JAMB Commerce 2002 past questions and answers

The most important factor that delayed the development of commerce in Nigeria was

1. A.the inefficient means of communication
2. B.that there were few entrepreneurs
3. C.the unavailability of infrastructural facilities
4. D.that there were few developed markets.

Secondary production has to do with changing the

1. A.shape of raw materials through construction operations
2. B.physical form of raw materials into finished goods
3. C.utility of raw materials by an engineering process
4. D.nature of raw materials through manufacturing processes.

Which of the following best describes the scope of commerce?

1. A.All forms of commercial exchanges and the manufacturing industry
2. B.Buying and selling and the construction industry
3. C.All occupational exchanges relating to industries and commercial activities
4. D.Buying and selling as well as the extraction of natural resources.

Capital as a factor of production can be used as

1. A.money that is regarded as asset
2. B.goods that are useful in business
3. C.input for further production
4. D.services that provide satisfaction

The agency that currently oversees the privatization and commercialization processes in Nigeria is the

1. A.Securities and Exchange Commission
2. B.Technical Committee on Privatization and Commercialization
3. C.Nigerian Stock Exchange
4. D.Bureau of Public Enterprises.

Okeze contracted to sell TV sets to Ojo. Unknown to them, the sets were stolen in transit. This contract may be terminated on the grounds of

1. A.bankruptcy
2. B.frustration
3. C.fraudulence
4. D.breach of contract.

Which of the following countries are members of the Lake Chad Basin Commission?

1. A.Niger and Cameroun
2. B.Benin and Nigeria
3. C.Chad and Benin
4. D.Nigeria and Mali.

A core investor in the current phase of privatization in Nigeria is one who

1. A.can afford to buy most of the shares of the enterprises
2. B.will be at the core of the enterprises
3. C.can mobilize foreign currency equivalent to the value of the enterprises
4. D.has the technical know-how of the enterprises.

The agency in Nigeria which ensures that products conform to government quality specifications is the

1. A.Standards Organization of Nigeria
2. B.Nigerian Consumers' Association
3. C.Manufacturers' Association of Nigeria
4. D.Nigerian Chamber of Commerce.

Awarding scholarships and sponsoring sports by a business organization are examples of

1. A.advertising strategy
2. B.economic responsibility
3. C.marketing strategy
4. D.social responsibility.

The commercialization of public enterprises is aimed at

1. A.increasing efficiency and making the enterprises self-sufficient
2. B.advertising and promoting the goods and services of the enterprises
3. C.increased assistance and patronage of the enterprises by the public
4. D.selling the goods and services of the enterprises.

An author's exclusive right to his published and unpublished works is known as

1. A.authors right
2. B.constitutional right
3. C.patent right
4. D.copyright

Under the endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the

1. A.indemnity
2. B.surrender value
3. C.lump sum benefit
4. D.insurance premium

The machine used for sending telex messages is known as a

1. A.radar
2. B.fax machine
3. C.dictaphone
4. D.teleprinter.

Which of these insurance principles requires a close connection between the actual loss suffered and the risk insured

1. A.Indemnity
2. B.Proximate cause
3. C.Contribution
4. D.Subrogation.

The unit through which results of a processed data are displayed is the

1. A.logic unit
2. B.display unit
3. C.control unit
4. D.output unit.

Which of the following is used to inform the addressee that a registered parcel is ready for collection?

1. A.Express label
2. B.Counterfoil
3. C.Telegram
4. D.Slip.

The type of computer commonly found in offices is

1. A.laptop
2. B.desktop
3. C.the hybrid computer
4. D.the mainframe computer.

The mode of transporting crude oil to the ports for export purposes is by

1. A.tanker
2. B.rail
3. C.road
4. D.pipeline.

The temporary insurance certificate issued to the insured before drawing up a policy is a

1. A.cover note
2. B.testimonial
3. C.time policy
4. D.proposal form.

The bulls and bears in the Stock Exchange market help to minimize

1. A.the number of shares and bonds sold
2. B.price increases of securities
3. C.fluctuations in the prices of securities
4. D.the elasticity of the prices of securities.

Debentures differ from shares in that

1. A.they are secured on the company's assets
2. B.ownership is open to the public
3. C.they form part of the capital of the business
4. D.rewards are usually paid out of profits.

The Stock Exchange is a market where

1. A.long-term securities are sold
2. B.all types of securities are sold
3. C.short-term securities are sold
4. D.medium-term securities are sold.

A retail cooperative society aims at

1. A.hoarding manufactured goods
2. B.cutting off the profit of middlemen
3. C.lending money to members at low interest rates
4. D.encouraging members to save money.

