2015 - JAMB Commerce Past Questions & Answers - page 1

1
The vessels that operate on specific route on high seas and oceans are
A
Coastal Liners and Cargo Liners
B
Cargo Liners and Tramp liners
C
Passenger liners and Tramp liners
D
Passenger Liners and Cargo Liners
CORRECT OPTION: d
ocean liners are vessels that operate on specific on high seas and oceans and they operate on fixed time schedule
2
When an oil exploring and mining company builds a health centre in one community where at operates, such a company is
A
Carrying favour from local people
B
finding a way to spend excess profit
C
Fulfilling part of its social responsibility
D
Investing its idle fund
CORRECT OPTION: c
the health centre the company built is a social amenity and in doing so it is fulfilling parts of is social responsibility to the most community in which it is doing business.
3
the world tourism organization has it headquarters in
A
New York
B
Madrid
C
Paris
D
London
CORRECT OPTION: b
is correct the headquarters of the world tourism organization is located in Madrid, Spain
4
A cheque drawn by a bank official on the bank’s deposit in another bank on a customer’s deposit in another bank
A
Bank draft
B
Bankers’ order
C
Promissory note
D
Travelers cheque
CORRECT OPTION: b
it is an order by the customer requesting the bank to transfer certain amount from the customer’s account to another bank account, so it is a standing order.
5
The development of commerce in west Africa was not hampered by
A
Inadequate capital
B
Inadequate means of transportation
C
Insurance
D
Low savings
CORRECT OPTION: b
6
Which of the following is classified as an immaterial want?
A
Protection
B
Raw materials
C
Machines
D
Goods and Services
CORRECT OPTION: a
Protection it is not meant to increase our materials wealth but to make our lives worth living
7
In product pricing, which of these elements need more consideration than others?
A
The cost of producing the product
B
The economic conditions in the market
C
the demography of the buyers of the product
D
The demand for the product
CORRECT OPTION: a
what the form consider first and most is the cost of production i.e. the cost of producing the product as this determines the price at which the product will be sold.
8
The major determinant of fire insurance premium is the
A
Owner of the property
B
usefulness of the property to the owner
C
Type and structure of the property to be insured
D
extent of fire damaged anticipated.
CORRECT OPTION: c
the type and structure of the property will determine the value of the property since the value of the property will have to be considered by the insurance company before the contract will be entered into by both parties.
9
The agency in Nigeria which ensure that products conform to government quality specification is the
A
Nigerian consumers’ association
B
Manufacturers' Association of Nigeria
C
Standard Organization of Nigeria
D
Nigerian Chamber of commerce
CORRECT OPTION: c
the standard organization of Nigeria is the organization saddled with the responsibility of ensuring that goods or products conform to government quality specification
10
Citizens are against privatization mainly because of
A
Ineffective Management
B
The likely hood of monopoly
C
Increased price of good and services
D
The ration dilation of organizations.
CORRECT OPTION: c
privatization of government owned companies will bring about increase in prices of goods and services nd this situation will definitely not make the citizens to be happy with the issue of privatization and as such they will be against it.
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