All 50 questions from the Joint Admissions and Matriculation Board (JAMB) Commerce 2010 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
Advertisement
1. Which Commerce Question Paper Type is given to you? A. Type A B. Type B C. Type C D. Type N
This is a Type B Commerce Question Paper, as indicated on the paper's header (2010 JAMB Commerce-Type B).
2. The wealth of a nation depends on the volume of its A. bilateral trade activities B. commercial activities C. multilateral trade activities D. stock market
The wealth of a nation depends on the volume of its commercial activities.
3. Which of the following can be used to differentiate skilled and unskilled labour? A. Education B. Available resources C. Level of commitment D. Salaries and wages
Education is used to differentiate skilled and unskilled labour.
4. A doctor who attends to patients at home after his official duty is a A. community development worker B. service worker C. an indirect service worker D. a direct and indirect service worker
A doctor providing home visits after official duty is engaged in both a direct and indirect service worker capacity.
5. Manufacturing and constructive activities are classified under A. primary production B. tertiary production C. secondary production D. direct service
Manufacturing and constructive activities are classified under secondary production.
6. The rewards of rents, wages, interests and profits accrue from A. capital, labour, land and entrepreneur respectively B. land, entrepreneur, labour and capital respectively C. land, labour, capital and entrepreneur respectively D. labour, entrepreneur, land and capital respectively
The rewards of rents, wages, interests and profits accrue from land, labour, capital and entrepreneur respectively.
7. The factor of production that is subject to depreciation is A. capital B. land C. labour D. entrepreneur
Capital is the factor of production that is subject to depreciation.
8. Division of labour ultimately leads to A. conservation B. integration C. specialization D. repetition
Division of labour ultimately leads to specialization, which encourages division of labour.
9. A worker who processes nice is engaged in A. constructive activity B. commercial activity C. extractive activity D. manufacturing activity
A worker who processes rice is engaged in manufacturing activity.
10. After-sales service is a function usually rendered by A. a retailer B. a wholesaler C. an agent D. an entrepreneur
After-sales service is a function usually rendered by a retailer.
11. A trend in retailing which enables consumers to have free access to different products is A. after-sales service B. branding C. vending machine D. —
Self-service/open-display shopping trends allow consumers to have free access to different products in a store.
12. The activity which entails buying of goods in bulk and selling in small quantities to retailers is A. assembling B. wholesaling C. retailing D. merchandising
Wholesaling is the activity which entails buying goods in bulk and selling in small quantities to retailers.
13. The comparison of a country's visible and invisible exports and imports expressed in monetary term is a A. bag of payment B. terms of trade C. balance of trade D. terms of payment
Balance of trade is the comparison of a country's visible and invisible exports and imports expressed in monetary terms.
14. The document that gives an importer a freehand to obtain goods from any manufacturer is A. a consular invoice B. a closed indent C. an open indent D. a freight note
Open indent orders permit an agent freedom of choice on suppliers and prices to buy without certain restrictions.
15. Entrepot trade usually occurs in A. exchanging goods within a nation B. exchanging goods among countries C. importing goods to be re-exported D. exporting goods to be re-imported
Entrepot trade is the act of importing goods meant to be re-exported.
16. The document issued to a port authority when goods are deposited is a A. dock landing account B. bill of sight C. bill of lading D. dock warrant
Bill of sight is a document issued to a port authority for examination of goods for which full information may not be possessed by the importer.
17. The details of the goods required by the purchaser is outlined in A. a consular invoice B. an indent C. an invoice D. a certificate of origin
An invoice is a document that shows details of the goods being provisionally landed for full examination.
18. Selling goods in foreign countries at prices below their marginal cost is A. dumping B. depreciation C. devaluation D. discounting
Dumping is the act of selling goods in foreign countries at a cheaper price. This is because sub-standard goods compared with the home country.
19. A process of creating more market for a product is through A. consumerism B. marketing C. adverts D. repositioning
Marketing is the process of creating more market for a product.
20. One of the merits of television as a medium of advertising is that it A. is prone to censorship B. is relatively cheap C. has more sensory stimulation D. has more network coverage
Television has more sensory stimulation than other media of advertising because it shows image and sound as well as description of how to use the goods, so the goods can be visualised.
21. The best mode of ensuring that items posted get to the named addressee is through A. recorded delivery B. registered mail C. certificate of posting D. express mail
If a mail is registered, the mail can be easily traced.
22. A businessman who undertakes a hull insurance policy is aiming at A. covering losses on damages to the cargo B. protecting injured crew in the ship C. averting payment of the freight D. covering damages to the body of the ship
Hull insurance covers losses to the vessel itself from specified perils; usually there is a provision that marine hull should be covered only within specified geographic limits.
23. An agent who brings a customer into business contact with his principal is known as A. a del credere agent B. auctioneer C. a factor D. a broker
A broker is an agent who brings a deal between the principal and clients, whomever he wishes to delegate his authority. No specific rule for the person to be selected.
24. A major hinderance to tourism growth in Nigeria is A. absence of genuine tour operators B. lack of tourism master plan C. inadequate tourist centres D. —
There is no plan for tourism in Nigeria. That is the major hinderance to the tourism sector.
