All 40 questions from the Joint Admissions and Matriculation Board (JAMB) Commerce 2019 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
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One of the factors which critically determine the choice of occupation is
The skill which a labourer possesses will determine the type of job he or she will be able to take up.
Extractive industries may also be denominated as
Extraction industries are the same as primary industries because both involve extraction of raw materials from their sources.
The document with which a manufacturing enterprise releases stock of raw materials to the factory for production is called
The material release form is the document used to transfer raw materials from store to the production section.
Insurance companies operate on the principle of indemnity. This means that an insured person or firm collects
Indemnity means that an insured is entitled to collect (or be restored for) loss or damage suffered, in an amount equal to the actual loss, not more or less.
One major disadvantage of a cartel is that it
A cartel leads to control of prices, control of output and minimisation of waste/competition — which reduces beneficial market competition.
The proposed monetary integration within the ECOWAS sub-region has the overriding benefit of
The monetisation (monetary integration) policy of ECOWAS is expected to lead to enhanced trade among ECOWAS nations.
The line function of a typical manufacturing enterprise is normally performed by the
Line function is a day-to-day function performed by a section directly involved in the core business. For a manufacturing enterprise, the marketing department handles the line function.
The share capital value that forms part of the balance sheet total is the
Issued capital is the amount of capital already subscribed and paid for by the public; it is this capital equivalent that forms part of the balance sheet.
The major factors that facilitate merchandising are
Merchandising is the act of exchanging goods — buying and selling. The main aids to trade that facilitate it are communication (with suppliers/customers), advertising (to boost sales), and banking (loans and payment facilitation).
Bank overdraft as a short term source of fund is
A bank overdraft functions like a credit purchase; it is a current liability.
The term PLC implies that the shares are available
PLC means public limited company. A PLC must be quoted on the stock exchange, allowing the public to subscribe to its shares.
A printer that burns the print image into the photo sensitive drum is called
A thermal printer is a digital printing process that produces a printed image by passing paper with a thermochromic coating over a print head made of tiny, electrically-heated elements.
On liquidation of a public limited company, the residual owners are the
If a public limited company liquidates, the ordinary shareholders are the last set of people to be settled, from whatever balance remains.
A bank form used to transfer money from a personal account to a creditor's account is called
The credit transfer form is used to transfer money from a personal account to a creditor's account.
One of the obstacles to achieving the objectives of ECOWAS is
One of the major obstacles to achieving ECOWAS objectives is the retained allegiance of member states to their former colonial masters.
Departmentalization is an aspect of
Departmentalisation is one of the ways of organising a store/business to make it easier to manage.
One way by which government reduces the repatriation of capital is through
Indigenisation is the act of getting indigenes to actively participate in business. Government uses this policy to reduce capital flight from the economy.
The agency that currently oversees the privatization and commercialization processes in Nigeria is the
The Bureau of Public Enterprises is the government agency charged with the responsibility of overseeing the privatization and commercialization of public enterprises.
The agency in Nigeria which ensures that products conform to government quality specifications is the
The Standards Organisation of Nigeria (SON) is charged with ensuring products meet the minimum quality standards set by the government.
A bill of exchange accepted can be discounted by the holder in the
If a bill of exchange is accepted, the holder's banker (or any bank) can discount it for the holder.
An important principle of a good organisational structure is
A good organisational structure must spell out the span of control, so everyone knows who is responsible for what.
The process of mobilizing, engaging and maintaining workers to work for an organisation is referred to as
Recruitment is the process of mobilising people who are willing and ready to work, engaging them and making them work for an organisation.
Use the information below to answer these questions. BALANCE SHEET AS AT 31ST DEC, 2018. Liabilities: Paid-up capital ₦200,000; Retained earnings ₦50,000; Creditors ₦50,000; Bills payable ₦50,000; Dividend payable ₦70,000. Total ₦420,000. Assets: Building ₦50,000; Plant & machinery ₦35,000; Fixtures ₦20,000; Debtors ₦50,000; Stocks ₦145,000; Banks ₦120,000. Total ₦420,000. Find the current ratio.
Current assets = Debtors + Stocks + Banks = 50,000+145,000+120,000 = ₦315,000. Current liabilities = Creditors + Bills payable + Dividend payable = 50,000+50,000+70,000 = ₦170,000. Current ratio = 315,000/170,000 = 1.85:1.
Use the information below to answer these questions. BALANCE SHEET AS AT 31ST DEC, 2018. Liabilities: Paid-up capital ₦200,000; Retained earnings ₦50,000; Creditors ₦50,000; Bills payable ₦50,000; Dividend payable ₦70,000. Total ₦420,000. Assets: Building ₦50,000; Plant & machinery ₦35,000; Fixtures ₦20,000; Debtors ₦50,000; Stocks ₦145,000; Banks ₦120,000. Total ₦420,000. What is the owner's equity?
Owners' equity = total assets − total liabilities = 420,000 − 170,000 = ₦250,000.
An obstacle to international trade is
International trade is usually huge to finance; thus, the cost of finance can be a major impediment to international trade.
The right of ownership with respect to goods or property is
Title is what indicates the right of ownership which a person has to something (goods or property).
Coverage against unexpected events is called
Insurance is a policy undertaken to provide cover for an unforeseen contingency.
Ships that sail across the ocean and operate on scheduled time-tables are
An ocean liner is a passenger ship primarily used for transportation across seas or oceans on scheduled routes; it may also carry cargo/mail or be used for other purposes such as cruises.
The excess of the assets over the liabilities of a business is called
Capital employed is the difference between the total assets of a company and its liabilities.
A good financial instrument which serves as a hedge against inflation is
Because the value of shares changes over time (typically rising with inflation/growth), shares provide a hedge against inflation.
The abbreviation C&F indicates that the
C&F means 'Cost and Freight' — this means that the price of the goods includes the cost of carriage.
An activity that involves derivations of raw materials from land and sea is
Extraction is the exploration/derivation of raw materials from their original (natural) sources, including land and sea.
Resources harnessed in certain proportion to create goods and services are
Factors of production are the resources put together, in certain proportions, to facilitate the production of goods and services.
A cheque which a bank draws on its own funds is a
A bank draft is a cheque which a bank draws on itself, in the name of the beneficiary written on it.
Billboards and posters are forms of
Billboards and posters are printed media.
A firm that disposes its waste properly is discharging its
Social responsibility refers to all non-primary efforts made by a firm to maintain closer relations with the environment/community in which it operates; proper waste disposal is one way of protecting the host community.
Market skimming is an example of
Market skimming is a pricing policy/approach in which the producer sets a high introductory price to attract buyers with a strong desire and the resources to buy the product, then gradually reduces the price to attract subsequent layers of the market.
Unresolved disputes between the employer and employees are usually referred to the
The industrial court/industrial arbitration tribunal is responsible for settling industrial disputes between an employer and employees when negotiation fails.
The process of eliminating a virus from a computer program is
Debugging is the process of detecting and removing existing and potential errors ('bugs') — including viruses/faults — in software code that can cause it to behave unexpectedly or crash.
Intranet differs from extranet in that the former
An intranet is a private network used by an organization, primarily to help its own employees securely communicate, store information, and collaborate — it is restricted to employees of that organization, unlike an extranet.
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