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JAMB - Commerce (2002)

1
The most important factor that delayed the development of commerce in Nigeria was?
Answer
(C)
that there were few developed markets
2
Secondary production has to do with changing the?
Answer
(B)
physical form of raw materials into finished goods
3
The major responsibility of an entrepreneur is?
Answer
(A)
Employing all factors of production in the business
4
Which of the following best described the scope of commerce
Answer
(C)
All occupational exchanges relating to industries and commercial activities
5
Capital as a factor of production can be used as?
Answer
(C)
Input for further production
6
The agency that currently oversees the privatization and
commercialization process in Nigeria is the?
Answer
(D)
Bureau of Republic Enterprises
7
Okeze contracted to sell TV sets to Ojo. Unknown to them, the sets were stolen in transit. This contract may be terminated on the ground of
Answer
(B)
frustration
8
Which of the following countries are members of the lake Chad Basin Commission?
Answer
(A)
Niger and Cameroun
9
A core investor in the current phase of privatization in Nigeria is one who?
Answer
(A)
can afford to buy most of the shares of the enterprises
10
The agency in Nigeria which ensures that products conform to government quality specifications is the?
Answer
(A)
Standards Organization of Nigeria
11
Awarding scholarships and sponsoring sports by a business organization are example of?
Answer
(D)
social responsibility
12
The commercialization of public enterprises is aimed at?
Answer
(A)
increasing efficiency and making the enterprises self-sufficient
13
An author’s exclusive righto his published and unpublished works is known as?
Answer
(D)
copyright
14
Under the endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the?
Answer
(C)
lump sum benefit
15
the machine used for sending telex messages is known as a?
Answer
(B)
fax machine
16
Which of these insurance principles requires a close connection between the actual loss suffered and the risk insured?
Answer
(B)
proximate cause
17
The unit through which result of a processed data are displayed is the?
Answer
(D)
output unit
18
Which of the following is used to inform the addressee that a registered parcel is ready for collection?
Answer
(D)
Slip
19
The type of computer commonly found in office is?
Answer
(C)
the hybrid computer
20
The mode of transporting crude oil to the ports for export purposes is by
Answer
(D)
pipeline
21
The temporary insurance certificate issued to the insured before drawing up a policy is a?
Answer
(A)
cover note
22
The bulls and bears in the Stock Exchange market help to minimize
Answer
(C)
fluctuations in the prices os securities
23
Debentures differ from shares in that
Answer
(A)
they are secured on the company's assets
24
The Stock Exchange is a market where?
Answer
(B)
all types of securities are sold
25
A retail cooperative society aims at?
Answer
(B)
cutting off the profit of the middlemen
26
A bill of exchange already accepted can be discounted by the holder in?
Answer
(D)
any bank
27
The document issued by the seller which gives detail of the goods he sells is known as?
Answer
(D)
invoice
28
Given: i. Retail ii. Export iii Transport iv. Import V. Insurance Vi. Banking and finance Vii. Wholesale Viii Communication.

Which of the above is aid to trade?
Answer
(B)
iii, V, Vi and Viii
29
The organizational structure that relates the positions of specialist to the line mangers is called?
Answer
(B)
staff structure
30
A wholesaler who possesses the title of goods he sells is known as?
Answer
(A)
a merchant wholesaler
31
An important principle of a good organization structure is
Answer
(B)
span control
32
A company that is registered with the corporate Affairs Commission only without being enlisted on the Stock Exchange is a?
Answer
(D)
registered company
33
A contract for the sale of goods involved the?
Answer
(C)
transfering of the title to goods for money
34
the total of share capital which a company should be allowed to issued is known as?
Answer
(C)
nominal capital
35
The process of mobilizing, engaging and maintaining workers to work for an organization is referred to as?
Answer
(A)
staffing
36
Recognized members of the Stock Exchange who buy and sell securities on their own behalf are known as ?
Answer
(B)
jobbers
37
Which of the following involves foreign trade ?
Answer
(D)
commodity markets
38
Which of the following is a function of employers’ associate?
Answer
(C)
promotion of workers'welfare
39
Which of the following industries is normally located near the source of its raw materials?
Answer
(B)
Cement industry
40
One of the most important function of marketing is?
Answer
(A)
encouraging research activitiesto meets needs
41
Securities on which the buyers are not issued with certificate are called?
Answer
(B)
inscribed securities
42
In product pricing, which of this element needs more consideration than others?
Answer
(D)
the cost of producing the product
43
The principal objectives of the Central Bank of Nigeria can be classified broadly into?
Answer
(A)
bankers' bank lender of last resort and issuance of currency
44
The letters E and OE stand for?
Answer
(B)
errors and omissions expected
45
An important issue for consideration in the product element of the marketing mix is the?
Answer
(D)
planing and development of the product