JAMB - Commerce (2006)

1
Tourism can be classified as?
Answer
(D)
invisible export
2
The input, output and central processing units are the basic components of a computer's?
Answer
(C)
hardware
3
An employer insures against his employees' dishonesty by taking up?
Answer
(A)
fidelity guarantee insurance
4
Payment made to the insured by the insurer outside its legal obligation is?
Answer
(B)
ex gratia payment
5
An important social reason for development tourism in Nigeria is the?
Answer
(A)
promotion of culture interaction
6
The mode of transportation that conveys a limited variety of products through fixed laid routes is?
Answer
(D)
pipeline
7
A computer that can be used in weather forecast is?
Answer
(D)
a digital computer
8
The setting of objectives for an organization and determining how to accomplish them is?
Answer
(B)
planning
9
An aspect of marketing that stimulates buying by providing free gifts is?
Answer
(D)
sales promotion
10
The limit of functions, activities and personnel that a supervisor can effectively manage in a business organization is?
Answer
(A)
span of control
11
A seller attracts and retains patronage by?
Answer
(C)
rendering pre-sales services
12
A bond which attracts only interest but leaves the capital unpaid is referred to as?
Answer
(A)
a long-term loan
13
A public company has 2 000 000 ordinary shares of 50k each and offers 50% for subscription at N2 per share.

If the shares were fully subscribed, calculate the issued capital?
Answer
(B)
N2 000 000
14
The main requirement for admission to the second-tier securities markets is the?
Answer
(B)
disclosure of all trading activities
15
Which of the following is a development bank in Nigeria?
Answer
(D)
Federal Mortgage Bank
16
Trading on the stock exchange in anticipation of price change in the market value of shares is?
Answer
(A)
speculation
17
A financial institution which uses its capital strength to acquire controlling interests in other firms can be regarded as a?
Answer
(B)
holding company
18
A current account is beneficial to its holder as?
Answer
(A)
cheques can be issued to anybody
19
The conversion of raw materials into finished products creates?
Answer
(A)
form utility
20
The factor which critically determines the choice of occupation is?
Answer
(B)
skill
21
Capital to a business is technically?
Answer
(C)
an assets
22
i. Wholesaler
ii. Fishing
iii. Canning
iv. Retailing
The sequence in which the occupational activities above are performed is?
Answer
(D)
ii, iii, i and iv
23
The development of commerce resulted from?
Answer
(A)
trading
24
The difference between a private and public limited liability company is that the former?
Answer
(A)
is unable to offer shares to the public
25
Materials used for further production of goods and services are known as?
Answer
(C)
capital goods
26
A liquidator's fee is to be charged to the?
Answer
(A)
realization account
27
The safety and quality of products are the social responsibility of?
Answer
(A)
the Standards Organization of Nigeria
28
A feature common to privatization and commercialization is?
Answer
(A)
profit-making
29
A protection right which can be reviewed or renewed after seven years is known as?
Answer
(A)
patent
30
The headquarters of the lake Chad Basin Commission is in?
Answer
(B)
N'Djamena
31
In Nigeria, the main source of pollution is?
Answer
(D)
industral waste
32
Safeguarding the health of the nation' is the slogan used by?
Answer
(C)
NAFDAC
33
When one person approves an act previously done by another in the former's name without authority, this is known as?
Answer
(B)
estoppel
34
The most important advantage of privatization is the enhancement of?
Answer
(D)
efficiency
35
The members of ECOWAS include?
Answer
(D)
Togo, Niger, Nigeria and Ghana
36
A trade association consists of members engaged in the same trade while a chamber of commerce is?
Answer
(B)
not restricted on a particular industry
37
Hire purchase is beneficial to the seller because?
Answer
(B)
it increases his turnover
38
Consumerism aims at protecting the consumer from?
Answer
(A)
harmful products
39
The major types of warehouse are?
Answer
(D)
wholesaler, manufacturer, public and bonded
40
The Customs and Excise Department is responsible for the the collection of?
Answer
(B)
tariffs
41
A shop which consist of many stores trading under a single roof and which stocks varieties of goods with each unit having its own head is a?
Answer
(D)
departmental store
42
An objective of the farmers' association is to?
Answer
(A)
ensure that the prices of goods are fair and reasonable
43
The documents used in the purchase and sale of goods which contain other terms of trade are?
Answer
(C)
invoice and order
44
In international trade, exchanging goods for other goods and services purchased instead of paying in foreign currency is known as?
Answer
(A)
counter trade
45
The role of a wholesaler in the channel of distribution is to?
Answer
(C)
buy goods in large quantities and sell in small quantities