1995 - JAMB Commerce Past Questions & Answers - page 1

1
What are the factors with which commercial undertaking can be distinguish?
I Size of the undertaking
II Profits generated
III Forms of ownership
IV Location of the undertaking
A
I and II only
B
I andIII only
C
II and III only
D
III and IV only
CORRECT OPTION: b
2
Freight note is a document
A
used by government to transport goods from one country to another
B
issued by a shipping company giving details of charges
C
used for payment for imported goods
D
given by an importer to pay for goods at a future period
CORRECT OPTION: b
3
Spot market goods are those which are available for
A
immidiate delivery
B
short-term delivery
C
long-term delivery
D
end of the delivery
CORRECT OPTION: a
4
The main advantage of road transport is that it is
A
convenient and flexible
B
cheap and direct
C
common and fast
D
safe and available
CORRECT OPTION: a
5
The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called
A
subrogation
B
contribution
C
re-insurance
D
indemnity
CORRECT OPTION: c
6
The insurance policy which provides full cover against all risks at sea is known as
A
Policy with Particular Average
B
Policy Free of Particular Average
C
Marine Freight Insurance
D
Marine Voyage Policy Insurance
CORRECT OPTION: d
7
Berne union is also known as
A
International Credit Union
B
International Documentry Credit
C
International Union of Credit and Investment Insurers
D
export Credit Guarantee Scheme
CORRECT OPTION: c
8
which of the following sets of items was used for exchange in Nigeria before money was introduced?
A
cowries, iron rods, brass rods and copper rods
B
iron rods, copper rods, manilla and cowries
C
cowries, manilla, brass rod andcopper wires
D
copper wires, brass wires, cowries and iron rod
CORRECT OPTION: c
9
A major liability of a commercial bank arises from
A
customers' deposits
B
loans and advances
C
overdrafts
D
staff allowance
CORRECT OPTION: a
10
A bank statement is a document
A
ordering a bank to pay on demand a stated sum of money
B
containing records of receipts, payments and balance on an account
C
used for paying into bank account
D
used for regular withdrawal of money from a savings account
CORRECT OPTION: b
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