COMMERCE Possible/Likely JAMB QUESTIONS & ANSWERS
1. A warehouse which is used to store goods whose customs duty is not yet paid is a
a. bonded warehouse
b. public warehouse
c. branded warehouse
d. wholesale warehouse
2. A crossed cheque with the inscription “not negotiable” must be paid into the
a. current account of the payee
b. saving account of the payee
c. fixed account of the payee
d. current account of the drawer
3. A factor in business environment which increases the rate of product obsolescence is
a. political
b. legal
d. technology
4. The centeral bank has a reserve ratio also called liquidity ratio.
a. fiscal policy
b. reserve ratio
c. taxation
d. moral suasion
5. Most of the barriers to international trade have been eliminated through
a. globalization
b. commercialization
c. privatization
d. diversification
6. The resources whic are necessary for business development include:
a. machines, manufacturing, money, and materials
b. merchant, materials, mentors, and money
c. man, money, materials, machines
d. manufacturing, materials, mentors, and money
7. The Ps of marketing are
a. price, production, place and property
b. price, product, property and place
c. price, product, place and promotion
d. product, place, process and promotion
8. Ships used for international transport are
a. launchers
b. yachts
c. ocean liners
d. trawlers
9. Personal selling is used for the purpose of
a. giving financial assiastance
b. providing information
c. creating product awareness
d. establishing the company
10. A type of retail trade where a group of similar stores which is owned by a firm operates in different locations is a
a. supermarket
b. chain store
c. departmental store
d. conglomerate
11. An aspect of commerce that facilitate the distribution of product is
a. trading
b. advertising
c. branding
d. transportation
12. An association to which all the commerce in Nigeria are affliated is the
a. Nigeria stock exchange
b. national association of chambers of commerce, industry, mines and agriculture
c. Nigeria association of chambers of commerce, industry, mines and agricultures
d. Nigeria labour
13. A Computer computer component that decodes and interprets instructions and also direct programs implementation
a.system units
b. central processing unit
c. controls units
d. memory unit
14. An account maintained with a commercial bank for the purpose of foreign exchange transaction is the
a. foreign reserve
b. international account
c. domiciliary account
d. foreign account
15. The development of tourism in Nigeria will enhance
b. revenue generation
c. export
d. agriculture
16. A document sent by a seller to inform a buyer about the prices of a goods is the
a. profoma invoice
b. price list
c. credit note
d. catalogue
17. The sum of money paid by a policy-holder to an insurer is reffered to as
a. sale revenue
b. premium
c. gross profit
d. interest
18. The right of ownership with respect to goods or property is
a. proxy
b. title
c. right of occupancy
d. certificate of occupancy
19. The main motive of commerce and trade association is to
a. assist government in achieving its objectives
b. protects and promotes the interest of the members
c. maximized profit
d. protects the interest of the members
20. Privatization is concerned with
a. equal ownership between the public and the government
b. government ownership of companies
c. the individual ownership of companies
d. the dilution of ownership among the public
21. An example of a service-rendering association is
a. Nigerian Bar Association
b. Manufacturer Association Of Nigeria
d. Association Of Nigerian Miners
22. A functional structure, is an organizational structure in which
a. Abstract rules are applied
b. There is no hierarchy
c. A specialist enforces his directives
d. equity prevails
23. The evolution of commerce in Nigeria is traceable to the
a. Periodic of barter economy as human needs became limitless
b. primitive stage of existence of human beings
c. development of human civilization and the desire to meet their needs
d. desire by human being to satisfy their needs through the services of their peoples in the society
24. An essential factor for evaluation the different sources of fund for a business is the
a. decree establishing the business
b. burden of cost and repayment
c. size and type of business
d. ownership structure of the business concern
25. One the requirements necessary for setting up a business
a. registration
b. documentation
c. knowledge of the business
d. advertisement
26. Goods that manufactured or acquired by the seller after th contract of sale are
a. specialty goods
b. general goods
d. future goods
27. Stimulation of demand is a kind of communication in marketing which connotes
a. personal selling
b. merchandising
c. advertising
d. sales promotion
28. The market structure, business condition and financial system in Nigeria is
a. political environment
c. economic environment
d. technological environment
29. Banks are engage in the business of buying and selling of
a. instrument of credit
b. intangible products
c. bills of exchange
d. land
30. Communication process involves the transmission of a message over a selected channel to the
a. audience
b. sender
c. receiver
d. encoder
