contact

a rejection

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

shareholders

employees

management

government

29 / 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

commercial

service

manufacturing

extractive

30 / 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

proforma invoice

statement affairs

31 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Privatization is

Government taking charge of all businesses

Transfer of ownership from government to individuals

Transfer of ownership from individual to government

Transfer of ownership from government to stakeholders

32 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Admission of new partners

Court verdict

Joint decision

Bankruptcy of a partner

33 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

market skimming

market penetration

product Line Pricing

bid Pricing

34 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of rail transport is

Cost of transportation is high

It works at intervals

It is not flexible

It carries bulky goods

35 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major problems of a sole proprietor is sourcing for

Funds

Labour

Raw materials

Machineries

36 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is classified as an immaterial want?

Goods and Services

Protection

Raw materials

Machines

37 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the factors of determining the volume of production is

the number of skilled manpower

the location of the business

availability of storage facilities

availablity of forex

38 / 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

39 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

persons that hire a ship for a specific purpose

cost of shipping a particular cargo for a specific voyage

cost paid for an empty space left in the ship

charge for each day a performance was delayed

40 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of these is a current asset

Fittings

Stock

Machineries

Motor vehicles

41 / 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

Computer remedies

Software

Hardware

42 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Integrating

Dissolution

Merger

Liquidation

43 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An important feature of land is that it

is an active factor of production

is heterogenous in nature

has an elastic supply

is subject to returns to scale

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the functions of the retailer is

granting credit facilities to close relatives

warehousing of goods

branding and packaging of goods

provision of after - sales services

45 / 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

46 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the products of an extractive industry is

a textile material

an airplane

an iron ore

a shoe

47 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

partnership

sole proprietorship

co-operative society

public company

48 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Grants from relatives

Admission of new partners

Sales of shares

Discharge of mortgage

49 / 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

economic responsibility

legal responsibility

financial responsibility

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

warehousing

packaging

advertising

51 / 60

Category: JAMB COMMERCE PAST QUESTIONS

When expenses on trading are deducted, the result is the

gross profit

net profit

rate of turn over

cost of goods sold

52 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major determinants of the volume of production is

the availability of banks

government policy

the market size

sex distribution

53 / 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

Guaranties

Warranties

Sureties

Consideration

54 / 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

when the offeree's letter has been posted

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

after the offeror has made an offer

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Thee major aim of consumer orientation is_________

market research

what to produce

consumer sovereignty

consumer satisfaction

56 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Coastal Liners and Cargo Liners

Cargo Liners and Tramp liners

Passenger liners and Tramp liners

Passenger Liners and Cargo Liners

57 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The internet is a system of telecommunication used for

Communicating long-distance

Sending electronic message

Sending and renewing text message

Communicating messages through telegrams

58 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one does not provide an Indirect Service?

Law Makers

Custom Officers

Civil Servants

Family Doctors

59 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The factors which critically determines the choice of occupation is

Aptitude

Skill

Interest

Training

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Secondary Market

Stock Exchange

Primary Market

Money Market

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