JAMB - Commerce (2023)
1
The macro-environmental forces and trends which are a constraint on business operations are referred to as
2
The payment made by a speculator to the buyer when he is unable to deliver stocks on the agreed date is
3
A document that lists the goods that are being sent from one place to another is
4
The maximum number of shareholders in a public liability company is
5
The process of dividing tasks into jobs and departments and delegating authority is known as
6
A demerit of communication is that it
Answer(B)
give room for distortion of fact
7
Which of the following regulates and controls the activities in the Nigerian Stock Exchange?
8
An agent who has to sell perishable goods without the prior authority of the owner becomes an agent by
9
Which of the following is not a veritable source of funds to a public limited liability company?
Answer(C)
government financial grants
10
The document that explains the types of shares available for sale to the public is
11
A major objective of all business resources is
12
The type of letters that are delivered through the normal mail or by airmail express service is referred to as
13
Parts payments made on alloted shares by subscribers is usually the
14
Which of the following legislation aims primarily at the protection of consumers?
15
The activity which entails buying of goods in bulk and selling in small quantities to retailers is
16
An individual that links the producer with the retailer is
17
I. Its unlimited nature
II. The number of partners
III. The withdrawal of a major of partner
IV. The bearing of risk
Which of these is both merit and demerit in partnership?
18
A factor necessary for siting of a warehouse is nearness to
19
The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is
20
One disadvantages of advertising is that it
21
Which of the following attracts only interest but leaves the capital unpaid?
22
A bill of exchange already accepted can be discounted by the holder in
23
The process of converting a non-profit making organisation to a profit-making business is
24
An agreement that is enforceable in law is
25
One of the functions of a retailer is the
26
A business organization that exploits the capabilities of a member to remedy the weakness of another is a
27
The government agency involved in issuing of export licences is
Answer(C)
Nigeria Export Promotion Council
28
Insurance against burglary is an example of
29
The concept that refers to the sale, transfer or exchange of goods and services is
30
At the collapse of a business enterprises, the person appointed to dispose off the assets is called
31
An announcement of a person's willingness to enter into a contract is referred to as
32
An example of a cartel is
33
| |
₦ |
|
₦
|
|
Stock 1/1
|
20,000 |
Net Sales |
370,000 |
|
Add purchases
|
250,000 |
|
|
|
Cost of goods available for sale
|
270,000 |
|
|
|
Less stock 31/12
|
40,000 |
|
|
|
Cost of goods sold
|
230,000 |
|
|
|
Rent expenses
|
35,000 |
|
|
Find the gross profit
34
| |
₦ |
|
₦
|
|
Stock 1/1
|
20,000 |
Net sales |
370,000 |
|
Add purchases
|
250,000 |
|
|
|
Cost of goods available for sale
|
270,000 |
|
|
|
Less stock 31/12
|
40,000 |
|
|
|
Cost of goods sold
|
230,000 |
|
|
|
Rent expenses
|
35,000 |
|
|
Calculate the net profit
35
The function of commerce in relation to production is
36
A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as
37
The rate where a country's exports exchange for its imports is called
38
A major function of chamber of commerce is
Answer(A)
promoting both home and foreign trade
39
The fees charged on postal order by the post office is
40
An advantage of division of labour is
Answer(A)
productivity and total output is increased
41
Which is the fastes means of transportation?
42
Factors considered when setting up a retail business is one of the following
Answer(D)
capital, type of goods and source of supply
43
An example of extractive occupation is
44
The part of the computer that has the capacity to interpret instruction is
45
The duties paid on goods produced locally is
46
Current account holders withdraw money through
47
The type of activity which turns processed raw materials into consumer and industrial goods is described as
48
The organised effort of consumers to protect themselves against the unfair practices of businessmen is known as
49
Land as a factor of production does not vary in
50
Which of the following is an item in the marketing mix?
51
One of the major problems of a sole properitor is sourcing for
52
Risk bearing in business organisation is a function of the
53
The production of goods and services in anticipation of demand is made possible by
54
The business unit that applies the principle of one man vote is
55
A partnership is dissolved due to
56
The effects of devaluation includes all except
Answer(C)
increase in standard of living
57
A major function of trade association is to
Answer(A)
foster cooperation among members
58
Which of the following is a verbal means of communication
59
The Nigerian Stock Exchange consist of
Answer(C)
secondary and primary market
60
A major merit of the retaining middlemen is to
Answer(D)
stock goods produced by different manufacturer
61
Any activity directed at conveying commodities to buyers is an aspect of
62
Money is generally acceptable for transaction due to
63
The scope commerce is limited to
64
The act of selling in a foreign market at a price lower than the cost price is called
65
The board of directors of public enterprise is appointed by who?
66
Good and services transferred from seller to buyer without immediate payment is referred to as
67
A demonstration of social responsibility by a business is the payment of
68
One of these is a current asset
69
The stock exchange is a market where
Answer(C)
all types of securities are sold
70
Another name or term for a dishonoured cheque is
71
Why is clean bill of lading called so?
Answer(B)
it shows not records of damaged goods
72
Answer(B)
a physical restriction placed on quantity of goods that can be imported
73
The four P's of marketing are also known as
74
The difference between the central bank and commercial bank is that the former
Answer(A)
serves as lender of last resort
75
If a business uses part of its profit to develop the area where it operates, the business is fulfilling its
