JAMB Commerce Questions 2020 | Jamb Commerce Repeated Questions

JAMB Commerce Questions for 2020.

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The Joint Admissions and Matriculations Board is a Nigerian entrance examination board for tertiary-level institutions. The board conducts entrance Unified Tertiary Matriculation Examination for prospective undergraduates into Nigerian universities.

JAMB Commerce Questions

OBJECTIVE

1. The most important factor that delayed the development of commerce in Nigeria was
A. the inefficient means of communication
B. that there were few entrepreneurs
C. the unavailability of infrastructural facilities

D. that there were few developed markets

2. Secondary production has to do with changing the
A. shape of raw materials through construction operation
B. physical form of raw materials into finished goods
C. utility of raw material by engineering process
D. nature of raw materials through manufacturing

3. The major responsibility of an entrepreneur is
A. employing all factors of production in the business
B. coordinating and determining the proportion of what to produce
C. planning and organizing all activities in the business
D. directing and controlling all the affairs of the business

4. Which of the following best describe the scope of commerce?
A. All forms of commercial exchanges and the manufacturing industry
B. buying and selling and the construction industry
C. all occupational exchanges relating to industries and commercial activities
D. buying and selling as well as the extraction of natural resources.

5. Capital as a factor of production can be used as
A. money that is regarded as asset
B. goods that is useful in business
C. input for further production
D. service that provide satisfaction

6. The agency that currently oversee the privatization and commercialization processes in Nigeria is the
A. securities and exchange commission
B. technical committee on privatization and commercialization
C. Nigeria stock exchange
D. bureau of public enterprises

7. Okeze contracted to sell TV sets to Ojo, unknown to them, the sets were stolen in transit. This contract my be terminated on the grounds of
A. bankruptcy
B. frustration
C. fraudulence
D. breach of contract

8. Which of the following countries are member of the lake Chad Basin Commission?
A. Nigeria
B. Benin and Nigeria
C. Chad and Benin
D. Nigeria and Mali

9. A core investor in the current phase of privatization in Nigeria is one who
A. can afford to buy most of the shares of the enterprises
B. will be at the core of the enterprises
C. can mobilize foreign currency equivalent to the value of the enterprises
D. has the technical know-how of the enterprises.

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10. The agency in Nigeria which ensure that products conform to government quality specification is the
A. standard organization of Nigeria
B. Nigeria consumer’s association
C. manufactures association of Nigeria
D. Nigeria chamber of commerce

11. An example of service rendering trade association is
A. Nigerian Bar Association
B. Association of Nigerian Miners
C. Cocoa Farmers Association
D. Manufacturers Association of Nigerian

12. The commercialization of public enterprises is aimed at
A. increasing efficiency and making the enterprises self-sufficient
B. advertising and promoting the goods and services of the enterprise
C. increased assistance and patronage of the enterprises by the public
D. selling the goods and services of the enterprises

13. An author is exclusive right to his published and unpublished works is known as
A. authors right
B. constitutional right
C. patent right
D. copyright

14. Under an endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the
A. indemnity
B. surrender value
C. lump sum benefit
D. insurance premium

15. The machine used for sending telex message is known as a
A. radar
B. fax machine
C. Dictaphone
D. teleprinter

16. Which of these insurance principles requires a close connection between the actual loss suffered and the risk insured?
A. Indemnity
B. proximate cause
C. contribution
D. subrogation

17. The unit through which the results of a processed data are displayed is the
A. logic unit
B. display unit
C. control unit
D. output unit

18. Which of the following is used to inform the addressee that a registered parcel is ready for collection?
A. Express label
B. counterfoil
C. telegram
D. Slip

19. The type of computer commonly found in offices is
A. laptop
B. desktop
C. the hybrid computer
D. the main frame computer

20. The mode of transporting crude oil to the ports for export purposes is by
A. tanker B. rail C. road D. pipeline

21. The temporary insurance certificate issued to the insured before drawing up a policy is a
A. cover note
B. testimonial
C. time policy
D. proposal form

22. The bulls and bears in the Stock Exchange market help to minimize
A. the number of shares and bonds sold
B. price increases of securities
C. fluctuations in the prices of securities
D. the elasticity of the prices of securities

23. Debentures differ from shares in that
A. they are secured on the company’s assets
B. ownership is open to the public
C. they form part of the capital of the business
D. rewards are usually paid out of profit.

