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
• 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

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  (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?

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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
• 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

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  (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?

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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