2001 - JAMB Commerce Past Questions & Answers - page 1

1
The pivot on the wheel of commerce rotates is
A
tariff
B
trade
C
taxation
D
price
CORRECT OPTION: b
2
A distinguishing characteristic of labour is that it is
A
constant
B
expensive
C
mobile
D
cost
CORRECT OPTION: c
3
Land as a factor of production does not vary in?
A
quantity
B
nature
C
quality
D
cost
CORRECT OPTION: a
4
Which of the following services does a lawyer render?
A
industrial services
B
indirect services
C
direct services
D
commercial services
CORRECT OPTION: c
5
The partner that only contributes part of the capital used in the formation and running of a business is known as?
A
a passive partner
B
an active partner
C
a dormant partner
D
a nominal partner
CORRECT OPTION: c
6
One major advantage of a credit and thrift cooperative is that
A
It can approach government for loan
B
It encourages saving habit
C
there are no legal restrictions
D
each member has a vote during meetings
CORRECT OPTION: b
7
A form of ownership which exploits the strength of one partner to remedy the weakness of the other is a?
A
joint partnership
B
cooperative
C
corperation
D
joint venture
CORRECT OPTION: a
8
At the collapse of a business enterprise, the person appointed to dispose of all assets is called
A
a broker
B
an auctioneer
C
a liquidator
D
an auditor
CORRECT OPTION: c
9
Entrusting the management of a company to the courts to enable the settlement of the company’s obligations is an indication of?
A
distress
B
closure
C
bankruptcy
D
liquidation
CORRECT OPTION: c
10
The capital employed is
A
N 1,000
B
N 1,370
C
N 140
D
N50
CORRECT OPTION: a
Pages: