www.prep.ng: JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2014 (TEXT)

Friday, 1 March 2019

JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2014 (TEXT)


JAMB PAST QUESTIONS AND ANSWERS ON COMMERCE 2014
PAPER TYPE: L


1. Which paper type of commerce is given to you?
A. Type F
B. Type E
C. Type L
D. Type S

2. Cooperation and friendliness are enhanced among nations through interdependence necessitated by __.
A. tourism
B. commerce
C. agriculture
D. socio-cultural activities

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

4. The payment for direct service is usually made by the __.
A. local authority
B. community
C. government
D. individual

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

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

7.   Mrs. Jones who lives in the river-rine community of Rivers State makes her living through crabbing and fishing. This type of occupation she is in is __.
A. commercial
B. manufacturing
C. service
D. extractive 

8. To eliminate middlemen, there should be a retail outlet such as __.
A. producer co-operative
B. consumer co-operative
C. multiple shop
D. departmental store

9. The document issued by a port authority for goods deposited is a __.
A. bill of lading
B. bill of sight
C. consular invoice
D. warehouse warrant

10.The document submitted to the customs authority when full description of  imported goods is not provided is __.
A. a bill of sight
B. an invoice
C. an indent
D. a bill of entry

11. The role of customs and exercise authority includes the __.
A. control of the flow of goods in and out of the country
B. control of security agents within and out of the borders
C. provision of dockyards for ship repairs and maintenance
D. provision of transport system to facilitate imports and exports

12.A document recording the transactions of an organization with its customer for a specified period which normally shows the indebtedness of one to the other is a __.
A. statement of account
B. consular invoice
C. proforma invoice
D. statement affairs

13. In response to an inquiry from a customer, a wholesaler is expected to send back __.
A. a consignment note
B. an order
C. a quotation
D. an advice note

14. A carton of noodles valued at ₦2,000 was invoiced at ₦200 only. The accounting procedure to correct this error is to issue __.
A. an invoice for ₦200
B. a debit note for ₦2,00
C. a credit note for ₦1,800
D. a debit note for ₦1,800

15. Tourists with no fixed address in a town may receive their letters from post office through a __.
A. poste restante
B. parcel post
C. private mail bag
D. recorded delivery

16.Endowment policy in insurance business is an aspect of __.
A. accident insurance policy
B. fidelity guarantee insurance policy
C. motor vehicle insurance policy
D. life assurance policy

17. Insurance against burglary is an example of __.
A. indemnity insurance
B. fidelity guarantee insurance
C. non-insurable risk
D. non-indemnity insurance

18.The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is __.
A. subrogation
B. proximate cause
C. uberrimae fidei
D. contribution

19. The insurance principle that allows an insurance an insurance company to take over the rights of the insured once he has been compensated is __.
A.   indemnity
B.   proximate cause
C.   utmost good faith
D.   subrogation

20. A trader who experienced loss through fire can be restored by __.
A. an insurance company
B. a trade association
C. the bank
D. an advertising agency

21. The distribution of petroleum products in Nigeria is through __.
A. rail
B. road
C. sea
D. air

22. The deliberate effort geared towards discarding some cargoes in order to lighten the vessel is __.
A. caveat emptor
B. uberrimae fidei
C. demurrage
D. jettison

23.The major aim of establishing a public corporation is to __.
A. establish a monopoly
B. provide essential services
C. provide employment opportunities
D. encourage specialization

24. The coming together of a manufacturing business with a firm that markets its products is __.
A. backward integration
B. a consortium
C. forward integration
D. a syndicate

25. An association of voluntary organizations that work together for a common aim while retaining their independence is a __.
A. syndicate
B. merger
C. cartel
D. consortium

26. The document that explains the types of shares available for sale to the public is __.
A. a prospectus
B. an invoice
C. an open indent
D. a closed indent

