JAMB - Commerce (2021)

1
The principle of span of control stipulates that?
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(A)
The number of employees reporting to one superior should be kept to a workable maximum
2
The main advantage of a sole trader is the freedom to?
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(B)
take quick decision
3
The major objective of corporate mergers is to?
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(C)
enhance economies of sale
4
A provision in the charter of a company which gives holders of common stock the first option to purchase additional issues of the firm's common stock is the
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(A)
pre-emptive right
5
The conversion of raw materials into finished products creates
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(A)
form utility
6
A form of money that has gone out of use is
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(B)
commodity money
7
The activities aimed at finding customers needs and satisfaction can be described as
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(A)
conceptual marketing
8
Given:
I. Retail
II. Export
III. Transport
IV. Import
V. Insurance
VI. Banking and finance
VII. Wholesale
VIII. Communication.

Which of the above are aids to trade?
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(A)
III, V, VI and VIII
9
Communication process involves the transmission of a message over a selected channel to the
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(B)
receiver
10
The instruments of credit include
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(D)
bills of exchange and promissory notes
11
The type of communication from a superior to a subordinate in an organization is referred to as
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(A)
downward communication
12
The excess of the assets over the liabilities of a business is called
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(B)
net worth

Use the information below to answer this question

A B C Balance Sheet as at 31/12/2004

₦
Share capital 200,000
Reserves 100,000
Long term liabilities 40,000
Current liabilities 30,000
370,000

₦
Fixed assets 180,000
Investment 100,000
Current assets 50,000
Fictitious assets 40,000
370,000

The total sum of financing short term projects is

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(B)

₦200,000

Use the information below to answer this question

A B C Balance Sheet as at 31/12/2004

₦
Share capital 200,000
Reserves 100,000
Long term liabilities 40,000
Current liabilities 30,000
370,000

₦
Fixed assets 180,000
Investment 100,000
Current assets 50,000
Fictitious assets 40,000
370,000

What is the capital employed?

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(C)

₦ 300,000

15
A distinctive advantage of GSM is its
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(D)
mobility
16
The major determinant of fire insurance premium is the
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(B)
type and structure of the property to be insured
17
An activity that involves derivation of raw materials from land and sea is
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(C)
extraction
18
A person who buys new issues with a view of reselling at a higher price in the near future is referred to as a
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(B)
bull
19
The primary memory component of a computer is the
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(B)
cache
20
The transmission of the telephone services from one country to another is facilitated by
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(D)
communication satellite
21
The best mode of ensuring that items posted get to the named addresses is through
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(C)
registered mail
22
An agency contract must involve
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(B)
a principal and an agent
23
Inbound tourism occurs when
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(C)
residents of a country travel to other countries
24
When two or more companies agree to execute a project too large for one to handle, this is referred to as
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(C)
a consortium
25
The main objective of a trade association is to
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(B)
protect its members against victimization
26
A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a
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(D)
del credere agent

NAME	INSURED AMOUNT(₦)	ACTUAL VALUE(₦)	ACTUAL LOSS(₦)
Mr. P Mr. K Mr. R	25,000 30,000 40,000	100,000 120,000 150,000	30,000 40,000 50,000

Use the table above to answer questions 27 and 28

If Mr. P takes a fire insurance policy with average clause, his compensation will be

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(A)

₦7,500

NAME	INSURED AMOUNT(₦)	ACTUAL VALUE(₦)	ACTUAL LOSS(₦)
Mr. P Mr. K Mr. R	25,000 30,000 40,000	100,000 120,000 150,000	30,000 40,000 50,000

What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?

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(B)

uberrimae fidei

29
Hire purchase is advantageous to the seller in that
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(D)
it enhances high level of patronage
30
A form of money with face value which is greater than the value of the metal contents is
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(D)
token money
31
A proforma invoice is not required when
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(B)
dealing regularly with a customer
32
The art of soap making is an example of
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(D)
secondary occupation
33
The payment made periodically in respect of an insurance policy entered into is known as
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(C)
premium
34
Services rendered to the public is provided by
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(B)
civil servants
35
Which of the following countries are members of the Lake Chad Basin Commission?
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(A)
Niger and Cameroon