JAMB Commerce 2011 past questions and answers

The three main classifications of occupation are

1. A.construction, trade and services
2. B.manufacturing, industry and services
3. C.farming, banking and trading
4. D.industry, commerce and services.

An oil exploration company is engaged in

1. A.tertiary production
2. B.constructive occupation
3. C.extractive occupation
4. D.secondary production.

Services rendered to the public is provided by

1. A.government
2. B.civil servants
3. C.professionals
4. D.domestic servants.

The creation of goods and services to satisfy human wants is referred to as

1. A.manufacturing
2. B.commercialization
3. C.production
4. D.entrepreneurship

Resources obtained from the extractive sector that are transformed into finished products are examples of

1. A.primary production
2. B.tertiary production
3. C.direct production
4. D.secondary production.

Use the diagram below to answer the question.
From the diagram above, what does I stand for?

1. A.Aids to trade.
2. B.Publicity.
3. C.Home trade.
4. D.Advertising.

An individual that links the producer with the retailer is

1. A.an agent
2. B.a wholesaler
3. C.an entrepreneur
4. D.a principal.

One of the functions of a retailer is the

1. A.financing of production activities
2. B.provision of credit facilities to relations
3. C.provision of jobs for customers
4. D.breaking of bulk.

Balance of payment problems arise if a country's

1. A.exports is more than imports
2. B.imports is more than exports
3. C.currency is devalued
4. D.invisible exports is more than visible exports.

The three components of a country's balance of payment are

1. A.current account, capital account and monetary movement account
2. B.capital account, trade account and business record
3. C.sales account, profit and loss account and capital account
4. D.monetary movement account, trade account and sales ledger.

A document that indicates obligation that is transferable by delivery and endorsement is a

1. A.bill of lading
2. B.bill of exchange
3. C.documentary evidence
4. D.negotiable instrument.

The document which can be exchanged for a bill of lading is

1. A.freight note
2. B.mate receipt
3. C.export invoice
4. D.ship report.

The price quoted which includes the cost of insurance, freight and all delivery charges to the importer's warehouse is

1. A.Free Alongside Ship
2. B.Franco
3. C.Free on Board
4. D.Free On Rail.

The purchase of goods under the CWO system of payment implies that

1. A.money must be enclosed when ordering
2. B.payment must be made on delivery
3. C.payment must be made within few days
4. D.cash must be paid on the spot.

A cheque that has been drawn but not presented for payment can still be honoured

1. A.within 6 months
2. B.after 9 months
3. C.within 9 months
4. D.after 6 months.

The major source of income to commercial banks is

1. A.loans
2. B.deposits
3. C.interests
4. D.overdrafts.

An ancillary to trade that easily links suppliers with consumers is

1. A.tourism
2. B.banking
3. C.communication
4. D.transportation.

Mr. Lawal insured his warehouse against burglary but it was later gutted by fire. This implies that

1. A.the loss should be borne by the insurer
2. B.Mr. Lawal is liable only for half of the estimated loss
3. C.the insurer should make a consolation payment for the loss
4. D.the loss should be borne by Mr. Lawal.

The agreement of insurers to spread risks among themselves is a major feature of

1. A.reinsurance
2. B.life assurance
3. C.underwriter
4. D.marine insurance.

Inbound tourism occurs when

1. A.non-residents of a country travel to other countries
2. B.residents of a country travel to other countries
3. C.non-residents of a country travel within it
4. D.residents of a country travel within it.

One of the major disadvantages of pipeline transportation is its

1. A.high cost of construction
2. B.limitation in scope
3. C.vulnerability to climatic changes
4. D.high maintenance cost

The business organization that can effectively combine management with control is

1. A.private limited liability company
2. B.sole proprietorship
3. C.public limited liability company
4. D.co-operative society.

When two or more companies agree to execute a project too large for one to handle, this is referred to as

1. A.an amalgamation
2. B.a cartel
3. C.a merger
4. D.a consortium.

Second-tier Securities Market differs from the First-tier Securities Market in that the former is

1. A.highly restricted
2. B.regulated by the SEC
3. C.regulated by the NIPC
4. D.less restricted.

A communication process providing information for decision-making in an organization is the

1. A.Management Information System
2. B.Transmission Control Protocol
3. C.Information Retrieval System
4. D.File Transfer Protocol.

The managerial ability of a supervisor in an organization may be underutilized if the

1. A.morale of the supervised is high
2. B.span of control is wide
3. C.span of control is narrow
4. D.morale of the supervised is low.

The arrangement and interrelationship of the various components and positions of a business is referred to as

1. A.organizational structure
2. B.clarity of objective
3. C.unity of direction
4. D.line structure.

The variety of goods and services which a company offers for sale is its

1. A.place mix
2. B.promotion mix
3. C.price mix
4. D.product mix.

Activities undertaken to create awareness for goods by conducting contests is

1. A.marketing concept
2. B.consumerism
3. C.sales promotion
4. D.marketing mix.

The slogan, a wonderful world, used by a communication network is a form of

1. A.product differentiation
2. B.persuasive advertising
3. C.publicity
4. D.packaging.

To make a simple contract valid, the intention must be

1. A.legal and written
2. B.legal and binding
3. C.legal and attractive
4. D.legal and harmonious.

The major parties to an agency relationship are the

1. A.principal and the creditor
2. B.bailee and the bailor
3. C.principal and the agent
4. D.shareholder and the creditor.

One of the obligations of an employer to an employee is to

1. A.indemnify him against liabilities incurred on duty
2. B.award scholarship to his children
3. C.terminate his appointment without prior notice
4. D.indemnify him against injuries caused through negligence.

The body charged with the responsibility of regulating foods and drugs in Nigeria is the

1. A.SON
2. B.NDLEA
3. C.NAFDAC
4. D.CAC

The physical components of a computer system refers to the

1. A.system unit
2. B.hardware
3. C.software
4. D.compact disk.

An example of a computer operating system is

1. A.the Pagemaker
2. B.the Word Perfect
3. C.Microsoft Word 2000
4. D.Windows 2000.

Intranet differs from extranet in that the former

1. A.requires a modem before it could be used
2. B.can generally be accessed by the public
3. C.is restricted to employees of an organization
4. D.requires internet protocols.

A software application which enables a user to display and interact with texts, images and videos is the

1. A.web server
2. B.Internet Protocol
3. C.coreldraw
4. D.web browser.

A predominant mark-up language for web pages is

1. A.IP
2. B.HTTP
3. C.HTML
4. D.TCP.

The symbol @ in an Internet mail address is used to

1. A.separate the user name from the machine name
2. B.link the user with other Internet users
3. C.locate the addresses of Internet users
4. D.link the user with the machine.

A business organization is said to be socially responsible when it

1. A.gets involved in issues relating to the society
2. B.rewards its staff for long-term service
3. C.offers discounts to customers
4. D.invites the public to its annual general meetings.