2018 - JAMB Commerce Past Questions and Answers - page 1

Dumping is a term used in the context of international trade. It's when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter's domestic market.

Current account holder withdraws money using cheque.

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

On of the disadvantages of sole proprietorship is difficulty in raising funds

The sharing of information between individuals by using speech. Individuals working within a business need to effectively use verbal communication that employs readily understood spoken words, as well as ensuring that the enunciation, stress and tone of voice with which the words are expressed is appropriate.

A chamber of commerce (or board of trade) is a form of business network, for example, a local organization of businesses whose goal is to further the interests of the community

The transfer of ownership, property or business from the government to the private sector is termed privatization. The government ceases to be the owner of the entity or business. The process in which a publicly-traded company is taken over by a few people is also called privatization.

A counter offer is an offer made in response to a previous offer by the other party during negotiations for a final contract.

Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract

An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy.

Functions of Warehousing include: Storage: This is the basic function of warehousing. Price Stabilization: Warehouses play an important role in the process of price stabilization.
Grading and Packing
Regular production
Time utility
Store of surplus goods
Etc.

Current assets are cash and other assets that are expected to be converted to cash within a year.