2023 - JAMB Commerce Past Questions and Answers - page 2
11
The type of letters that are delivered through the normal mail or by airmail express service is referred to as
A
express letters
B
registered letters
C
inland letters
D
airmail letters
correct option: d
Airmail letters are the type of letters that are delivered through normal mail or by airmail express service. They are designed to be transported by aircraft, making them a faster option than regular mail for international and long-distance communication.
Users' Answers & Comments12
The macro-environmental forces and trends which are a constraint on business operations are referred to as
A
internal factors
B
technological factors
C
economic factors
D
external factors
correct option: d
External factors refer to the macro-environmental forces and trends that can impact business operations. These include political, economic, social, technological, environmental, and legal factors that are outside the control of the business and can constrain or influence its operations and strategy.
Users' Answers & Comments13
Land as a factor of production does not vary in
A
cost
B
quality
C
quantity
D
nature
correct option: c
Land as a factor of production does not vary in quantity. The total amount of land available is fixed and cannot be increased or decreased, unlike other factors of production like labor or capital, which can vary in amount.
Users' Answers & Comments14
An individual that links the producer with the retailer is
A
an agent
B
a wholesaler
C
a principal
D
an entreprenuer
correct option: b
A wholesaler is an individual or business that buys large quantities of goods from producers or manufacturers and sells them in smaller quantities to retailers. They act as a link between the producer and the retailer.
Users' Answers & Comments15
A document that lists the goods that are being sent from one place to another is
A
mail transfer
B
shipping note
C
consular invoice
D
bill of lading
correct option: d
A bill of lading is a document issued by a carrier to acknowledge receipt of cargo for shipment. It serves as a shipment receipt when the goods are delivered at the predetermined destination. This document is essential for the transportation of goods both domestically and internationally.
Users' Answers & Comments16
The board of directors of public enterprise is appointed by who?
A
government
B
management
C
employees
D
shareholders
correct option: a
In public enterprises, the board of directors is typically appointed by the government. These enterprises are owned by the government, and the appointments are often made by government officials or bodies.
Users' Answers & Comments17
Which of the following legislation aims primarily at the protection of consumers?
A
Company\'s Act
B
Partnership Act
C
Trade Description Act
D
Law of contract
correct option: c
The Trade Description Act is a legislation that primarily aims at the protection of consumers. It ensures that the products sold are accurately described and not misleading, thereby protecting consumers from fraudulent or deceptive product descriptions.
Users' Answers & Comments18
A business organization that exploits the capabilities of a member to remedy the weakness of another is a
A
joint venture
B
partnership
C
nominal partnership
D
cooperative
correct option: d
A cooperative is a business organization where a group of people with common interests come together to meet their economic, social, and cultural needs through a jointly-owned and democratically-controlled enterprise. Cooperatives often leverage the strengths and capabilities of members to address the weaknesses of others.
Users' Answers & Comments19
Parts payments made on alloted shares by subscribers is usually the
A
authorized capital
B
subscribed capital
C
called -up capital
D
issued capital
correct option: c
Called-up capital refers to the part of the subscribed capital that the company has called on its shareholders to pay. It represents the portion of the subscribed capital that the shareholders are actually asked to pay, which can be less than the total amount subscribed.
Users' Answers & Comments20
A major function of chamber of commerce is
A
promoting both home and foreign trade
B
increasing productivity
C
promoting trade in a particular line
D
maximizing profit
correct option: a
A major function of a chamber of commerce is to promote both home and foreign trade. Chambers of commerce are organizations primarily designed to help and represent the business community and their interests, fostering trade and commerce at local, national, and international levels.
Users' Answers & Comments