All 40 questions from the Joint Admissions and Matriculation Board (JAMB) Commerce 2023 Objective paper, with the correct answer and a full explanation for each. Free, no signup needed.
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The word 'Freight' is used in place of ______ in domestic trade.
The word Freight means transportation of bulk goods from one place to another usually by ship. It is commonly used in international trade.
FOB means that the A.
FOB means free on board, it is a statement to show that if goods are loaded on the ship the risk is transferred from the seller to the buyer.
In a cooperative society, the profit generated will be shared based on A.
The profit if not for profit making organization is shared on the basis of patronage. It is patronage that generates profit and as such must be shared to the people that patronize.
Which of the following documents are restrictedly used in international trade? A.
Invoice is useful in both local and international trade.
When a goods spend more than specified time in the custom's Warehouse, such goods will be charged A.
Demurrage is the fine for not taking a good from the warehouse as at the specified time.
A share that is issued at the price value quoted on it is said to be issued at A.
(Per solution key, marked C: at par.)
Insurance claims gives insurance companies the right to claim the remnants of the object, this is a principle of A.
Subrogation is the principle that gives insurance companies the right to pursue the third party that causes the loss. In the cause of doing this the insurance must claim ownership of the remnants. (Use the following information to answer question 8 and 9: Opening stock 5100; Purchases 91000; Closing stock 6000.)
What is the average stock? A.
Average stock = opening stock + (closing stock/2) = #5,100 + #600/2? Per key: Average stock = Opening stock + (Closing stock/2) = #5,100 + #1,000/2 = #5,550.
The stock turnover is A.
Stock turnover = Cost of goods sold/average stock. Cost of goods sold = 5,100+91,000-6,000 = 90,100. Stock turnover = 90,100/5,550 = 16.23 times, approximately 16 times.
NAFDAC means A.
NAFDAC stands for National Agency for Food and Drugs Administration and Control.
The best chain of distribution for groceries is a A.
The best chain of distribution for groceries items is to move from the producer to the wholesaler and then retailer and finally to consumer to ensure continuous production.
Best form of advertisement for electronic gadgets is a A.
Television advert is the best form of advert for electronic gadgets because it may involve showing prospective buyers how to use the product.
The memory that computer used to store files permanently is a A.
RAM -- Random Access Memory is the memory used to store files permanently inside the computer.
A good displayed in a supermarket can be considered as A.
Goods displayed anywhere is regarded as an invitation to treat.
The bank that specializes in helping people to build structures is a A.
Mortgage Banks are specialized banks that help people in building structures.
Which of the following enterprises is mandated by law to publish its financial statement? A.
Companies and Allied Matters Act (CAMA 1990 as amended) only mandates public limited companies to publish her financial report.
The market for trading the shares of companies is referred to as a A.
In the stock exchange the stocks of companies and some other securities are traded.
The organization that see to the registration of companies is a A.
Corporate Affairs Commission (CAC) is the body charged with the responsibility of registering companies.
A partner that notes only his name in the partnership business is a A.
A nominal partner is the member of the partnership business who denotes only his or her name in the business.
Margin is a Percentage of profit on A.
Margin is the percentage of profit on the selling price of a product.
The difference between hire purchase and credit sales is A.
The major difference between hire purchase and credit sales is on the ownership of the goods involved. In credit sales ownership is transferred but not in hire-purchase.
Buy one take two is a form of a A.
When organizations adopt the principle of buy one and give you two, in most cases, it is to promote the products.
The beneficiary of life insurance is A.
Life assurance is taken to secure the future of the dependents. Thus, the dependants are the beneficiary of the life insurance policy.
Bank of industry deals with a A.
The bank of industry (BOI) is charged with the duty of promoting industrial activities. Thus, it interacts with both small and big industries.
In most cases, storage of goods is done by A.
In most cases, the wholesaler is the one that stores the goods in large quantities so that the producer can have space to produce in the factory and the retailer too can get instant supply.
Excise duty is the tax paid on A.
Excise duty is the duty levied on goods destined for exports.
The third-party insurance policy means that A.
In a third party policy, the insurance is insured against a person he or she might have caused a loss to.
Buying from AliExpress can be categorized as a A.
Buying from AliExpress is an international trade because the goods are exported and cleared like any other goods.
Commerce has been divided into ______ major parts.
Commerce is divided into two major parts viz; trade and aids to trade.
Which of the following is not among the principles of insurance? A.
Basically, there are seven principles of insurance viz; insurable interest, indemnity, utmost good faith, subrogation, proximity, loss of minimization and contribution.
When a cheque is crossed with the statement 'non-negotiable' it means A.
When a cheque is crossed and states 'non-negotiable', it must be paid to the account of the payee.
The elements that made up the marketing mix are A.
Marketing mix is made up of 4Ps known as product, place, price and promotion.
OPEC is A.
OPEC is the standing organisation that regulates oil production of its members. Thus, it is a cartel. (Use the following information to answer questions 34-35: Freehold Premises 30,000; Trade creditors 5,600; Stock 15,000; 5% loan 2,000; Receivables 7,600.)
The current assets amounts to A.
Current assets = Stock + Receivables = 15,000+7,600 = 22,000.
What is the capital employed? A.
Capital employed = total assets = Freehold premises + current assets = 30,000+22,000 = 52,000.
In the chains of distribution, the middlemen are a A.
In the chain of distribution we have producer who gives goods to the wholesaler in bulk while he divides the bulk for the retailer and who finally sell in units. Thus, the middlemen between the producer and the consumer is the wholesaler and retailer.
The exclusive right granted an author for his intellectual work is referred to as a A.
Copyright is the exclusive right given to the originator of literary work to print, perform, produce etc for a certain number of years.
Which of the following can not be categorised as secondary production? A.
No matter how large a farmer is, it is under primary production.
The body that is established to promote trade within and outside the country is a A.
Chamber of commerce is the body that is charged with the responsibility of promoting trading activities by organising local and international trade fairs from time to time.
The cheapest land transportation is a A.
Rail transport is the cheapest and most versatile means of transportation.
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