27. Which of the following attracts only interest but leaves the capital unpaid?
A. a long-term loan
B. a development bond
C. a redeemable bond
D. an irredeemable bond

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

29. Part payments made on allotted shares by subscribers is usually the __.

A. subscribed capital
B. authorized capital
C. issued capital
D. called-up capital

30. The net profit is the excess of gross profit and sources of income over all the expenses. This implies that net profit is __.
A. the difference between gross profit and trade expenses
B. the different between gross profit and net sales
C. sales less cost of sales including sales returns
D. opening stock add purchases less closing stock

31. A form of money with face value which is greater than the value of the metal content is __.
A.   legal tender
B.   bank notes
C.   token money
D.   commodity money

32.An agent who transacts business with the broker in the stock exchange is a __.
A.   stag
B.   bull
C.   del credere
D.   jobber

33. A document sent by a broker to his client to confirm a purchase of sale made on his behalf is __.
A. delivery note
B. consignment note
C. transfer form
D. contract note

34. Cum div differs from ex div in that, the later __.
A. entitles the purchaser to receive a company's current dividend
B. entitles the vendor to receive a company's current dividend
C. confirms a purchase or sale made on behalf of a share holder
D. is a document used to transfer ownership of shares

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

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

37. The principle of management that emphasizes on the number of subordinates under the direct supervision of a manager is __.
A. span of control
B. unity of command
C. scalar chain
D. unity of direction

38. Marketing differs from selling in that, the latter only creates __.
A. possession utility
B. marginal utility
C. form utility
D. place utility

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

40. The physical and psychological satisfaction a customer derives from the purchase of goods and services is __.
A. price mix
B. product mix
C. marketing mix
D. promotion mix

41. Which of the following aspects of marketing stimulates buying by providing free gifts?
A. a personal selling
B. sales promotion
C. advertising
D. publicity

42. Which of the following is used as pricing policy?
A. labelling
B. packaging
C. market selection
D. market skimming

43. Mr. Taiwo entered into a contract to let a car to Mr. Bunmi for his wedding for two days. However, the car had an accident before the first day. Mr. Bunmi attempted to claim damages but failed. This implies the contract was terminated by __.
A. bankruptcy
B. frustration
C. breach
D. lapse of time

44. Hire purchase is advantageous to the seller in that __.
A. it elevates his living standard
B. his turnover will increase
C. people pay instalmentally
D. it enhances high level of patronage

45. The difference between a factor and a broker is that the former __.
A. is licensed to sell goods on auction
B. has a lien on the goods he possesses
C. is not in possession of the goods
D. cannot sell in his own name

46. A contract which is devoid of legal effect is __.
A. void contract
B. unenforceable contract
C. voidable contract
D. valid contract

47.The three functional units of a modern computer are __.
A. input, processor and output units
B. processor, FOTRAN and output units
C. black box, output and input units
D. basic, COBOL and output units

48. Which of the following computers can be used in weather forecast?
A. Hybrid computer
B. Digital computer
C. Mainframe computer
D. Analog computer

49. A Digital Versatile Disk is an example of a __.
A. transmission control protocol
B. microprocessor
C. file transfer protocol
D. computer storage device

50. The social responsibility factor of an organization is geared towards
A. contributing to the sustenance and development of its host community
B. operating without disrupting the very essence of the environment
C. tackling the socio-economic problems of the state
D. meeting the needs and demands of the shareholders

ANSWERS

1.   C

2.   B

3.   B

4.   D

5.   B

6.   A

7.   D

8.   C

9.   D

10. C

11. A

12. A

13. C

14. D

15. A

16. D

17. A

18. C

19. D

20. B

21. D

22. B

23. C

24. C

25. C

26. A

27. C

28. A

29. D

30. A

31. C

32. D

33. D

34. A

35. D

36. B

37. A

38. A

39. C

40. C

41. B

42. D

43. C

44. B

45. B

46. C

47. A

48. A

49. D

50. A





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