JAMB - Commerce (2021)

1
The principle of span of control stipulates that?
答え
(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?
答え
(B)
take quick decision
3
The major objective of corporate mergers is to?
答え
(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
答え
(A)
pre-emptive right
5
The conversion of raw materials into finished products creates
答え
(A)
form utility
6
A form of money that has gone out of use is
答え
(B)
commodity money
7
The activities aimed at finding customers needs and satisfaction can be described as
答え
(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?
答え
(A)
III, V, VI and VIII
9
Communication process involves the transmission of a message over a selected channel to the
答え
(B)
receiver
10
The instruments of credit include
答え
(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
答え
(A)
downward communication
12
The excess of the assets over the liabilities of a business is called
答え
(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

答え

(B)

₦200,000

Use the information below to answer this question

₦
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?

答え

(C)

₦ 300,000

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

答え

(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?

答え

(B)

uberrimae fidei

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