25. The warehouse that is owned in a country and controlled by the government and used by manufacturing warehouses is A. wholesalers' warehouse B. state warehouse C. bonded warehouse D. private warehouse
State warehouse means any premises provided by the State for the deposit of goods for the security thereof and of the duties thereon or pending compliance with the provisions of any law in respect of such goods.
26. Most partnership business operates on the basis of limited liability. That is the reason in some cases, there is at least one general partner whose liability will be unlimited to the capital contributed A. True B. False
Most partnership businesses operate on the basis of limited liability; in some cases, there is at least one general partner whose liability will be unlimited to the capital contributed.
27. Cartel is an association of firms who came together to regulate output of members such as OPEC A. True B. False
Cartel is an association of firms who came together to regulate output of members such as OPEC.
28. A consortium is a group made up of two or more individuals, companies, or governments that work together to achieving a common objective A. True B. False
A consortium is a group made up of two or more individuals, companies, or governments that work together to achieve a common objective.
29. Capital = 36,000 x N1.50 = N54,000 A. True B. False
Capital = 36,000 x N1.50 = N54,000.
30. The scarcity feature of money is what gives it its value; the more scarce a money is, the valuer it is A. True B. False
The scarcity feature of money is what gives it its value. The more scarce a money is, the valuer it is.
31. Hull insurance covers losses to the vessel itself from specified perils A. True B. False
Hull insurance covers losses to the vessel itself from specified perils.
32. Stock is the general name for all financial instruments traded in the flow of capital market A. True B. False
Stock is the general name for all financial instruments traded in the flow of capital market.
33. Some of the pre-requisites for the registration of companies into the second-tier market are: the company must be incorporated as a public limited company; the shareholders must not be less than 100; the company must sign a general undertaking with the stock exchange market A. True B. False
These are the pre-requisites for registration of companies into the second-tier market.
34. Staffing process in an organisation is in three basic steps viz; recruitment, selection and placement. After placement, staffing process ends A. True B. False
The staffing process in an organisation comprises recruitment, selection and placement, after which the process ends.
35. The superior officer selects whomever he wishes to delegate his authority; no specific rule for the person to be selected A. True B. False
A broker is an agent whom a deal between the principal and clients is delegated; there is no specific rule for the person to be selected.
36. When raw materials are converted into finished goods, the item has changed form, thus form utility is created A. True B. False
When raw materials are converted into finished goods, the item has changed form, thus form utility is created.
37. The main concern of marketing concepts is to identify consumers' need and device means of satisfying their needs A. True B. False
The main concern of marketing concepts is to identify consumers' need and devise means of satisfying their needs (marked False in the answer key context appears to be a rare error position; retained per source solution B).
38. For a person that produces warm clothing, the weather situation will determine the price at which it will sell its product. Thus variable pricing is more applicable to such a seller A. True B. False
For a producer of warm clothing, the weather situation will determine the price at which it will sell its product; variable pricing is more applicable to such a seller.
39. Public relation (PR) is the practice of managing and disseminating information from an individual or an organization to the public in order to affect the public perception about the product or organisation A. True B. False
Public relation (PR) is the practice of managing and disseminating information from an individual or organization to the public to affect public perception about the product or organisation.
40. Packaging is all efforts that gives a product distinct look from any other product A. True B. False
Packaging is all efforts that give a product a distinct look from any other product.
41. If a contract fails one of its necessary features, such contract can be terminated by a third party and contract is referred to as voidable contract A. True B. False
An agency contract must involve a principal and third party to be valid; the agent is standing-by as the link between both of them.
42. An agency contract must involve a principal and third party to be valid. Meanwhile, the agent is stand-by as the link between both of them A. True B. False
An agency contract must involve a principal and a third party to be valid, while the agent stands as the link between both of them.
43. Patent right gives exclusive right to a producer while trademark is just a symbol that indicates a product is registered A. True B. False
Patent right gives exclusive right to a producer while trademark is just a symbol that indicates a product is registered.
44. The major aim of consumerism is not protected the interest of the consumer by ensuring that they get value for their money A. True B. False
The major aim of consumerism is to protect the interest of the consumer by ensuring that they get value for their money.
45. Hard copy of an information is the printed copy of an information originally available on the computer system A. True B. False
Hard copy of an information is the printed copy of an information originally available on the computer system.
46. It is the memory that helps retain data while it is being processed in the computer A. True B. False
It is the memory that helps retain data while it is being processed in the computer.
47. The major problem with cyber cafe operator is the poor network coverage of the service provider. This makes the business to be unprofitable A. True B. False
The major problem with cyber cafe operators is the poor network coverage of the service provider, making the business unprofitable.
48. A modem or broadband modem is a hardware device that connects a computer or router to a broadband network. Thus, through connection it makes it possible for users to download information into the system A. True B. False
A modem or broadband modem is a hardware device that connects a computer or router to a broadband network, making it possible for users to download information into the system.
49. The full meaning of ATM is Automated Teller Machine A. True B. False
The full meaning of ATM is Automated Teller Machine.
50. By building public health centre, a business is giving back to the community in which it operates A. True B. False
By building a public health centre, a business is giving back to the community in which it operates.
Advertisement
…and/or go further with premium services and No Ads.