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 application of division of labour would generally bring about

Increase in variety of goods and services

Cheapness of goods and services

Cost efficiency in the production of goods and series.

Increase in quantity of goods and services

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Category: JAMB COMMERCE PAST QUESTIONS

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

Marketers

Producers

Distributors

Consumers

3 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one does not provide an Indirect Service?

Custom Officers

Law Makers

Civil Servants

Family Doctors

4 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a legal tender?

Bank note

Cheque

Goldsmith receipt

Travellers cheque

5 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Privatization is

Transfer of ownership from individual to government

Transfer of ownership from government to stakeholders

Transfer of ownership from government to individuals

Government taking charge of all businesses

6 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Thee major aim of consumer orientation is_________

what to produce

consumer sovereignty

market research

consumer satisfaction

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Category: JAMB COMMERCE PAST QUESTIONS

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

Merger

Dissolution

Integrating

Liquidation

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Category: JAMB COMMERCE PAST QUESTIONS

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

Admission of new partners

Bankruptcy of a partner

Court verdict

Joint decision

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Bank rate

Bank credit

Cash reserve ratio

Open market operation

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

public company

sole proprietorship

partnership

co-operative society

11 / 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

fair trading

dumping

under sale

12 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The factors which critically determines the choice of occupation is

Skill

Aptitude

Interest

Training

13 / 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

Travelers cheque

Bankers’ order

Bank draft

Promissory note

14 / 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 invoice

an order

an inquiry

15 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of these is a current asset

Machineries

Motor vehicles

Stock

Fittings

16 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of Commercial occupation are all except___________

Insurers

Goldsmith

Traders

Bankers

17 / 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

an invoice for #200

a debit note for #2,00

a debit note for #1,800

18 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The world tourism organization has it headquarters in

New York

Madrid

London

Paris

19 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

The economic conditions in the market

The demand for the product

The cost of producing the product

The demography of the buyers of the product

20 / 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

21 / 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

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

Marine Insurance

22 / 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

Standard Organization of Nigeria

Nigerian consumers’ association

Nigerian Chamber of commerce

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

multiple shop

consumer co-operative

producer co-operative

departmental store

24 / 60

Category: JAMB COMMERCE PAST QUESTIONS

When expenses on trading are deducted, the result is the

rate of turn over

net profit

gross profit

cost of goods sold

25 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

provides warehosing facilities at the docks

gives preferential treatment to Nigerian investors

provides credit facilities to importers

encourages the growth of infant industries

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Labour

Raw materials

Machineries

Funds

27 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the followingis a modern trend in retailing ?

Mobile shop

Tied shop

Vending machine

Kiosk

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Communication enhances business activities by

facilitating interaction between producers

facilitating interaction among media houses

keeping the goods safe until they and needed

ensuring the movement of good forms the producer to the consumer

29 / 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

processing

constructive

30 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Government

Corporate Affairs Commission

Agent

Enterprise

31 / 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

32 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The development of commerce in west Africa was not hampered by

Insurance

Inadequate means of transportation

Low savings

Inadequate capital

33 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Current account holders withdraw money through

Transfer

Withdrawal form

Credit card

Cheque

34 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The major determinant of fire insurance premium is the

type and structure of the property to be insured

extent of fire damaged anticipated.

usefulness of the property to the owner

owner of the property

35 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Funds used for paying wages, salaries and payments for raw materials are categorized under

fixed capital

circulating capital

liquid capital

nominal capital

36 / 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

Virus

Software

Computer remedies

37 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Fiat money

Token money

Fiduciary note

Commodity money

38 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of consumer goods include all except________

Shoes

Nurse

Spoon

Cars

39 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

advertising

packaging

warehousing

40 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Land as a factor of production does not vary in _______

quantity

nature

cost

quality

41 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The risks that can be forecast and measured is termed___________

Insurable risks

Indenmity Insurance

Gambling

Non-Insurable risks

42 / 60

Category: JAMB COMMERCE PAST QUESTIONS

In response to an inquiry from a customer, a wholesaler is expected to send back

a qoutation

an advice note

a consignment note

an order

43 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following best describes an invoice?

Contractual agreement for the sale of goods

Document specifying quantity, description, prices and total value of purchase .

Receipt containing necessary information about the goods.

Letter specifying the contractual sales of goods between two parties

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The scope of commerce is limited to ________

home and foreign trade

wholesale and retail trade

trade and aids-to-trade

wholesale and entrepot trade

45 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The duties paid on goods produced locally is

quota

excise duty

export duty

ad-valorem duty

46 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

promotion

demand

consumer

market

47 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the products of an extractive industry is

an iron ore

an airplane

a shoe

a textile material

48 / 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

600

1500

1060

1600

49 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the factors of determining the volume of production is

availability of storage facilities

the number of skilled manpower

the location of the business

availablity of forex

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a traditional medium of communication used to mark festivals?

Gum blast

Talking drum

Palm frond

Metal gong

51 / 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

manufacturing

service

extractive

commercial

52 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

cultural enviroment

political environment

demographic environment

legal environment

53 / 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

54 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Money Market

Stock Exchange

Secondary Market

Primary Market

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Trade fairs in Nigeria are organized by

Manufacturer’s Association of Nigeria

Ministry of commerce and industry

Chambers of commerce

The federal Government

56 / 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

Chamber of Commerce

cartel

syndicate

57 / 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

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

58 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Brand name

Patent right

Trademark

Copyright

59 / 60

Category: JAMB COMMERCE PAST QUESTIONS

What is a Quota?

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

Tax paid on goods produced outside a country

Tax pad on goods produced within a country

Ban on all imported goods

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Current liabilities less current assets

Fixed liabilities less current assets

Current assets less current liabilities

Total assets less current liabilities

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