2017 JAMB COMMERCE PAST QUESTIONS AND ANSWERS

The correct answer is the Standards Organization of Nigeria. This agency is responsible for enforcing standards and quality control of products. Other options like the Federal High Courts, Food and Drugs Department, and local health inspectors do not directly oversee food standards enforcement.

The correct answer is “Individual employees have a weak bargaining base.” This is because collective bargaining relies on group strength rather than individual effort. The other options emphasize collective action, contradicting the principle negation.

NACCIMA represents the Nigerian Association of Chambers of Commerce, Industries, Mines, and Agriculture, which promotes commerce and industry. Other options are incorrect variations lacking the official terms used by NACCIMA.

“Honest and committed leadership” is necessary as leadership ensures trust and effective advocacy. Other options like financial support and goods allocation may assist but cannot replace trustworthy leadership.

The most important business resource is “Manpower,” as human skills drive business operations. Options like money, management, and materials are supportive but cannot replace skilled labor in creating value.

“Manufacturing” refers to the process of assembling products into usable forms. Other options, such as creation, construction, and formation, do not capture the specific assembly nature of the manufacturing process.

“Registration” is essential for legal recognition and operational capacity. Other options like documentation, advertisement, and business knowledge are supportive but do not establish legality.

“Land” or “Material resources” is relatively fixed in supply compared to human resources, capital, and entrepreneurial effort, which can fluctuate based on availability and economic conditions.

“Debenture holders” have priority in liquidation over other stakeholders due to their secured creditor status. Board members, ordinary shareholders, and preference shareholders follow in claim order.

“Risk-taking” is fundamental in entrepreneurship as it involves innovation with the potential for loss. Other options, like knowledge and initiating, are part of the entrepreneurial process but are secondary to risk-taking.

“Creating a favorable attitude” is a primary purpose of both public relations and advertising, while customer education, product information, and operational modes vary between the two fields.

“Material resources” are essential inputs for production, as they represent physical items used to create goods. Human resources and natural resources are necessary but are not the primary input for production activities.

“Personal interaction and information gathering” make personal selling effective, as it allows for customized pitches, direct customer contact, and immediate feedback, which other marketing methods lack.

The “Marketing mix” refers to controllable variables (product, price, place, promotion) used to achieve marketing goals, unlike marketing functions or principles, which are broader concepts.

“Securities and Exchange Commission” oversees share transactions, while other bodies like the Corporate Affairs Commission focus on company registration, and the Nigerian Stock Exchange facilitates trading without regulation authority.

The “Industrial arbitration tribunal” addresses employer-employee disputes, offering a formal resolution process, unlike the personnel unit or disciplinary committee, which handle internal or minor infractions.

“Debugging” removes viruses or errors from programs, while programming, formatting, and looping relate to software development rather than error elimination.

“Cache” serves as primary memory for frequently accessed data, making it faster. Other options, such as console, assemblers, and compilers, serve different functions unrelated to memory storage.

“E-banking” refers to electronic money transfers between accounts, while e-business, e-commerce, and e-finance have broader applications that do not specifically indicate banking transactions.

“Interest rate” affects business conditions and economic policy. Climatic conditions, values, and growth rates are less direct measures of the economic environment.

A “vending machine” automates the sale process by accepting payment and dispensing goods. ATMs, counting, and branding machines perform different specialized tasks.

“Create identity for a product” is branding’s primary goal, distinguishing products in the market, unlike merely enhancing appearance or awareness.

“Comparative advantage” enables countries to trade based on cost-effectiveness. Other options relate to economic policies but do not serve as a trade foundation.

“Differences in currency” can hinder trade due to exchange complications. Distance, culture, and politics are factors but typically manageable or secondary.

A “bill of lading” legally binds the transportation of goods, unlike invoices, advice notes, or delivery notes, which serve administrative or non-transport roles.

“Marketing mix” supports customer satisfaction by ensuring the right product, price, place, and promotion combination, unlike production or promotion mixes, which serve narrower goals.

“Sales promotion” offers incentives to stimulate purchases, unlike personal selling, advertising, or publicity, which mainly aim at awareness or relationships.

“Market skimming” involves setting high initial prices and gradually lowering them. Options like labeling, packaging, and market selection are not pricing policies.

“Frustration” voids the contract due to unexpected events preventing fulfillment. Options like bankruptcy, breach, and lapse of time describe different contract terminations.

“People pay instalmentally” under hire purchase, making products more accessible. Options like standard elevation, turnover, and patronage levels do not specifically highlight the purchase flexibility hire purchase offers.

“Segmentation” divides the market based on consumer characteristics. Differentiation, penetration, and skimming describe different market strategies rather than structural division.

The correct answer is “Increases,” signifying a favorable balance. Decreasing or constant ratios do not improve the terms of trade.

“Legal backing” makes money universally accepted. Other reasons like the rule of law or Central Bank endorsement are factors, but legal backing ensures currency credibility.

“Print advertising” requires literacy for reading, unlike other media like radio, cinema, or television, which do not need literacy.

“Perceived benefit” reflects consumer value from branding. Other options do not capture the consumer perception element unique to branded items.

“Copyright” legally safeguards intellectual property, while consumerism, caveat emptor, and etiquette represent consumer rights, buyer caution, and social behavior respectively.

The “Consumer” marks the end of distribution, representing the ultimate recipient of goods, unlike wholesalers or brands, which are intermediate stages.

“Market segmentation” focuses on identifying consumer groups based on specific characteristics, unlike concepts or skimming strategies.

“Transfer risk from the insured to the insurer” is core to insurance, unlike profit maximization or risk elimination, which are incorrect descriptions.

“Letter of credit” guarantees international payments, while other documents, such as bills of lading, do not assure payment directly.