Friday, 1 March 2019

JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2012 (TEXT)


JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2010 (TEXT)

PAPER TYPE: PURPLE


1. Which question paper type of commerce as indicated above is given to you?
A. Type Green
B. Type Purple
C. Type Red
D. Type Yellow

2. One of the major benefits of commerce to government is to __.
A. improve the standard of living
B. generate revenue for growth and development
C. encourage cooperation among public organisations
D. encourage the development of socio-cultural values

3. An example of an activity in the construction industry is __.
A. blacksmithing
B. bricklaying
C.car assembling
D. shoemaking

4. One of the inputs in production that can be motivated by remuneration is __.
A. capital
B. entrepreneur
C. labour
D. land

5. The allocation of tasks to different skills in a production process is referred to as __.
A. production technique
B. production function
C. division of labour
D. delegation of responsibility

6. The sales of goods through a medium that accepts money and delivers the items to the customer is __.
A. an automated teller machine
B. a vending machine
C. a counting machine
D. a branding machine

7. The main purpose of branding is to __.
A. create identity for a product
B. make a product look attractive
C. create product awareness
D. increase sales volume

8. The basis for international trade is embedded in the principle of __.
A. absolute advantage
B. globalization
C. deregulation
D. comparative advantage

9. The major problem encountered in international trade is that of __.
A. distance
B. differences in culture
C. politics
D. differences in currency

10. The document a seller uses in dispatching goods to a customer by a carrier is __.
A. a bill of landing
B. an invoice
C. an advice note
D. a delivery note

11. A document which serves as an order with details of goods required by an intending purchaser is __.
A. a freight note
B. an indent
C. a bill of landing
D. a way bill

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

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

14. A bill of exchange paid before its due date at an amount less than its face value is said to have been __.
A. accepted
B. rejected
C. discounted
D. dishonoured

15. The most effective type of advertising for branded products is __.
A. mass advertising
B. persuasive advertising
C. informative advertising
D. competitive advertising

16. A current account holder pays fees for services in form of __.
A. bank charges
B. interest rates
C. commission on turnover
D. minimum lending rate

17. Printed messages sent by cable are recorded as __.
A. telegram
B. SMS
C. telex
D. MMS

18. Communication is relevant to business activities because it __.
A. creates wealth for people
B. reduces the cost and risk of travelling
C. connects people
D. enhances delivery of goods and services

19. The right of an insurance company to stand in place of an insured against a third party, who is liable for the occurrence of a loss, is the principle of __.
A. proximate cause
B. insurable interest
C. insurance priority
D. subrogation

20. Assurance is different from insurance in that the former is based on _.
A. probability
B. possibility
C. risk
D. uncertainty

21. A person who undertakes life insurance is said to be an __.
A. insurer
B. assurer
C. assured
D. insured

22. Tourism serves the purpose of __.
A. cross-cultural understanding and peaceful interaction
B. opening values for leaving the country
C. economic development and naturalization
D. exploiting the country's natural endowment

23. The type of letters that are delivered through the normal mail or by airmail express service is referred to as __.
A. inland letters
B. registered letters
C. airmail letters express letters
D. express letters

24. A business organization that exploits the capabilities of a member to remedy the weaknesses of another is __.
A. joint venture
B. partnership
C. nominal partnership
D. cooperative

25. The most important business objective is to __.
A. improve investments
B. provide quality products
C. target consumers for satisfaction
D. carve a niche for the business

26. In case of a liquidation of a public limited liability company, those that are first paid are __.
A. ordinary shareholders
B. preference shareholders
C. cumulative preference shareholders
D. debenture holders

27. A feature common to public and private limited liability companies is that __.
A. both can sue and be sued
B. the minimum number of their shareholders is five
C. the transfer of their shares is not restricted
D. their annual accounts are published for public use

28. A business organization can obtain long term financing through __.
A. bank overdraft
B. the sale of shares
C. credit purchases
D. bureau de change

29. The portion of the authorized share capital given out to the public for subscription is __.
A. called-up capital
B. issued capital
C. paid-up capital
D. reserved capital

30. A company has an authorized capital of 40 million shares at 1 each, out of which 32 million are issued and fully paid-up. What happens to the remaining 8 million shares?
A. It has been issued but not paid-up
B. It has been applied for but not issued
C. It is not paid-up
D. It has not yet been issued

31. If the rate of turnover of a company in 1999 was 4 times while the average stock was ₦49,600, determine the turnover.
A. ₦199,400
B. ₦198,400
C. ₦100,200
D. ₦99,200

32. Given:
Opening stock     ₦1,800
Purchases           ₦2,800
Sales                   ₦8,000
Closing stock       ₦ 350
Carriage on sales  ₦ 500

Calculate the value of the unused stock.
A. ₦800
B. ₦500
C. ₦350
D. ₦320

33. The main objective of a trade association is to __.
A. protect its members against litigation
B. boost the trade of its members
C. secure credit for its members
D. protect its members against victimization

34. The promotion and protection of trade industry and agriculture through trade fairs is a function of __.
A. NACRDB
B. NACCIMA
C. the consumer protection council
D. the chamber of commerce

35. Dealing in quoted securities on the Nigerian Stock Exchange is restricted to authorized
A. companies
B. brokers
C. investors
D. principals

36. Securities that entitle the investor to coupon rates are __.
A. bonds
B. equities
C. warrants
D. treasury bills

37. Under what management function will the motivation of employees fall __.
A. staffing
B. controlling
C. organizing
D. directing

38. The promotion of team spirit in an organization is referred to as __.
A. unity of direction
B. espirit de corps
C. unity of purpose
D. discipline

39. One of the characteristics of a good organizational chart is that it should __.
A. be rigid
B. show government policy
C. facilitate communication
D. be acceptable

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

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

42. A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a __.
A. commission agent
B. del credere agent
C. broker
D. factor

43. Yahaya bought a piece of furniture on a credit sale agreement from Ahmed and resold it to Ali before all instalments were made. The court upheld that Ahmed could not recover possession of the items from Ali. The reason for the judgement was because __.
A. ownership was transferred on completion of instalment
B. ownership was transferred on delivery
C. Yahaya could not pass title to a third party
D. Ali was still indebted to Yahaya

44. The body which ensures that consumers are protected against harmful products in Nigeria is __.
A. NAFDAC
B. NDLEA
C. SON
D. CPC

45. The process of decoding data in a computer is known as __.
A. dilution
B. default drive
C. decryption
D. data security

46. Which of the following is a type of system software?
A. utility programmes
B. registers
C. hard drives
D. packages

47. Computers that process all data as binary zeros and ones are __.
A. analog computers
B. digital computers
C. hybrid computers
D. desktop computers

48. Modern means of payment is greatly facilitated by __.
A. e-commerce
B. paper money
C. e-banking
D. credit transfer

49. The provision of quality and safe products which guarantee the health of consumers is an example of __.
A. quality control
B. price control
C. civic responsibility
D. social responsibility

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


ANSWERS 

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