www.prep.ng: JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2018 (TEXT)

Wednesday, 27 February 2019

JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2018 (TEXT)


1. Which of the following regulates and controls the activities in the Nigeria Stock Exchange?
A. SEC
B. BPE
C. CBN
D. NDIC

2. The payment made by a speculator to the buyer when he is unable to deliver stocks on the agreed date is __.
A. backwardation
B. Franco
C. arbitrage 
D. contango

3. Part payments made on allotted shares by subscribers is usually the __.
A. issued capital
B. subscribed capital
C. called-up capital
D. authorized capital 

4. A loan to a customer with a cheque account at a bank in which the account is allowed to go into debit is __.
A. advance
B. over draft
C. commission
D. interest

5. Money is generally acceptable for transaction due to __.
A. the rule of the law
B. its acceptability in the global market
C. the legal backing
D. the Central Bank Governor's signature

6. Trade fairs in Nigeria are organized by __.
A. Ministry of commerce and industry
B. chambers of commerce
C. The federal Government
D. Manufacturer's Association of Nigeria

7. Goods and services are made available to consumers through __.
A. the advertising agency
B. sales promotion
C. the channel of distribution
D. the middle men

8. An organization which focuses on consumer satisfaction is practising __.
A. marketing concept
B. selling concept
C. consumerism
D. market segmentation

9. One of the major disadvantages of pipeline transportation is its __.
A. high maintenance cost
B. high cost of construction
C. Limitation in scope
D. vulnerability to climate changes

10. The business organization that can effectively combine management with control is __.
A. co-operation society
B. public limited liability company
C. private limited liability company
D. sole proprietorship

11. An arrangement by independent firms to share the market of their products on quota basis is referred to as __.
A. cartel
B. syndicate
C. trust
D. integration

12. The warehouse that is owned and controlled by the government is a __.
A. state warehouse
B. wholesalers' warehouse
C. public warehouse
D. manufacturers' warehouse

13. In a public limited liability company, planning, is carried out by __.
A. employees
B. the chairman of the board
C. shareholders
D. manufacturers' warehouse

14. One of the major problems of a sole proprietor is sourcing for __.
A. funds
B. labour
C. raw materials
D. machineries

15. Balance of payments is made up of __.
A. currency and capital items
B. visible and current items
C. visible and invisible items
D. visible and capital items

16. The four P's of marketing are:
A. Price, product, property and place
B. Product, place, process and promotion
C. Price, production, place and property
D. Price, product, place and promotion

17. The inter for is a system of telecommunications used for __.
A. sending electronic messages
B. communicating long-distance messages
C. sending and receiving text messages
D. communicating messages through telegrams

18. The major determinant of fire insurance premium is the __.
A. usefulness of the property to the owner
B. type and structure of the property to be insured
C. extent of fixed damage anticipated
D. owner of the property to be insured

19. Capital to a business is technically __.
A. an asset 
B. a project
C. a liability
D. an expense

20. The factor which critically determines the choice of occupation is __.
A.      skill
B.      training
C.      aptitude
D.      interest

21. From which of the following source can partnerships increase their capital?
A. Sales of shares
B. Admission of new partners
C. Discharge of mortgage
D. Grants from relations

22. In Nigeria, the ministry in charge of registering trade associations is that of
A. culture and tourism
B. finance
C. industries
D. commerce

23. The shares of a company listed on the stock exchange for sale are referred to as __.
A. quoted shares
B. issue shares
C. deferred shares
D. registered shares

24. Charges for loans paid by commercial banks to the central bank of Nigeria are called  __.
A. credit charges  
B. bank rates
C. bank charges
D. interest rates

25. The act of a person employing another to enter into contract on his behalf is known as __.
A. agency
B. bilateral agreement
C. business
D. sale of goods

26. Social responsibility is the ability of organization to __.
A.      operate without disrupting the very essence of the environment
B.      tackle the socio-economic problems of its community
C.      meet the needs of its community  
D.      contribute to sustaining and developing its community

27. An author's exclusive right to his published and unpublished works is known as __.
A.      constitutional right
B.      copy right
C.      author right
D.      patent right

28. Awarding scholarships and sponsoring sports by a business organization are examples of __.
A. social responsibility
B. advertising strategy
C. marketing strategy
D. economic responsibility

29. One way by which government reduces the repatriation of capital is through __.
A. divestiture
B. naturalization
C. nationalization
D. indigenization

30. The maximum number of shareholders in a public liability company is __.
A. one hundred
B. unlimited
C. fifty
D. twenty

31. Bank overdraft as a short term source of fund is  __.
A. a current liability
B. an overdrawn account
C. grade to a newly opened account
D. repayable after more than a year

32. The above chart represents the __.
A. marketing mix relationship
B. product mix relationship
C. advertising mix relationship
D. promotion mix relationship

33. The main documents sent to an importer of goods by the exporter are __.
A. indent, bill of certificate of origin, invoice and bill of exchange
B. certificate of origin, bill of exchange, invoice insurance, policy, indent and bill of lading
C. bill of lading, invoice, insurance policy, consular invoice, certificate of origin and bill of exchange
D. invoice, consular invoice, certificate of origin, freight note, indent and insurance policy

34. A company which issues a promissory note in lieu of payment for goods purchased __.
A. is not bound to renew the note before payment
B. can return the goods purchased and refuse to pay
C. can refuse to pay on due date since it is only a promise
D. is bound to redeem the note for cash on due date

35. The satisfaction of consumer is best explained by  __.
A. Product mix
B. Marketing concept
C. marketing mix
D. market segmentation

36. The two main categories under which marine losses fall in to are __.
A. total loss and partial loss
B. voyage policy loss and time policy loss
C. particular loss and average loss
D. actual loss and general loss

37. Chinyere agreed to make a dress for Halima with September 20,1995 as the delivery date. If the dress was not ready on that date, Halima could __.
A. seize another gown from chinyere's shop
B. regard the contract between them as terminated
C. sue chinyere for specific performance
D.sue chinyere for damage

38. A disadvantage of personal selling is that it __.
A. increase a company's number of customers
B. reduces a company area of patronage
C. increases a company's operating costs
D. decreases a company's operating costs

39. Which of the following has powers to order withdrawal of a particular food item from circulation?
A. Food and Drugs Department of the Federal Ministry of Health
B. Federal High Courts in Nigeria
C. Standard Organization of Nigeria
D. Local Government Health Inspectors

40. Nationalization of an industry means that its ownership becomes that of __.
A.      tax payers
B.      indigenes
C.      government
D.      shareholders


ANSWERS

1.       A

2.       A

3.       C

4.       B

5.       C

6.       B

7.       C

8.       A

9.       C

10.   C

11.   A

12.   C

13.   D

14.   A

15.   C

16.   D

17.   A

18.   B

19.   A

20.   D

21.   B

22.   D

23.   A

24.   B

25.   A

26.   D

27.   B

28.   A

29.   D

30.   B

31.   A

32.   A

33.   C

34.   D

35.   B

36.   A

37.   C

38.   B

39.   A

40.   C



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