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

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

Palm frond

Talking drum

Gum blast

Metal gong

2 / 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

3 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Trade fairs in Nigeria are organized by

Manufacturer’s Association of Nigeria

The federal Government

Ministry of commerce and industry

Chambers of commerce

4 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Current account holders withdraw money through

Withdrawal form

Credit card

Cheque

Transfer

5 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one does not provide an Indirect Service?

Family Doctors

Civil Servants

Custom Officers

Law Makers

6 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Labour as an input in production can be motivated by

promotion

profit

remuneration

training

7 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Communication enhances business activities by

ensuring the movement of good forms the producer to the consumer

facilitating interaction among media houses

keeping the goods safe until they and needed

facilitating interaction between producers

8 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The type of activity which turns processed raw materials into consumer and industrial goods is described as ________

extractive

constructive

processing

manufacturing

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Liquidation

Merger

Integrating

Dissolution

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The document that gives an important freehand to obtain goods form any manufacturer is

An open indent

A consular invoice

A closed indent

A freight note

11 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The risks that can be forecast and measured is termed___________

Non-Insurable risks

Insurable risks

Gambling

Indenmity Insurance

12 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

partnership

co-operative society

public company

sole proprietorship

13 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one is not an output devices?

Plotter

Monitor

Joystick

Printer

14 / 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

recorded delivery

parcel post

15 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The world tourism organization has it headquarters in

Paris

London

New York

Madrid

16 / 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

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

when the offeror's letter has reached the offeree

17 / 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 penetration

target return pricing

variable pricing

market skimming

18 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The effects of devaluation includes all except _______

increase in import

expansion of local industries

exports become cheaper

increase in standard of living

19 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

departmental store

producer co-operative

multiple shop

consumer co-operative

20 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of Commercial occupation are all except___________

Goldsmith

Bankers

Traders

Insurers

21 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Current assets less current liabilities

Current liabilities less current assets

Fixed liabilities less current assets

Total assets less current liabilities

22 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

advertising

packaging

warehousing

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The factors which critically determines the choice of occupation is

Skill

Training

Interest

Aptitude

24 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Consumers

Producers

Distributors

Marketers

25 / 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

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is classified as an immaterial want?

Machines

Protection

Raw materials

Goods and Services

27 / 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

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

promotion

market

demand

consumer

29 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major determinants of the volume of production is

government policy

the availability of banks

sex distribution

the market size

30 / 60

Category: JAMB COMMERCE PAST QUESTIONS

An important feature of land is that it

has an elastic supply

is heterogenous in nature

is an active factor of production

is subject to returns to scale

31 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The application of division of labour would generally bring about

Increase in quantity of goods and services

Increase in variety of goods and services

Cost efficiency in the production of goods and series.

Cheapness of goods and services

32 / 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

hedging

dumping

fair trading

33 / 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

34 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following best describes an invoice?

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

Letter specifying the contractual sales of goods between two parties

Receipt containing necessary information about the goods.

Contractual agreement for the sale of goods

35 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Trademark

Patent right

Brand name

36 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The minimum lending rate of a bank is a component of its

current assets

debit balances

fixed assets

debit balances

37 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

warehouse warrant

consular invoice

bill of lading

bill of sight

38 / 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 entry

an indent

an invoice

a bill of sight

39 / 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 debit note for #1,800

an invoice for #200

a credit note for #1,800

40 / 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 Fixed assets

600

2000

4900

6500

41 / 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

Ban on all imported goods

Tax pad on goods produced within a country

42 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

insurance

tourism

transportation

communication

43 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

acceptance

consideration

warranty

offer

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the factors of determining the volume of production is

availablity of forex

the location of the business

the number of skilled manpower

availability of storage facilities

45 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of consumer goods include all except________

Nurse

Cars

Shoes

Spoon

46 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the followingis a modern trend in retailing ?

Mobile shop

Tied shop

Kiosk

Vending machine

47 / 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

Chamber of Commerce

cartel

48 / 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

Sureties

Consideration

Warranties

Guaranties

49 / 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 demography of the buyers of the product

The demand for the product

The cost of producing the product

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

encourages the growth of infant industries

provides warehosing facilities at the docks

provides credit facilities to importers

gives preferential treatment to Nigerian investors

51 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The duties paid on goods produced locally is

export duty

ad-valorem duty

quota

excise duty

52 / 60

Category: JAMB COMMERCE PAST QUESTIONS

When expenses on trading are deducted, the result is the

gross profit

rate of turn over

cost of goods sold

net profit

53 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the products of an extractive industry is

an iron ore

a shoe

a textile material

an airplane

54 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The payment for direct service is usually made by the

local authority

government

individual

community

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of Sole Proprietorship is__________

Grants from government

It lacks specialization

It involves small capital

It requires small operations

56 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

management

government

employees

shareholders

57 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a legal tender?

Goldsmith receipt

Travellers cheque

Bank note

Cheque

58 / 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

statement affairs

consular invoice

59 / 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

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Primary Market

Money Market

Stock Exchange

Secondary Market

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