2017 - JAMB Commerce Past Questions and Answers - page 3
21
An advantage of division of labour is _______?
A
productivity and total output is increased
B
monotony of task is eliminated
C
loss of individual craftmanship is minimized
D
interdependence of workers increase remuneration
correct option: a
More hands are involved in the production of a particular commodity.
Users' Answers & Comments22
A major objective of all business resources is ______
A
public relation
B
profit sharing
C
human relation
D
profit making
23
What document is required when a country imposes valorem import duties on goods?
A
mail transfer
B
shipping note
C
bill of lading
D
consular invoice
correct option: b
This is a document that gives details of goods being sent from one place to another.
Users' Answers & Comments24
A major function of trade association is to _______
A
assist members to buy cars
B
help individuals to set up small business
C
establish a link among member
D
foster cooperation among members
25
A partnership is dissolved due to ________
A
liquidity of the firm
B
death of the employee
C
insanity of a partner
D
resignation of an employee
26
Another name or term for a dishonoured cheque is ______
A
an order cheque
B
a bounced cheque
C
a bearer cheque
D
an open cheque
correct option: b
A cheque is said to be bounced if the cheque is being rejected or dishonoured by the bank. Another name for dishonoured cheque is a bounced cheque
Users' Answers & Comments27
An example of extractive occupation is ______
A
mining
B
teaching
C
banking
D
driving
correct option: a
All the options are classification of production.
It involves people whose activities are directed to the process of bringing out natural resources from the soil and sea.
Users' Answers & CommentsIt involves people whose activities are directed to the process of bringing out natural resources from the soil and sea.
28
A major merit of the retaining middlemen is to _______
A
pay cash to the bank: for manufacturers
B
stock perishable goods
C
regulate price for manufacturers
D
stock goods produced by different manufacturer
correct option: d
Users' Answers & Comments29
Goods and services transferred from seller to buyer without immediate payment is referred to as ______
A
hire purchase
B
mutual understanding
C
credit sale
D
leasing
correct option: c
This is the transfer of goods and services from seller to a buyer without any value being given immediately in return.
Users' Answers & Comments30
The process of buying and selling and distribution of goods and services is ______
A
retail trade
B
commerce
C
marketing concept
D
marketing
correct option: b
It is the study of production, distribution and exchange of goods and services aimed at satisfying human wants.
Users' Answers & Comments