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 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 syndicate cartel Nigeria Bar Association 2 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one does not provide an Indirect Service? Family Doctors Civil Servants Law Makers Custom Officers 3 / 60 Category: JAMB COMMERCE PAST QUESTIONS The development of commerce in west Africa was not hampered by Low savings Insurance Inadequate means of transportation Inadequate capital 4 / 60 Category: JAMB COMMERCE PAST QUESTIONS In a law of contract, what is given in exchange for a promise to perform is_____ acceptance warranty consideration offer 5 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of these is not a major in the production process? Marketers Consumers Producers Distributors 6 / 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 7 / 60 Category: JAMB COMMERCE PAST QUESTIONS All but one is not an output devices? Monitor Printer Joystick Plotter 8 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following functions is not performed by warehousing? creating scarcity of goods Stabilization of price production ahead of demand storage of goods 9 / 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 10 / 60 Category: JAMB COMMERCE PAST QUESTIONS The production of goods and services in anticipation of demand is made possible by _______ advertising warehousing packaging warehousing 11 / 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 600 100 6000 3000 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 Been applied for but not issued Not yet been issued Been issued but have not been paid-up Not been paid-up 13 / 60 Category: JAMB COMMERCE PAST QUESTIONS Communication enhances business activities by ensuring the movement of good forms the producer to the consumer keeping the goods safe until they and needed facilitating interaction among media houses facilitating interaction between producers 14 / 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 when the offeree's letter has been posted after the offeror has made an offer 15 / 60 Category: JAMB COMMERCE PAST QUESTIONS The payment for direct service is usually made by the government local authority community individual 16 / 60 Category: JAMB COMMERCE PAST QUESTIONS Land as a factor of production does not vary in _______ quality quantity nature cost 17 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is a verbal means of communication Telephone Express mail Telex Business reply services 18 / 60 Category: JAMB COMMERCE PAST QUESTIONS The factors which critically determines the choice of occupation is Training Skill Aptitude Interest 19 / 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 demographic environment legal environment 20 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the major problems of a sole proprietor is sourcing for Machineries Raw materials Funds Labour 21 / 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 parcel post recorded delivery 22 / 60 Category: JAMB COMMERCE PAST QUESTIONS One of the products of an extractive industry is a shoe a textile material an iron ore an airplane 23 / 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 Software Computer remedies Hardware 24 / 60 Category: JAMB COMMERCE PAST QUESTIONS The world tourism organization has it headquarters in Madrid New York Paris London 25 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is NOT backed by gold but by government securites? Fiat money Commodity money Token money Fiduciary note 26 / 60 Category: JAMB COMMERCE PAST QUESTIONS The board of directors of public enterprise is appointed by who? government management employees shareholders 27 / 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 28 / 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 Warranties Guaranties Sureties Consideration 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 extractive commercial service manufacturing 30 / 60 Category: JAMB COMMERCE PAST QUESTIONS The most important resources of business is_______ Opportunities Money resources Human resources Material resources 31 / 60 Category: JAMB COMMERCE PAST QUESTIONS An ancillary to trade which promotes socio - cultural development all over the world is transportation tourism communication insurance 32 / 60 Category: JAMB COMMERCE PAST QUESTIONS The Central Bank Monetary policy instrument by which it buys and sells securities is called Bank rate Open market operation Cash reserve ratio Bank credit 33 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is the best method for computing working capital Current liabilities less current assets Total assets less current liabilities Current assets less current liabilities Fixed liabilities less current assets 34 / 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 order a quotation an inquiry 35 / 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, 2018 Initial Capital 5000 Net Profit 1000 Furniture 2000 Equipment 2900 Debtors 100 Stock 1000 Bank 500 From the above, calculate Current assets 1500 1600 1060 600 36 / 60 Category: JAMB COMMERCE PAST QUESTIONS In Nigeria, it is mandatory for all business enterprises to be registered with the________ Corporate Affairs Commission Enterprise Government Agent 37 / 60 Category: JAMB COMMERCE PAST QUESTIONS The effects of devaluation includes all except _______ exports become cheaper increase in import expansion of local industries increase in standard of living 38 / 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 39 / 60 Category: JAMB COMMERCE PAST QUESTIONS An important feature of land is that it is subject to returns to scale has an elastic supply is heterogenous in nature is an active factor of production 40 / 60 Category: JAMB COMMERCE PAST QUESTIONS The vessels that operate on specific route on high seas and oceans are Passenger Liners and Cargo Liners Coastal Liners and Cargo Liners Cargo Liners and Tramp liners Passenger liners and Tramp liners 41 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the formation of a united liability company, the following documents are prepared except_______ Statement of Nominal Capita Article of Association Prospectus Memorandum of Association 42 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of Commercial occupation are all except___________ Insurers Traders Bankers Goldsmith 43 / 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 charge for each day a performance was delayed persons that hire a ship for a specific purpose 44 / 60 Category: JAMB COMMERCE PAST QUESTIONS Funds used for paying wages, salaries and payments for raw materials are categorized under circulating capital fixed capital nominal capital liquid capital 45 / 60 Category: JAMB COMMERCE PAST QUESTIONS The major determinant of fire insurance premium is the type and structure of the property to be insured usefulness of the property to the owner extent of fire damaged anticipated. owner of the property 46 / 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 proforma invoice consular invoice statement affairs 47 / 60 Category: JAMB COMMERCE PAST QUESTIONS Examples of consumer goods include all except________ Spoon Nurse Cars Shoes 48 / 60 Category: JAMB COMMERCE PAST QUESTIONS A title, symbol, or design that distinguishes a company is called Brand name Copyright Trademark Patent right 49 / 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 an invoice for #200 a debit note for #1,800 a debit note for #2,00 a credit note for #1,800 50 / 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 Joint decision Court verdict 51 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is an item in the marketing mix? demand consumer promotion market 52 / 60 Category: JAMB COMMERCE PAST QUESTIONS The process of winding up or bringing a company to an end is________ Integrating Merger Dissolution Liquidation 53 / 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 fair trading dumping hedging 54 / 60 Category: JAMB COMMERCE PAST QUESTIONS The agency in Nigeria which ensure that products conform to government quality specification is the Manufacturers' Association of Nigeria Nigerian Chamber of commerce Standard Organization of Nigeria Nigerian consumers’ association 55 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following is classified as an immaterial want? Machines Goods and Services Protection Raw materials 56 / 60 Category: JAMB COMMERCE PAST QUESTIONS The minimum lending rate of a bank is a component of its debit balances debit balances fixed assets current assets 57 / 60 Category: JAMB COMMERCE PAST QUESTIONS The policy used when contracts are awarded as a result of tender is________ bid Pricing market penetration market skimming product Line Pricing 58 / 60 Category: JAMB COMMERCE PAST QUESTIONS Which of the following has power to order withdrawal of a particular food item from circulation? Food and Drug Department of the Federal Ministry of Health Local Government Health Inspectors Federal High Courts in Nigeria Standard Organization of Nigeria 59 / 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 60 / 60 Category: JAMB COMMERCE PAST QUESTIONS In the law of contact, a counter offer operates as a rejection A contact an acceptance a rejection Email Your score is LinkedIn Facebook VKontakte 0% Restart quiz Send feedback Related posts: JAMB MATHEMATICS PAST QUESTIONS JAMB ENGLISH LANGUAGE PAST QUESTIONS JAMB Accounting Past Questions JAMB Accounting Past Question and Answer
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