2011 JAMB COMMERCE PAST QUESTIONS AND ANSWERS Leave a Comment / Jamb Commerce / By Jamb Tutor Report a question What’s wrong with this question? You cannot submit an empty report. Please add some details. 0% 0 votes, 0 avg Created by Jamb TutorJamb Commerce 2011 JAMB COMMERCE PAST QUESTIONS AND ANSWERS 1 / 49 Category: Jamb Commerce 2011 1. Which Question Paper Type of Commerce is given to you? a) Type A b) Type B c) Type C d) Type D This question checks for the identification of the specific question paper type. Different paper types help ensure test security. 2 / 49 Category: Jamb Commerce 2011 2. The most important function of commerce is in a) Helping people improve profits b) Enhancing business relationships c) Facilitating exchange among individuals and firms d) Assisting trade through buying and selling Commerce mainly facilitates exchange among people and businesses, making it easier to trade goods and services efficiently. 3 / 49 Category: Jamb Commerce 2011 3. The three main classifications of occupation are a) Manufacturing, industry, and services b) Construction, trading, and services c) Farming, banking, and trading d) Industry, commerce, and services Occupations can be grouped into industry, commerce, and services, representing different economic roles. 4 / 49 Category: Jamb Commerce 2011 4. An oil exploration company is engaged in a) Constructive occupation b) Tertiary production c) Extractive occupation d) Secondary production Oil exploration is part of extractive occupations, focusing on obtaining natural resources. 5 / 49 Category: Jamb Commerce 2011 5. Services rendered to the public are provided by a) Domestic servants b) Civil servants c) Government d) Professionals Government services cover a broad range of public needs, from safety to infrastructure. 6 / 49 Category: Jamb Commerce 2011 6. The creation of goods and services to satisfy human wants is referred to as a) Commercialization b) Manufacturing c) Production d) Entrepreneurship Production involves creating goods or services to meet demand, which is central to economic activity. 7 / 49 Category: Jamb Commerce 2011 7. Which of the following is a limitation of division of labor? a) Monotony of work b) Decline in craftsmanship c) Reduction in output d) Reduction in labor force Division of labor can lead to monotony, as repetitive tasks can reduce job satisfaction. 8 / 49 Category: Jamb Commerce 2011 8. Resources obtained from the extractive sectors that are transformed into finished products are examples of a) Tertiary production b) Primary production c) Direct production d) Secondary production Secondary production involves processing raw materials into finished goods. 9 / 49 Category: Jamb Commerce 2011 9. An individual that links the producer with the retailer is a) Wholesaler b) Agent c) Entrepreneur d) Principal A wholesaler buys in bulk from producers to sell to retailers, facilitating product flow to consumers. 10 / 49 Category: Jamb Commerce 2011 10. One of the functions of a retailer is the a) Provision of credit facilities b) Financing production activities c) Provision of jobs for customers d) Breaking of bulks Retailers break bulk, buying large quantities and selling in smaller units to consumers. 11 / 49 Category: Jamb Commerce 2011 11. The main aim of selling directly to consumers by manufacturers is to a) Make contact with consumers b) Reduce transportation cost c) Discourage middlemen d) Maximize profit margin Direct sales allow manufacturers to avoid intermediaries, enhancing profit margins. 12 / 49 Category: Jamb Commerce 2011 12. Balance of payment problems arise if a country’s a) Imports are more than exports b) Exports are more than imports c) Currency is devalued d) Invisible exports are more than visible exports An imbalance occurs when a country’s imports exceed exports, impacting economic stability. 13 / 49 Category: Jamb Commerce 2011 13. The three components of a country’s balance of payment are a) Capital, sales, profit & loss accounts b) Current, capital, and monetary movement accounts c) Sales, profit & loss, capital accounts d) Monetary, trade, and sales ledger The balance of payments includes current, capital, and monetary movement accounts, reflecting trade and capital flows. 14 / 49 Category: Jamb Commerce 2011 14. A document indicating an obligation that is transferable by delivery and endorsement is a) Bill of exchange b) Bill of lading c) Documentary evidence d) Negotiable instrument Negotiable instruments can be endorsed and transferred, representing transferable payment promises. 15 / 49 Category: Jamb Commerce 2011 15. The document which can be exchanged for a bill of lading is a) Mate receipt b) Freight note c) Export invoice d) Shipping note A mate receipt acts as a provisional receipt for goods, often used in shipping exchanges. 