All 40 questions from the Joint Admissions and Matriculation Board (JAMB) Commerce 2017 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
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Which of the following has powers to order withdrawal of a particular food item from circulation?
The Food and Drugs Department of the Federal Ministry of Health (e.g. NAFDAC) can order withdrawal of harmful goods from circulation.
Which of the following maxims negates the principle of collective bargaining?
Collective bargaining agreements typically extend to all employees, whether or not they are union members — negating an exclusive-benefit principle.
NACCIMA stands for
NACCIMA means Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture.
For the establishment of a powerful consumers' association in Nigeria to exist, there must be
A powerful consumers' association fundamentally requires honest and committed leadership to function effectively.
Which of the following is the most important business resource?
Manpower (human resources) is the most important business resource because virtually everything else in a business is achieved through people.
The assembling of products into usable forms is known as
Manufacturing involves converting raw materials into finished, usable goods.
One of the requirements necessary for setting up a business is
Having sound knowledge of the business is essential before a promoter can successfully set it up.
Which of these factors of production is relatively fixed in supply?
Natural resources (land) are fixed in supply, unlike capital, labour or entrepreneurship which can be expanded.
In the event of the liquidation of a company, the first to be settled are
Debenture holders, as creditors, are settled first (ahead of shareholders) when a company is liquidated.
Entrepreneurship mainly involves
Risk-taking is the defining feature of entrepreneurship — the entrepreneur bears the risk of the enterprise.
Public relations and advertising are similar in terms of
Both public relations and advertising aim at creating a favourable attitude towards the organisation/product.
Which of the following best describes inputs for any production activity?
Business resources (money, material and manpower) collectively form the inputs into any production activity.
Personal selling is most effective in marketing industrial goods because it involves
Industrial goods often need after-sales service and demonstration, which personal selling provides directly.
The controllable variables that a firm uses to achieve its marketing objectives are called
The marketing mix (price, product, place, promotion) consists of the controllable variables a firm manipulates to meet its objectives.
The body regulating the sale and purchase of shares in Nigeria is the
The Securities and Exchange Commission (SEC) regulates the Nigerian capital market, including share sales/purchases.
Unresolved disputes between employer and employees are usually referred to the
The Industrial Arbitration Tribunal (or industrial court) settles unresolved employer-employee disputes.
The process of eliminating a virus from a computer program is
Debugging is the detection and removal of errors ('bugs'), including viruses, from software code.
The primary memory component of a computer is the
Cache is a fast primary-memory-related component storing data for faster future access.
A customer with XYZ Plc sent money through his account to his sister's account in another branch. This is an example of
Transferring funds through a bank account electronically is e-banking, a form of electronic banking.
The economic environment of a business is concerned with
Growth rate is part of the economic environment of a business, unlike climate (physical) or values (social/cultural).
The sale of goods through a medium that accepts money and delivers the items to the customer is an example of
A vending machine is an automated machine that accepts money and dispenses goods to the customer.
The main purpose of branding is to
Branding is primarily aimed at creating a distinctive identity for a product, differentiating it from other products.
The basis for international trade is embedded in the principle of
Comparative advantage — that countries should specialise in producing goods where they have a relative cost advantage — underpins international trade theory.
The major problem encountered in international trade is that
Distance to move goods is a major factor discouraging traders in international trade.
The document a seller uses in dispatching goods to a customer by a carrier is
A delivery note accompanies goods dispatched, describing the goods and quantities delivered.
The physical and psychological satisfaction a customer derives from the purchase of goods and services is a result of
The satisfaction gained from a purchase (value for money/psychological satisfaction) largely stems from the pricing (price mix).
Which of the following aspects of marketing stimulates buying by providing free gifts?
Sales promotion (e.g. free gifts, buy-one-get-one) stimulates buying through incentives.
Which of the following is used as a pricing policy?
Market skimming is a pricing policy of setting a high price initially, then lowering it over time.
Mr Taiwo entered into a contract to let a car to Mr Bunmi for his wedding for two days. However, the car had an accident before the first day. Mr Bunmi's attempt to claim damages failed. This implies that the contract was terminated by
An unforeseen event (accident) beyond either party's control that makes performance impossible discharges a contract by frustration.
Hire purchase is advantageous to the seller in that
Hire purchase increases the seller's turnover as more people, drawn by the credit facility, patronise the seller — enhancing patronage.
The breaking down of a market into separate and identifiable elements is known as
Market segmentation is dividing a market into distinct groups of buyers with similar needs.
A country's terms of trade are said to improve when the ratio of her export prices to import prices
Terms of trade improve when export prices rise relative to import prices, i.e. the ratio increases.
Money is generally acceptable for transactions due to
Money's general acceptability for transactions is rooted in its legal backing (legal tender status).
Which of the following advertising media appeals to only the literate in the society?
Print media requires reading ability, so print advertising reaches primarily the literate segment of society.
The essential utility derived from the use of products is known as
The core benefit is the fundamental, essential utility a product provides to the user.
The coming together of consumers to protect their rights is referred to as
Consumerism is the movement aimed at protecting consumers' interests by ensuring they get value for their money.
The final link in the chain of distribution is
The consumer is the final link/end-point in the chain of distribution.
The sub-division of a market into homogenous subsets of consumers with relatively similar product needs is
Market segmentation divides a market into groups of consumers sharing similar interests/needs.
A contract can be terminated through
Among the listed options, frustration is a recognised legal ground for terminating a contract.
An organisation that issues a cheque to cover the salaries of its employees is using
Issuing a cheque instructing the bank to pay a specified amount to the bearer (employee) for salary is a bank order of crediting account.
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