www.prep.ng: JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2015 (TEXT)

Thursday, 28 February 2019

JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2015 (TEXT)


JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 201
1. A proforma invoice is not required when __.
A. dealing regularly with a customer
B. quoting for the supply of goods
C. goods are sent on approval
D. final prices are uncertain

2. A distinguishing characteristic of a limited liability company is that __.
A. is a collection of many sole proprietors
B. can sue and be sued
C. is a multiple partnership
D. has limited resources

3. Construction activities include the building of houses and roads as well as __.
A. shoe-making
B. black smiting
C. brick laying
D. car assembling

4. Which of the following information is contained in the Articles of Association of a limited liability company?
A. Objectives of the company
B. Rights and obligations of directors
C. Amount of share capital
D. Limitation of liability of share holders

5. Which of the following contributed least to the evolution of commercial activities in Nigeria?
A. Development of banks
B. Development of transportation
C. Development of currencies
D. Development of trader's union

6. One of the factors which critically determines the choice of occupation is __.
A. skill
B. training
C. interest
D. aptitude

7. Tourists with no fixed address in a town may receive letters from the post office through __.
A. poste resante
B. recorded delivery
C. post master
D. parcel post

8. On liquidation of a public limited liability company, the residual owners are the __.
A. debenture holders
B. creditors
C. preference shareholders
D. ordinary shareholders

9. The major factors that facilitate merchandising are __.
A. banking, insurance and transportation
B. management, insurance, and advertising
C. communication, advertising, and banking
D. trading, warehousing and production

10. The pivot on which the wheel of commerce rotates is __.
A. tariff
B. taxation
C. price
D. trade

11. The major procedures in the purchase and sale of goods are enquiry __.
A. order, sale and invoice
B. quotation, order and invoice
C. placement, order and invoice
D. bargain, order and invoice

12. An advantage of hire purchase to the customer is the __.
A. low interest rate chargeable
B. increase in turn over and profits
C. economics of scale in production
D. possession of goods before payment

13. The agency in Nigeria which ensures that products confirm to government quality specifications is the
A.       Nigerian Consumers Association
B.       Standards Organization of Nigeria
C.      Nigerian Chamber of Commerce
D.      Manufacturer's Association of Nigeria.

14.     The most widely used computer language that focuses on solving science-oriented problems is __.
A. COBOL
B. ADA
C. BASIC
D. FORTRAN

15. An essential factor for evaluating the different sources of funds for a business is the __.
A. ownership structure of the business concern
B. burden of cost and repayment
C. size and the type of the business
D. decree establishing the business

16. In the primary market, new shares are issued through __.
A. personal selling, publicity and advertising
B. advertising, a prospectus and a bill of exchange
C. a prospectus, an offer for sale and placing
D. a prospectus, offer for sale and a bill of exchange

17. One of the advantages of commercialization is that it __.
A. increases the salaries of workers
B. encourages entrepreneurship
C. gives workers on-the-job training
D. motivates government to establish more business

18.
From the above data, calculate the rate of turn over.
A. 218 times
B. 3.50 times
C. 3.00 times
D. 2.00 times

19. Which of the following confirms the accuracy of the duty charged on imported goods?
A. Consular invoice
B. An indent
C. Shipping note
D. import duty

20. The type of communication from a superior to a subordinate in an organization is referred to as __.
A. downward communication
B. horizontal communication
C. lateral communication
D. upward communication

21. The safety and quality of products are the social responsibility of __.
A. the Manufacturer's Association of Nigeria
B. the Corporate Affairs Commission
C. business organization
D. the Standard Organization of Nigeria

22. The members of ECOWAS include?
A. Togo, Nigeria and Ghana
B. Burkina Faso, Nigeria, Niger and Mauritania
C. Guinea, Mali, Cameroon and Nigeria
D. Nigeria, Chad, Gabon and Cape Verde

23. One of the functions of Nigeria Ports Authority is the provision of __.
A. facilities to ensure that goods get to their destinations
B. courier services to ensure specific delivery
C. shelter for operators of cargoes
D. facilities to enhance the speedy loading and offloading of cargoes

24. A document which advertises the shares of a company is known as __.
A. deed
B. prospectus
C. dividend warrant
D. memorandum of satisfaction

25. An association to which all Chambers of Commerce in Nigeria are affiliated is the __.
A. National Association of Chambers of Commerce
B. Nigeria Labour Congress
C. Nigeria Stock Exchange
D. Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture

26. An aspect of commerce that facilitates the distribution of product is __.
A. advertising
B. branding
C. transportation
D. trading

27. Unresolved disputes between the employer and employees are usually referred to the __.
A. industrial arbitration tribunal
B. disciplinary committee
C. code of conduct bureau
D. personal unit

28. A chain store usually combines the features of __.
A. hyper markets and stalls 
B. multiple shops and hyper markets
C. multiple shops and departmental shops
D. mail order business and multiple shop

29. Which of the following is a matter of personal preference on the part of a superior officer?
A. Delegation of authority
B. Unity of direction
C. Span of control
D. Unity of command

30. Manufacturing and constructive activities are classified under __.
A. direct-service
B. primary production
C. tertiary production
D. secondary production

31.
From the diagram above, what does I stand for?
A. Publicity
B. Home trade
C. Aids to trade
D. Advertising

32. The three main classification of occupation are
A. industry, commerce and services.
B. manufacturing, industry and trading
C. farming, banking and trading
D. construction, trade and services

33. The person who undertakes life assurance is said to be an __.
A. assurer
B. insurer
C. insured
D. assured

34. A business organization must always consider the overall effect of its actions on the __.
A. profit
B. society
C. product
D. competitor

35. An undertaking given by a person to another assuring his integrity is __.
A. subrogation
B. insurable interest
C. proximate clause
D. fidelity guarantee

36. Which of the following is a quality of money?
A. scarcity
B. availability
C. convertibility
D. indivisibility

37. The distribution of petroleum products in Nigeria is through __.
A. the bank
B. air
C. sea
D. road

38. The business that focuses attention on the quality of the goods produced by precisely knowing what the consumers desire is said to be operating the
A. marketing concept
B. promotion mix
C. product orientation
D. product mix.

39.  A floating policy is an example of __.
A. marine insurance
B. motor insurance
C. fire insurance
D. actuaries insurance

40. The art of soap making is an example of __.
A. construction  occupation
B. tertiary occupation
C. primary occupation
D. secondary occupation


ANSWERS

1. A
2. B
3. C
4. B
5. D
6. A
7. A
8. D
9. A
10. D
11. B
12. D
13. B
14. D
15. A
16. D
17. B
18. A
19. A
20. A
21. D
22. A
23. D
24. B
25. D
26. C
27. A
28. C
29. A
30. D
31. C
32. A
33. C
34. A
35. D
36. B
37. B
38. A
39. D
40. B



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