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JAMB - Commerce (2021)

  • 1
    The principle of span of control stipulates that?
    Respuesta
    (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?
    Respuesta
    (B)
    take quick decision
  • 3
    The major objective of corporate mergers is to?
    Respuesta
    (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
    Respuesta
    (A)
    pre-emptive right
  • 5
    The conversion of raw materials into finished products creates
    Respuesta
    (A)
    form utility
  • 6
    A form of money that has gone out of use is
    Respuesta
    (B)
    commodity money
  • 7
    The activities aimed at finding customers needs and satisfaction can be described as
    Respuesta
    (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?

    Respuesta
    (A)
    III, V, VI and VIII
  • 9
    Communication process involves the transmission of a message over a selected channel to the 
    Respuesta
    (B)
    receiver
  • 10
    The instruments of credit include
    Respuesta
    (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 
    Respuesta
    (A)
    downward communication
  • 12
    The excess of the assets over the liabilities of a business is called 
    Respuesta
    (B)
    net worth
  • 13

    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

    Respuesta
    (B)
    ₦200,000
  • 14

    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?

    Respuesta
    (C)
    ₦ 300,000
  • 15
    A distinctive advantage of GSM is its
    Respuesta
    (D)
    mobility
  • 16
    The major determinant of fire insurance premium is the 
    Respuesta
    (B)
    type and structure of the property to be insured
  • 17
    An activity that involves derivation of raw materials from land and sea is
    Respuesta
    (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
    Respuesta
    (B)
    bull
  • 19
    The primary memory component of a computer is the 
    Respuesta
    (B)
    cache
  • 20
    The transmission of the telephone services from one country to another is facilitated by
    Respuesta
    (D)
    communication satellite
  • 21
    The best mode of ensuring that items posted get to the named addresses is through
    Respuesta
    (C)
    registered mail
  • 22
    An agency contract must involve
    Respuesta
    (B)
    a principal and an agent
  • 23
    Inbound tourism occurs when
    Respuesta
    (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
    Respuesta
    (C)
    a consortium
  • 25
    The main objective of a trade association is to
    Respuesta
    (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 
    Respuesta
    (D)
    del credere agent
  • 27
    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

    Respuesta
    (A)
    ₦7,500
  • 28
    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?

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