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

One of the disadvantages of Sole Proprietorship is__________

It lacks specialization

Grants from government

It involves small capital

It requires small operations

2 / 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

1060

1500

1600

600

3 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of these is a current asset

Machineries

Fittings

Motor vehicles

Stock

4 / 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

service

extractive

manufacturing

commercial

5 / 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

Analogue Computer

Digital Computer

Hybrid Computer

Main frame Computer

6 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The most important resources of business is_______

Material resources

Money resources

Opportunities

Human resources

7 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The world tourism organization has it headquarters in

Paris

Madrid

New York

London

8 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Patent right

Brand name

Trademark

Copyright

9 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following has power to order withdrawal of a particular food item from circulation?

Standard Organization of Nigeria

Food and Drug Department of the Federal Ministry of Health

Local Government Health Inspectors

Federal High Courts in Nigeria

10 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Privatization is

Transfer of ownership from individual to government

Transfer of ownership from government to individuals

Government taking charge of all businesses

Transfer of ownership from government to stakeholders

11 / 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

Bank draft

Promissory note

Bankers’ order

12 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The act of selling in a foreign market at a price lower than the cost price is called

dumping

hedging

under sale

fair trading

13 / 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

14 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Which of the following is a legal tender?

Travellers cheque

Goldsmith receipt

Bank note

Cheque

15 / 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

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

Aviation Insurance

Marine Insurance

16 / 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

demographic environment

political environment

legal environment

17 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one does not provide an Indirect Service?

Law Makers

Civil Servants

Custom Officers

Family Doctors

18 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The major determinant of fire insurance premium is the

owner of the property

type and structure of the property to be insured

usefulness of the property to the owner

extent of fire damaged anticipated.

19 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Examples of Commercial occupation are all except___________

Traders

Bankers

Goldsmith

Insurers

20 / 60

Category: JAMB COMMERCE PAST QUESTIONS

keeping the goods safe until they and needed

Distribution concept

Price concept

Product concept

Marketing concept

21 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Labour

Machineries

Raw materials

Funds

22 / 60

Category: JAMB COMMERCE PAST QUESTIONS

All but one is not an output devices?

Plotter

Monitor

Joystick

Printer

23 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The payment for direct service is usually made by the

community

local authority

government

individual

24 / 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

Fulfilling part of its social responsibility

Finding a way to spend excess profit

Investing its idle fund

Carrying favour from local people

25 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the major determinants of the volume of production is

the availability of banks

the market size

sex distribution

government policy

26 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The application of division of labour would generally bring about

Cost efficiency in the production of goods and series.

Cheapness of goods and services

Increase in quantity of goods and services

Increase in variety of goods and services

27 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The effects of devaluation includes all except _______

increase in import

increase in standard of living

expansion of local industries

exports become cheaper

28 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Dissolution

Liquidation

Merger

Integrating

29 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Passenger Liners and Cargo Liners

Passenger liners and Tramp liners

Cargo Liners and Tramp liners

Coastal Liners and Cargo Liners

30 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

The cost of producing the product

The demography of the buyers of the product

The demand for the product

The economic conditions in the market

31 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Fiduciary note

Token money

Fiat money

Commodity money

32 / 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

33 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The risks that can be forecast and measured is termed___________

Insurable risks

Non-Insurable risks

Gambling

Indenmity Insurance

34 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Citizens are against privatization mainly because of

The likely hood of monopoly

The ration dilation of organizations.

Increased price of good and services

Ineffective Management

35 / 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

36 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

co-operative society

sole proprietorship

public company

partnership

37 / 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

variable pricing

target return pricing

market penetration

38 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The development of commerce in west Africa was not hampered by

Inadequate means of transportation

Insurance

Low savings

Inadequate capital

39 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

fixed assets

debit balances

current assets

debit balances

40 / 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

cartel

Chamber of Commerce

syndicate

41 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

tourism

communication

transportation

insurance

42 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Bank overdraft as a short term source of fund is

An overdrawn account

Repayable after more than a year

Grade to a newly opened account

A current liability

43 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Sales of shares

Admission of new partners

Discharge of mortgage

Grants from relatives

44 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The factors which critically determines the choice of occupation is

Interest

Aptitude

Training

Skill

45 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The scope of commerce is limited to ________

wholesale and entrepot trade

trade and aids-to-trade

home and foreign trade

wholesale and retail trade

46 / 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

47 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the functions of the retailer is

branding and packaging of goods

granting credit facilities to close relatives

warehousing of goods

provision of after - sales services

48 / 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

49 / 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

consular invoice

statement affairs

statement of account

proforma invoice

50 / 60

Category: JAMB COMMERCE PAST QUESTIONS

A market where new shares are tracked is known as

Secondary Market

Primary Market

Stock Exchange

Money Market

51 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Bank credit

Bank rate

Cash reserve ratio

Open market operation

52 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

an advice note

a consignment note

an order

a qoutation

53 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Gum blast

Palm frond

Talking drum

Metal gong

54 / 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

cost of shipping a particular cargo for a specific voyage

persons that hire a ship for a specific purpose

cost paid for an empty space left in the ship

55 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

shareholders

employees

government

management

56 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

Admission of new partners

Court verdict

Bankruptcy of a partner

Joint decision

57 / 60

Category: JAMB COMMERCE PAST QUESTIONS

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

departmental store

consumer co-operative

producer co-operative

multiple shop

58 / 60

Category: JAMB COMMERCE PAST QUESTIONS

One of the factors of determining the volume of production is

the number of skilled manpower

availability of storage facilities

the location of the business

availablity of forex

59 / 60

Category: JAMB COMMERCE PAST QUESTIONS

Land as a factor of production does not vary in _______

nature

quantity

quality

cost

60 / 60

Category: JAMB COMMERCE PAST QUESTIONS

The agency in Nigeria which ensure that products conform to government quality specification is the

Nigerian Chamber of commerce

Standard Organization of Nigeria

Nigerian consumers’ association

Manufacturers' Association of Nigeria

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