16 / 49 Category: Jamb Commerce 2011 16. The price quoted which includes insurance, freight, and all delivery charges to the importer’s warehouse is a) Franco b) Free Alongside Ship c) Free On-Board d) Free Rail Franco pricing includes all delivery costs to the importer’s location, minimizing uncertainty. 17 / 49 Category: Jamb Commerce 2011 17. The purchase of goods under the CWO system of payment implies that a) Payment on delivery b) Money enclosed when ordering c) Payment within days d) Cash paid on the spot CWO (Cash With Order) requires payment upfront, ensuring seller payment security. 18 / 49 Category: Jamb Commerce 2011 18. The most effective but limited medium of advertising in Nigeria is a) Television b) Billboard c) Newspaper d) Radio Television has wide reach but high costs, making it impactful but limited. 19 / 49 Category: Jamb Commerce 2011 19. A cheque that has been drawn but not presented for payment can still be honored a) After 9 months b) Within 6 months c) Within 9 months d) After 12 months Cheques are generally valid for six months, beyond which they may expire. 20 / 49 Category: Jamb Commerce 2011 20. The major source of income to commercial banks is a) Deposits b) Loans c) Interests d) Overdrafts Commercial banks primarily earn through interest on loans, a major revenue stream. 21 / 49 Category: Jamb Commerce 2011 21. An ancillary to trade that easily links suppliers with consumers is a) Banking b) Tourism c) Communication d) Transportation Transportation efficiently connects producers with end consumers, facilitating distribution. 22 / 49 Category: Jamb Commerce 2011 22. Mr. Lawal insured his warehouse against burglary but it was later gutted by fire. This implies that a) Liable for half loss b) Insurer bears loss c) Consolation payment d) Mr. Lawal bears loss Since the warehouse was insured only against burglary, fire damage is outside coverage. 23 / 49 Category: Jamb Commerce 2011 23. The best way for insurers to spread risks among themselves is through a) Life assurance b) Insurance of insurance c) Underwriting d) Marine insurance Underwriting allows insurers to distribute risk across multiple entities, enhancing resilience. 24 / 49 Category: Jamb Commerce 2011 24. Inbound tourism occurs when a) Residents travel abroad b) Non-residents travel home c) Non-residents travel within d) Residents travel within Inbound tourism refers to non-residents traveling within the host country, boosting local economy. 25 / 49 Category: Jamb Commerce 2011 25. One of the major disadvantages of pipeline transportation is a) Limitation in scope b) High cost of construction c) Vulnerability to climate d) High maintenance cost Pipeline transport, though efficient, requires high construction costs, limiting its use. 26 / 49 Category: Jamb Commerce 2011 26. The business organization that effectively combines management and control is a) Private limited company b) Sole proprietorship c) Public limited company d) Co-operative society Private limited liability companies balance management control with limited liability. 27 / 49 Category: Jamb Commerce 2011 27. When two or more companies agree to execute a project too large for one to handle, this is referred to as a) Cartel b) Amalgamation c) Merger d) Consortium Consortiums are formed for large projects, pooling resources from multiple companies. 28 / 49 Category: Jamb Commerce 2011 28. In the event of voluntary liquidation, the appointment of a liquidator is the responsibility of a) Creditors b) Directors c) Promoters d) Court Creditors appoint a liquidator in voluntary liquidation to protect their interests. 29 / 49 Category: Jamb Commerce 2011 29. A source of business financing which involves pledging of a specific asset is a) Mortgage b) Bond c) Debenture d) Loan Mortgages require collateral, allowing companies to secure loans based on assets. 30 / 49 Category: Jamb Commerce 2011 30. An example of a trade association is a) NLC b) ALGON c) NURTW d) NULGE NURTW (National Union of Road Transport Workers) represents trade-specific interests in transportation. 31 / 49 Category: Jamb Commerce 2011 31. A broker is an agent who links a potential investor with a) Members wanting to trade b) Shareholders registering company c) Government officials d) Quoted company Brokers connect investors with other market participants, facilitating trades. 32 / 49 Category: Jamb Commerce 2011 32. Second-tier securities market differs from first-tier in that the former is a) Regulated by SEC b) Highly restricted c) Regulated by NPCD d) Less restricted Second-tier markets have less stringent regulations, accommodating smaller companies. 33 / 49 Category: Jamb Commerce 2011 33. A communication process providing information for decision-making in an organization is a) Transmission Control Protocol b) Management Information System c) Information Retrieval System d) File Transfer Protocol A Management Information System (MIS) supports decision-making by organizing, processing, and providing key data insights. 