www.prep.ng: JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2016 (TEXT)

Thursday, 28 February 2019

JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2016 (TEXT)


jamb past questions and answers on commerce 2016


1. Compulsory dissolution of a business can arise from __.
A. a declaration by a court
B. an agreement by the owners
C. an unfavourable economic climate
D. the termination of its life.

2. A proforma invoice is not required when __.
A. goods are sent on approval
B. quoting for the supply of goods
C. final prices are uncertain
D. dealing regularly with a customer.

3. Given:                    
   Opening stock          40,000  
   Purchases              115,000 
   Closing stock           60,000   
   Sales                     250,000 

What is the cost of goods sold?
A. ₦50,000
B. ₦30,000
C. ₦95,000
D. ₦155,000

4. In the channel of distribution, which of the following sets is entirely made up of middle men?
A. Manufacturers, consumers and retailers
B. Wholesalers, retailers and agents
C. Retailers, manufacturers, and wholesalers
D. Wholesalers, agents and consumers

Use the information below to answer question 5.

SONU Enterprises

Balance sheet as at 31/3/98

5. What is the current ratio?
A. 5:1
B. 25.5:1
C. 4:1
D. 4.5:1

6. What is the acid ratio?
A. 5.55:1
B. 4.75:1
C. 4.25:1
D. 2.95:1

7. The conversion of raw materials into finished product creates __.
A. form utility
B. marginal utility
C. time utility
D. place utility

8. Commerce makes it possible for man to live in a __.
A. complex and organized society
B. simple and organized society
C. society characterized by subsistency
D. society characterized by dependency

9. The insurance principle that requires full disclosure of information on the insured is known as __.
A. caveat empto
B. subrogation
C. uberrimae fidei
D. indemnity

10. Production involves __.
A. changing the form of goods, moulding and making, them available as needed
B. making goods available when and where needed
C. the assembling of all necessary parts to produce
D. the manufacturing of goods and provision of services

11. A merchant wholesaler is referred to as __.
A. a factor
B. rack gobber
C. a broker
D. del-credere agent

12. A proforma invoice is sent to inform a buyer about the __.
A. prices of goods
B. quantity of goods
C. quality of goods
D. designation of goods

13. Capital as a factor of production can be used for __.
A. goods that are useful in business
B. money that is regarded as assets
C. services that provide satisfaction
D. input for further production

14. The agency that currently oversees the privatization and commercialization processes in Nigeria is the __.
A. Bureau of public enterprises
B. Nigerian stock exchange
C. Technical committee on privatization and commercialization
D. securities and exchange commission

15. The payment made periodically in respect of an insurance policy entered into is known as __.
A. premium
B. surrender
C. bond
D. commission


16. An example of services rendered by NIPOST is __.
A. courier
B. electronic mail
C. mail delivery
D. Telephone


17. Ships that sail across the ocean and operate on scheduled time tables are __.
A. coastal liners
B. tramp steamer
C. ocean liners
D. ferries

18. Non-insurable risks include __.
A. death
B. marine problems
C. damage to property
D. gambling

19. The most important right of the employee in discharging his duties to the employer is the right to __.
A. job securities
B. annual leave
C. regular enrollments
D. working facilities

20. The most dangerous pollution is __.
A. Air pollution
B. water pollution
C. Soil pollution
D. noise pollution

21. Tourism can be classified as __.
A. visible exports
B. invisible exports
C. tangible imports
D. intangible imports

22. The inputs. output and central processing units are the basic components of a __.
A. software
B. hardware
C. memory
D. printer

23. Consumers require protection against exploitation to ensure __.
A. the sale of quality products
B. increased aggregate demand
C. adequate consumer awareness
D. availability of product variety

24. The business environment that takes into cognizance the age distribution, ethnic mix and educational level of Consumer is __.
A. cultural environment
B. national environment
C. demographic environment
D. economic environment

25. An activity that involves derivation of raw materials from land and sea is __.
A. agricultural
B. extraction
C. construction
D. farming

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

27. The central focus of commercial activities is __.
A. pricing
B. marketing
C. advertising
D. farming

28. An aid to trade associated with communication is __.
A. insurance
B. ware housing
C. banking
D. transportation

29. Which of the following can be used to differentiate skilled and unskilled labour?
A. Available resources
B. Education and training,
C. Salaries and wages
D. Level of commitment

30. A doctor who attends to patients at home after his official duty is __.
A. a direct and indirect service worker
B. An indirect service worker
C. A direct service worker
D a community developer

31. An oil exploration company is engaged in __.
A. extractive occupation
B. constructive occupation
C. secondary production
D. tertiary production

32. Services rendered to the public is provided by __.
A. governments
B. domestic servants
C. professionals
D. civil servants

33. If a customer pays within nine days of receiving goods and takes advantage of 3% off the invoice price, this is stated as __.
A. 30; net 9/3
B. 9/30; net 3
C. 9/27; net 30
D. 3/9; net 30

34. Which of the following is a characteristic of a bearer cheque?
A. it is made payable to whoever presents it
B. it is made with transverse lines
C. it is only payable into the payee's account
D. it is made without transverse

35. A country is said to be experiencing an unfavourable balance of trade if her __.
A. exports exceed imports
B. visible exports exceed visible imports
C. imports and exports are equal
D. visible imports exceed visible exports

36. The type of labour that makes use of physical efforts in production procession is the __.
A. skilled labour
B. unskilled labour
C. white-collar job
D. blue-collar job

37. Cooperation and friendliness are enhanced among nations through inter-dependence necessitated by
A. Agriculture
B. social-cultural activities
C. Tourism
D. Commerce

38. One of the products of an extractive industry is __.
A. a shoe
B. a textile material
C. an iron ore
D. an air plane

39.  An important feature of land is that __.
A. is an active factor of production
B. has elastic supply
C. is subject to return to scale
D is heterogeneous in nature

40. One of the major determinants of the volume of production is __.
A. the availability of bank
B. the market size
C. government policy
D. sex distribution

ANSWERS

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


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