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

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

consumer co-operative

multiple shop

departmental store

producer co-operative

2 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Thee major aim of consumer orientation is_________

what to produce

market research

consumer satisfaction

consumer sovereignty

3 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

nominal capital

liquid capital

circulating capital

fixed capital

4 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Current assets less current liabilities

Fixed liabilities less current assets

Current liabilities less current assets

Total assets less current liabilities

5 / 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

A current liability

Repayable after more than a year

6 / 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

7 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The factors which critically determines the choice of occupation is

Interest

Aptitude

Skill

Training

8 / 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

100

6000

600

3000

9 / 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

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

debit balances

fixed assets

debit balances

current assets

11 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the disadvantages of Sole Proprietorship is__________

It lacks specialization

It involves small capital

Grants from government

It requires small operations

12 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

insurance

tourism

transportation

communication

13 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Marketers

Distributors

Consumers

Producers

14 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one does not provide an Indirect Service?

Civil Servants

Law Makers

Family Doctors

Custom Officers

15 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The computer using linear integrated circuit technology complied with quantification of data in term of length and distance is

Main frame Computer

Hybrid Computer

Analogue Computer

Digital Computer

16 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the factors of determining the volume of production is

the location of the business

availablity of forex

the number of skilled manpower

availability of storage facilities

17 / 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

18 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The major determinant of fire insurance premium is the

usefulness of the property to the owner

extent of fire damaged anticipated.

type and structure of the property to be insured

owner of the property

19 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The most important resources of business is_______

Material resources

Opportunities

Money resources

Human resources

20 / 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

recorded delivery

parcel post

private mail bag

21 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of Commercial occupation are all except___________

Bankers

Goldsmith

Insurers

Traders

22 / 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

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Citizens are against privatization mainly because of

The ration dilation of organizations.

The likely hood of monopoly

Ineffective Management

Increased price of good and services

24 / 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

statement affairs

consular invoice

proforma invoice

25 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The duties paid on goods produced locally is

export duty

quota

ad-valorem duty

excise duty

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The payment for direct service is usually made by the

government

individual

community

local authority

27 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The risks that can be forecast and measured is termed___________

Gambling

Non-Insurable risks

Indenmity Insurance

Insurable risks

28 / 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

29 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Cooperation and friendliness are enhanced among nations through interdependence necessitated by

commerce

tourism

agriculture

socio-cultural activities

30 / 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

Not been paid-up

Been issued but have not been paid-up

31 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The world tourism organization has it headquarters in

Paris

Madrid

New York

London

32 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

promotion

consumer

demand

market

33 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the functions of the retailer is

branding and packaging of goods

provision of after - sales services

warehousing of goods

granting credit facilities to close relatives

34 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Liquidation

Integrating

Merger

Dissolution

35 / 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

36 / 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

37 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The application of division of labour would generally bring about

Increase in variety of goods and services

Increase in quantity of goods and services

Cheapness of goods and services

Cost efficiency in the production of goods and series.

38 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The internet is a system of telecommunication used for

Communicating messages through telegrams

Sending and renewing text message

Sending electronic message

Communicating long-distance

39 / 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

Chamber of Commerce

cartel

Nigeria Bar Association

40 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

an advice note

an order

a qoutation

a consignment note

41 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Sales of shares

Grants from relatives

Admission of new partners

Discharge of mortgage

42 / 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

commercial

extractive

service

43 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major determinants of the volume of production is

sex distribution

government policy

the market size

the availability of banks

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following best describes an invoice?

Letter specifying the contractual sales of goods between two parties

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

Receipt containing necessary information about the goods.

Contractual agreement for the sale of goods

45 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of these is a current asset

Machineries

Fittings

Stock

Motor vehicles

46 / 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

47 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Privatization is

Transfer of ownership from government to individuals

Transfer of ownership from government to stakeholders

Transfer of ownership from individual to government

Government taking charge of all businesses

48 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Brand name

Trademark

Patent right

49 / 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

manufacturing

processing

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a legal tender?

Travellers cheque

Bank note

Cheque

Goldsmith receipt

51 / 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

Nigerian consumers’ association

Standard Organization of Nigeria

52 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The development of commerce in west Africa was not hampered by

Low savings

Insurance

Inadequate capital

Inadequate means of transportation

53 / 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 paid for an empty space left in the ship

cost of shipping a particular cargo for a specific voyage

54 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Land as a factor of production does not vary in _______

cost

quantity

quality

nature

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

When expenses on trading are deducted, the result is the

gross profit

cost of goods sold

net profit

rate of turn over

56 / 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

4900

2000

600

6500

57 / 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 offeree's letter has been posted

after the offeror has made an offer

when the offeror's letter has reached the offeree

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

58 / 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

under sale

fair trading

59 / 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

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Current account holders withdraw money through

Transfer

Credit card

Withdrawal form

Cheque

Your score is

JAMB COMMERCE PAST QUESTIONS

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