2011 - JAMB Commerce Past Questions & Answers - page 1

1
The most important function of commerce is in?
A
enhancing business relationships
B
helping people to improve their profits
C
facilitating exchange among individuals and firms
D
assisting trade through banking and insurance
CORRECT OPTION: c
2
The three main classification of occupation are?
A
construction, trade and services
B
manufacturing, industry and services
C
farming, banking and trading
D
industry, commerce and services
CORRECT OPTION: d
3
An oil exploration company is engaged in?
A
tertiary production
B
constructive occupation
C
extractive occupation
D
secondary production
CORRECT OPTION: c
4
Service rendered to the public is provided by?
A
governement
B
civil servants
C
professionals
D
domestic servants
CORRECT OPTION: b
5
The creation of goods and services o satisfy human wants is referred to as?
A
manufacturing
B
commercialization
C
production
D
entrepreneurship
CORRECT OPTION: c
6
Resources obtained from the extractive sector that are transformed into finished products are examples of?
A
primary production
B
tertiary production
C
direct production
D
secondary production
CORRECT OPTION: a
7
Which of the following is a limitation of division of labour?
A
Decline in craftmanship
B
Monotony of work
C
Reduction in output
D
Reduction in labour force
CORRECT OPTION: d
8
An individual that links the producer with the retailer is?
A
an agent
B
a wholesaler
C
an entrepreneur
D
a principal
CORRECT OPTION: b
9
One of the functions of a retailer is the?
A
financing of production activities
B
provision of credit facilities to relations
C
provision of jobs for customers
D
breaking of bulk
CORRECT OPTION: d
10
The main frame of selling directly to the consumers by manufacturers is to?
A
reduce transportation cost
B
make contact with individual consumers
C
discourage the activities of middlemen
D
maximize profit margin
CORRECT OPTION: c
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