1994 - JAMB Commerce Past Questions and Answers - page 1
1
Commerce is defined as the study of how
A
man utilizes the resources in his physical environment
B
man produces, distributes and consumes his goods and services
C
man buys, sells and distributes goods and services
D
raw materials are changed into finished goods
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2
The type of activity which turns processed raw materials into consumer and industrial goods is described as
A
extractive
B
manufacturing
C
constructive
D
processing
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3
The production process that combines two or more raw materials into one end product is
A
conditioning
B
blending
C
merging
D
synthesis
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4
A demonstration of social responsibility by a business is the payment of
A
taxes to government
B
dividends to shareholders
C
interests on loans
D
premium on insurance
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5
A distinguishing characteristics of a limited liability company is that it
A
is a collection of many sole proprietors
B
is a multiple partnership
C
can sue and be sued
D
has limited resources
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6
Which of the following takes place when firms producing at different stages in the same industry combine?
A
conglomeration
B
vertical integration
C
horizontal integration
D
cartel
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7
Which of the following groups is paid first when a firm liquidates?
A
Preference shareholders
B
Debenture holders
C
Ordinary shareholders
D
Cumulative preference shareholders
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8
Compulsory dissolution of a business can arise from
A
an agreement by the owners
B
a declaration by a court of law
C
the termination of its life
D
an unfavourable economic climtate
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9
A
liquid capital
B
current assets
C
fixed assets
D
working capital
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10
Governments impose import duties for the following reasons EXCEPT
A
to raise revenue for other services
B
to act as a retaliatory measure against other governments
C
to discourage the redistribution of income at home
D
to protect home industries from external competition
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