24. The Stock Exchange is a market where
A. long-term securities are sold
B. all types of securities are sold
C. short term securities are sold
D. medium-term securities are sold

25. A retail cooperative society aims at
A. hoarding manufactured goods
B. cutting off the profits of middlemen
C. lending money to member at low interests
D. encouraging members to save money

26. A bill of exchange already accepted can be discounted by the holder in
A. the Central Bank
B. at least two banks
C. his bank
D. any bank

27. The document issued by the seller which gives details of the goods he sells is known as
A. catalogue
B. tender
C. price list
D. invoice

28. Given: I Retail, II export, III Transport, IV import, V Insurance, VI banking and finance insurance VII wholesale VIII communication.
Which of the above are aids to trade?
A. I, II, III and VIII
B. III, V, VI and VIII
C. I, II, III and VI
D. II, V, VI and VII

29. The organizational structure that relates the positions of specialists to the line managers is called
A. line structure
B. staff structure
C. line and staff structure
D. .functional structure

30. A wholesaler who possesses the title to the goods he sell is known as
A. a merchant wholesaler
B. a multiple wholesaler
C. a general wholesaler
D. an agent wholesaler

31. An important principle of a good organizational structure is
A. ideal standard
B. span of control
C. clarity of mission
D. adequacy of resources

32. A company that is registered with the Corporate Affairs Commission only without being enlisted on the stock exchange is a
A. public liability company
B. joint ventures company
C. limited company
D. registered company

33. A contract for the sale of goods involves the
A. producer, the seller and the buyer of goods
B. offering of goods to customers
C. transfer of title to goods for money
D. exchange of goods

34. The total of the share capital which a company would be allowed to issue is known as
A. called-up capital
B. paid up capital
C. nominal capital
D. issued capital

35. The process of mobilizing, engaging and maintaining workers to work for an organization is referred to as
A. staffing
B. selection
C. recruitment
D. employment

36. Recognized members of the Stock Exchange who buy and sell securities on their own behalf are known as
A. bull
B. jobbers
C. broker
D. stagers

37. Which of the following involves foreign trade?
A. Supermarkets
B. chain stores
C. departmental stores D. commodity market

38. Which of the following is a function of employers’ association?
A. Undertaking research on behalf of employees
B. promotion of thrift in workers
C. promotion of workers welfare
D. dissemination of information through sponsored journals

39. Which of the following industries is normally located near the source of its raw materials?
A. Footwear
B. cement factory
C. textile industry
D. automobile assembly

40. One of the most important functions of marketing is
A. encouraging research activities to meet needs
B. creating classes of merchants among businessman
C. the extension of markets for businesses
D. providing finances to businesses

41. Securities on which the buyers are not issued with certificates are called
A. authorized securities
B. inscribed securities
C. bearer securities
D. registered securities

42. In product pricing, which of these elements needs more consideration that others?
A. the demand for the product
B. the demography of the buyers of the product
C. the Commerce conditions in the market
D. the cost of producing the product.

43. The principal objectives of the Central Bank of Nigeria can be classified broadly into
A. banker’s bank, lender of last resort and issuance of currency
B  service, currency management and financial intermediation
C. banking services, foreign exchange operations and open market operations
D. service monetary policy and developmental functions.

44. The letters E and OE stands for
A. errors of exception
B. errors and omissions excepted
C. estimated and order error
D. end of error

45. An important issue for consideration in the product element of the marketing mix is the
A. adequate promotion of the product
B. channel of distribution of the product
C. price of the product
D. planning and development of the product

46. A group of companies is a collection of
A. subsidiaries and their holding company
B. firms
C. associates and their holding company
D. industries

47. Which of the following is an example of trade associations?
A. European Union
B. National Marketing Unity
C. Organization of African Unity
D. National Farmer’s Council

48. Which of the following determines the quality of the goods that a retailer sells?
A. The mode of contract of sales
B. the type of manufacturer
C. the regulations regarding sales in the area
D. the location of his shop

49. An advantage of hire purchase to the consumer is the
A. Commerces of scale in production
B. possession of goods before payment
C. increase in turnover and profits
D. low interest rate chargeable

50. The founders shares are usually referred to as deferred shares because the holders
A. are entitled to cumulative dividends
B. receive their dividends after other share holders
C. receive their dividends before other shareholders.
D. Are not entitled to any dividends.

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