2015 JAMB COMMERCE PAST QUESTIONS AND ANSWERS

This action by the Nigerian Bar Association is to maintain professional standards and protect the reputation and integrity of the association. Other options do not directly address the association’s core role in upholding ethical standards within the legal profession.

Copyright grants authors exclusive rights to reproduce and publish their works. Trademark, bookmark, and patent right serve different legal protections unrelated to literary work rights.

Unfavorable balance of trade occurs when a country imports more goods than it exports, indicating a deficit. Other options do not accurately define this economic situation.

This is an example of persuasive advertising aimed at shaping public perception and enhancing product appeal. Packaging, public relations, and product differentiation do not involve slogan use in this manner.

Technology is crucial as it drives innovation, efficiency, and access in business, influencing growth opportunities. Size, finance, and risk are important but secondary to technological advancement.

A dormant partner invests in the business but does not participate in its daily management. General, nominal, and secret partners may have varying levels of involvement.

Money serves as a medium of exchange, allowing goods and services to be traded. Other terms do not fully capture this primary function.

Hardware encompasses the tangible parts of a computer system, such as processors and memory. Software, floppy disk, and hard disk are specific or unrelated to the broad definition of hardware.

Commerce includes all activities related to the exchange and distribution of goods and services. Retail trade, wholesale trade, and marketing are specific aspects within this broader definition.

Paid-up capital refers to the actual amount invested by shareholders, calculated from shares bought at the offering price. Other amounts do not match the subscription value.

Direct advertising, such as through targeted media, is effective for specific products like jeans. Informative, indirect, and competitive advertising may be less effective for retail products like clothing.

Customs authorities regulate goods entering and leaving the country to support lawful trade practices. Options like providing transport or dockyard services do not align with their core function.

Turnover is calculated by multiplying the rate of turnover by the average stock value, yielding #62,500. Other options result from incorrect calculations.

Communication advances have transformed trade, enabling more efficient and broader market access. Transportation, telecommunication, and warehousing contribute but are not as primary.

Non-indemnity insurance provides a set benefit rather than compensating for actual loss, differing from indemnity forms. Other options misdefine non-indemnity insurance.

A department store houses diverse product sections, each managed individually. Supermarket, superstore, and multiple shop have different operational structures.

Transportation serves as a bridge between suppliers and consumers, facilitating movement of goods. Other options like banking and communication are also relevant but serve indirectly.

Oral and written communication are primary categories, while other options mix methods or tools of communication.

Downloading is the transfer of data, often from the internet, directly to a device. Other options include faxing and uploading, which do not fully describe data transfer between computers.

Crossing a cheque restricts its cashability, usually requiring bank processing. Other options misinterpret the intent of a crossed cheque.

Caveat emptor, meaning “let the buyer beware,” emphasizes consumer responsibility in transactions. Other options do not correctly define this consumer obligation.

Retailing is the last stage, where goods reach the consumer. Middlemen, wholesaling, and consumption are also involved in the chain but at different points.

Market segmentation tailors products to specific groups, enhancing sales effectiveness. Other options describe broader market approaches.

Contract performance, breach, and frustration are valid means of ending a contract. Physical combat is unrelated.

A bank draft is commonly used to distribute funds for salaries. Other methods serve different purposes in financial transactions.

Management is about organizing resources to meet consumer needs. Distribution, transportation, and ownership transfer are parts of logistics, not management.

A web browser allows users to navigate and view content, including text and multimedia. Web server and internet protocol serve different purposes.

Balance of payments records transactions between Nigeria and other countries. Other options misinterpret this position in international trade.

Governments issue gilt-edged securities as safe investments. NGOs, companies, and individuals do not typically issue these.

Convertibility means money can easily be exchanged for goods, a key feature. Other qualities do not describe a defining feature of money.

Natural resources near the site reduce production costs for cement industries. Political interests and other factors are less critical.

Planning involves setting goals and devising strategies. Organizing, directing, and coordinating are other management functions.

Unskilled labor relies on physical ability rather than specific training. Skilled, semi-skilled, and blue-collar jobs require varied expertise levels.

A microprocessor is the main processing unit, containing data processing and control circuits. Options like computer program and signal codes do not accurately define it.

Market segmentation allows for targeted marketing, increasing demand and sales. Other options do not emphasize consumer-focused segmentation benefits.

Exports exceeding imports indicate a favorable trade balance, enhancing the country’s economic position. Other scenarios suggest trade imbalances.

Customs regulate goods entering and leaving the country, unlike internal trade, which deals with domestic transactions. Other options misrepresent customs’ role.

Industrial waste from factories is a major pollution contributor in Nigeria. Options like human activity and customs duties do not accurately describe pollution sources.

Industrial activity involves converting raw materials, like rice, into finished products. Extractive activity and retail trade do not align with processing work.

Drawing less profit for personal use allows more funds to remain in the business. Issuing debentures or acquiring shares typically applies to companies, not sole traders.

Trade fairs are often organized by Chambers of Commerce to promote trade and industry. Federal Government involvement is limited to oversight.

Labeling is part of packaging, helping consumers identify products. Advertising, pricing policy, and marketing strategy serve other marketing functions.

Special agents’ decisions can be binding if necessary for business activities. Delegating to a committee or personal business uses do not carry this authority.

Accrued wages are listed as current liabilities, representing wages owed but not yet paid. Retained earnings and paid-up capital are not classified as liabilities.

Paid-up capital represents the funds that shareholders have actually paid, which, in this case, is #7,500. Other options misstate its purpose or amount.

Industrial activity converts raw materials into usable goods, distinct from commercial or domestic activity.

Drawing less profit for personal use leaves more funds available for business growth, a common practice for sole traders. Issuing shares and debentures are corporate activities.

Nigerian Chambers of Commerce oversee trade fairs to promote trade and industry. Federal Government or Manufacturers Association of Nigeria has limited roles in these events.

Pricing involves setting product prices, while packaging, labeling, and marketing cover other marketing strategies.

Breach or frustration typically ends contracts, while physical combat does not apply to contractual relationships.