2023 - JAMB Commerce Past Questions and Answers - page 3
21
A demonstration of social responsibility by a business is the payment of
A
interests on loans
B
taxes to government
C
dividends to shareholders
D
premium on insurance
correct option: b
Paying taxes to the government is a demonstration of social responsibility by a business. Taxes support public services and infrastructure that benefit society, and responsible businesses contribute to their communities by paying their fair share.
Users' Answers & Comments22
| ₦ |
₦ |
||
|
Stock 1/1 |
20,000 | Net sales | 370,000 |
|
Add purchases |
250,000 | ||
|
Cost of goods available for sale |
270,000 | ||
|
Less stock 31/12 |
40,000 | ||
|
Cost of goods sold |
230,000 | ||
|
Rent expenses |
35,000 |
Calculate the net profit
A
₦35,000
B
₦115,000
C
₦105,000
D
₦40,000
correct option: c
To calculate the net profit, subtract the total expenses from the net sales. The total expenses include the cost of goods sold and rent expenses, which add up to 230,000 + 35,000 = 265,000. The net sales are 370,000. So, the net profit is 370,000 - 265,000 = 105,000.
Users' Answers & Comments23
The concept that refers to the sale, transfer or exchange of goods and services is
A
trade
B
tariff
C
industry
D
marketing
correct option: a
Trade refers to the sale, transfer, or exchange of goods and services. It involves the buying and selling activities that facilitate the distribution of goods and services in an economy.
Users' Answers & Comments24
Which of the following is an item in the marketing mix?
A
market
B
consumer
C
demand
D
promotion
correct option: d
Promotion is an element of the marketing mix, which also includes product, price, and place (distribution). Promotion involves the activities a company undertakes to communicate its products or services to consumers and differentiate them from competitors.
Users' Answers & Comments25
An agreement that is enforceable in law is
A
a contract
B
an acceptance
C
an offer
D
a consideration
correct option: a
A contract is an agreement between two or more parties that is enforceable by law. It involves the exchange of promises or commitments that have legal standing.
Users' Answers & Comments26
A major function of trade association is to
A
foster cooperation among members
B
establish a link among member
C
assist members to buy cars
D
help individuals to set up small business
correct option: a
A major function of trade associations is to foster cooperation among members. These associations often represent a specific industry and work to promote common interests, share information, and address industry-wide concerns.
Users' Answers & Comments27
The act of selling in a foreign market at a price lower than the cost price is called
A
dumping
B
under sale
C
hedging
D
fair trading
correct option: a
Dumping is the act of selling goods in a foreign market at a price lower than their cost price. This practice can be used to gain market share by undercutting local competitors or to offload excess production in foreign markets.
Users' Answers & Comments28
The scope commerce is limited to
A
home and foreign trade
B
trade and aids-to-trade
C
wholesale and retail trade
D
wholesale and entreport trade
correct option: b
The scope of commerce includes trade and aids-to-trade. Trade involves buying and selling activities, while aids-to-trade include various services that facilitate these activities, such as banking, insurance, transportation, warehousing, and advertising.
Users' Answers & Comments29
A bill of exchange already accepted can be discounted by the holder in
A
the central bank
B
his bank
C
at least two banks
D
any bank
correct option: b
A bill of exchange that has been accepted can be discounted by the holder in his own bank. Discounting a bill of exchange involves the bank paying the holder the value of the bill before its maturity date, minus a discount fee.
Users' Answers & Comments30
One of the functions of a retailer is the
A
breaking of bulk
B
provision of credit facilities to relations
C
provision of jobs for customers
D
financing of production activities
correct option: a
One of the key functions of a retailer is breaking of bulk, which involves purchasing large quantities of goods from wholesalers or manufacturers and selling them in smaller, more convenient quantities to consumers.
Users' Answers & Comments