A bill of exchange already accepted can be discounted by the holder in

1. A.the central bank
2. B.at least two banks
3. C.his bank
4. D.any bank.

The document issued by the seller which gives details of the goods he sells is known as

1. A.catalogue
2. B.tender
3. C.price list
4. D.invoice

Given: I. Retail II. Export III. Transport IV. Import V. Insurance VI. Banking and finance VII. Wholesale VIII. Communication.
Which of the above are aids to trade?

1. A.I, II, III and VIII
2. B.III, V, VI and VIII
3. C.I, II, III and VI
4. D.II, V, VI and VII.

The organizational structure that relates the positions of specialists to the line managers is called

1. A.line structure
2. B.staff structure
3. C.line and staff structure
4. D.functional structure.

A wholesaler who possesses the title to the goods he sells is known as

1. A.a merchant wholesaler
2. B.a multiple wholesaler
3. C.a general wholesaler
4. D.an agent wholesaler.

An important principle of a good organizational structure is

1. A.ideal standard
2. B.span of control
3. C.clarity of mission
4. D.adequacy of resources.

A company that is registered with the Corporate Affairs Commission only without being enlisted on the Stock Exchange is a

1. A.public liability company
2. B.joint venture company
3. C.limited company
4. D.registered company.

A contract for the sale of goods involves the

1. A.producer, seller and the buyer of goods
2. B.offering of goods to customers
3. C.transfer of the title to goods for money
4. D.exchange of goods.

The total of the share capital which a company would be allowed to issue is known as

1. A.called-up capital
2. B.paid-up capital
3. C.nominal capital
4. D.issued capital.

The process of mobilizing, engaging and maintaining workers to work for an organization is referred to as

1. A.staffing
2. B.selection
3. C.recruitment
4. D.employment.

Recognized members of the Stock Exchange who buy and sell securities on their own behalf are known as

1. A.bulls
2. B.jobbers
3. C.brokers
4. D.stags.

Which of the following involves foreign trade?

1. A.Supermarkets
2. B.Chain stores
3. C.Departmental stores
4. D.Commodity markets.

Which of the following is a function of employers' association?

1. A.Undertaking research on bahalf of employees
2. B.Promotion of thrift in workers
3. C.Promotion of workers' welfare
4. D.Dissemination of information through sponsored journals.

Which of the following industries is normally located near the source of its raw materials?

1. A.Footware industry
2. B.Cement industry
3. C.Textile industry
4. D.Automobile assembly.

One of the most important function of marketing is

1. A.encouraging research activities to meet needs
2. B.creating classes of merchants among businessmen
3. C.the extension of markets for businesses
4. D.providing finances to businesses

Securities on which the buyers are not issued with certificates are called

1. A.authorized securities
2. B.inscribed securities
3. C.bearer securities
4. D.registered securities.

In product pricing, which of these elements needs more consideration than others?

1. A.the demand for the product
2. B.the demography of the buyers of the product
3. C.the economic conditions in the market
4. D.the cost of producing the product.

The principal objectives of the Central Bank of Nigeria can be classified broadly into

1. A.bankers' bank, lender of last resort and issuance of currency
2. B.service, currency management and financial intermediation
3. C.banking services, foreign exchange operations and open markets operations
4. D.service, monetary policy and developmental functions.

The letters E and OE stand for

1. A.errors of exception
2. B.errors and omissions expected
3. C.estimated and order error
4. D.end of error.

An important issue for consideration in the product element of the marketing mix is the

1. A.adequate promotion of the product
2. B.channel of distribution of the product
3. C.price of the product
4. D.planning and development of the product.

A group of companies is a collection of

1. A.subsidiaries and their holding company
2. B.firms
3. C.associates and their holding company
4. D.industries.

Which of the following is an example of trade associations?

1. A.European Union
2. B.National Marketing Board
3. C.Organization of African Unity
4. D.National Farmers' Council.

Which of the following determines the quality of goods that a retailer sells

1. A.The mode of contract of sales
2. B.The type of manufacturer
3. C.The regulations regarding sales in the area
4. D.The location of his shop.

An advantage of hire purchase to the consumer is the

1. A.economies of scale in production
2. B.possession of goods before payment
3. C.increase in turnover and profits
4. D.low interest rate chargeable.

The founders' shares are usually referred to as deferred shares because the holders

1. A.are entitled to cumulative dividends
2. B.receive their dividends after other shareholders
3. C.receive their dividends before other shareholders
4. D.are not entitled to any dividends.