34 / 49 Category: Jamb Commerce 2011 34. The management ability of a supervisor in an organization may be underutilized if a) Span of control too high b) Span of control is low c) Morale of supervised high d) Morale of supervised low A low span of control limits supervision responsibilities, underutilizing a supervisor’s capacity to manage employees. 35 / 49 Category: Jamb Commerce 2011 35. The arrangement and interrelationship of various components and positions of a business is referred to as a) Clarity of objectives b) Organizational structure c) Unity of direction d) Line structure Organizational structure clarifies the hierarchy and flow of authority, enhancing efficiency. 36 / 49 Category: Jamb Commerce 2011 36. The variety of goods and services which a company offers for sale is a) Promotion mix b) Place mix c) Pricing mix d) Product mix Product mix is the range of products a company sells, targeting diverse customer needs. 37 / 49 Category: Jamb Commerce 2011 37. Activities undertaken to create awareness of goods for consumption are termed as a) Consumerism b) Marketing concept c) Advertising d) Marketing mix Advertising raises awareness, promoting consumption by informing potential buyers of product availability. 38 / 49 Category: Jamb Commerce 2011 38. The slogan, a wonderful world, used by a communication network is for a a) Persuasive advertising b) Product differentiation c) Publicity d) Packaging Persuasive advertising aims to attract consumers by associating products with desirable concepts, like “a wonderful world.” 39 / 49 Category: Jamb Commerce 2011 39. To make a simple contract valid, the intention must be a) Legal and binding b) Legal and written c) Legal and attractive d) Legal and harmonious Contracts must have a legal and binding intention, showing both parties’ commitment. 40 / 49 Category: Jamb Commerce 2011 40. The major parties to an agency relationship are the a) Bailee and bailor b) Principal and creditor c) Principal and agent d) Shareholder and creditor The principal hires the agent to act on their behalf, forming the basis of agency relationships. 41 / 49 Category: Jamb Commerce 2011 41. One of the obligations of an employer to an employee is to a) Award scholarships to children b) Indemnify against duty liabilities c) Terminate appointment without notice d) Indemnify against negligence injuries Employers must indemnify employees against liabilities or injuries caused during work duties. 42 / 49 Category: Jamb Commerce 2011 42. The body charged with the responsibility of regulating foods and drugs in Nigeria is the a) NDLEA b) SON c) NAFDAC d) CAC NAFDAC ensures safety by regulating food and drugs, protecting public health in Nigeria. 43 / 49 Category: Jamb Commerce 2011 43. The physical components of a computer system refer to a) Hardware b) System unit c) Software d) Compact disk Hardware consists of the tangible parts of a computer, essential for operations. 44 / 49 Category: Jamb Commerce 2011 44. An example of a computer operating system is a) WordPerfect b) PageMaker c) Microsoft Word 2000 d) Windows 2000 Windows 2000 is an operating system that manages hardware and software resources. 45 / 49 Category: Jamb Commerce 2011 45. Intranet differs from extranet in that the former a) Publicly accessible b) Requires modem use c) Restricted to employees Intranets are internal networks for employees, while extranets extend limited access to external users. 46 / 49 Category: Jamb Commerce 2011 46. A software application that enables users to display and interact with texts, images, and videos is the a) Internet Protocol b) Web server c) CorelDraw d) Web browser Web browsers like Chrome allow users to browse and interact with online content efficiently. 47 / 49 Category: Jamb Commerce 2011 47. A predominant mark-up language for web pages is a) HTTP b) IP c) HTML d) TCP HTML structures content on web pages, a fundamental tool for web development. 48 / 49 Category: Jamb Commerce 2011 48. The symbol @ in an internet mail address is used to a) Link user with other users b) Separate user and machine name c) Locate internet addresses d) Link user with machine The “@” symbol separates the user name from the machine (domain) name, standardizing email addresses. 49 / 49 Category: Jamb Commerce 2011 49. A business organization is said to be socially responsible when it a) Rewards for staff longevity b) Engagement in societal issues c) Offers customer discounts d) Invites public to annual meetings Social responsibility involves a business engaging in societal issues, demonstrating its commitment to the community. Your score is The average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz Anonymous feedback Send feedback
