JAMB UTME - Commerce - 2021 | Green Bridge CBT

Question 1 Report

A distinctive advantage of GSM is its

cost

stability

coverage

mobility

Answer Details

A distinctive advantage of GSM (Global System for Mobile Communications) is its mobility, which allows users to make and receive calls from anywhere in the world where there is network coverage.

Read lesson note on Economic Groupings (WAEC)

Economic Groupings

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Question 2 Report

A form of money with face value which is greater than the value of the metal contents is

bank notes

legal tender

commodity money

token money

Answer Details

A form of money with a face value that is greater than the value of the metal content is called token money.

Read lesson note on Money (JAMB)

Money

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Question 3 Report

An agency contract must involve

a principal and a consumer

a principal and an agent

a principal and a producer

a principal and a third party

Answer Details

An agency contract must involve a principal and an agent.

Read lesson note on Occupation (JAMB)

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Occupation

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Question 4 Report

A provision in the charter of a company which gives holders of common stock the first option to purchase additional issues of the firm's common stock is the

pre-emptive right

over-subscription right

ex-dividend right

shareholders right

Answer Details

A provision in the charter of a company which gives holders of common stock the first option to purchase additional issues of the firm's common stock is called a pre-emptive right.

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 5 Report

The payment made periodically in respect of an insurance policy entered into is known as

surrender

bond

premium

commission

Answer Details

The payment made periodically in respect of an insurance policy entered into is known as a premium.

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Question 6 Report

Use the information below to answer this question

A B C Balance Sheet as at 31/12/2004

?	?
Share capital	200,000	Fixed assets	180,000
Reserves	100,000	Investment	100,000
Long term liabilities	40,000	Current assets	50,000
Current liabilities	30,000	Fictitious assets	40,000
	370,000		370,000

The total sum of financing short term projects is

N30,000

N200,000

N70,000

N40,000

Answer Details

No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn

Read lesson note on Financing Business (JAMB)

Financing Business

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Question 7 Report

Hire purchase is advantageous to the seller in that

it elevates his living standard

people pay on installment

his turnover will increase

it enhances high level of patronage

Answer Details

To the seller, a hire purchase would mean more people who are unable to pay for a product in full being able to get access to the product while paying on installment. A hire purchase benefits the seller in the sense that the level of patronage increases as more people will be willing to buy and pay in bits for a specified period of time.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 8 Report

Given:
I. Retail
II. Export
III. Transport
IV. Import
V. Insurance
VI. Banking and finance
VII. Wholesale
VIII. Communication.

Which of the above are aids to trade?

III, V, VI and VIII

I, II, III and VI

I, III, V, and VI

II, V, VI and VII

Answer Details

Aids to trade are those services that make it easy to carry out trade. They include insurance, advertising, warehousing, transportation, and banking services.

Read lesson note on Financing Business (JAMB)

Read lesson note on Trade Associations (JAMB)

Read lesson note on Trade (JAMB)

Read lesson note on Aids-to-Trade (JAMB)

Financing Business

Trade Associations

Trade

Aids-to-Trade

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Question 9 Report

Which of the following countries are members of the Lake Chad Basin Commission?

Niger and Cameroon

Benin and Nigeria

Nigeria and Mali

Chad and Benin

Answer Details

Niger, Cameroon, Chad, Nigeria, and Benin are all members of the Lake Chad Basin Commission.

Read lesson note on Economic Groupings (WAEC)

Economic Groupings

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Question 10 Report

The primary memory component of a computer is the

console

cache

compliers

assemblers

Answer Details

The primary memory component of a computer is the RAM (Random Access Memory).

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

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Question 11 Report

Inbound tourism occurs when

residents of a country travel within it

non-residents of a country travel to other countries

residents of a country travel to other countries

non-residents of a country travel within it

Answer Details

Inbound tourism is the act of someone traveling to a country other than that where they live for the purpose of tourism.

Read lesson note on Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

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Question 12 Report

The excess of the assets over the liabilities of a business is called

capital employed

net worth

working capital

initial capital

Answer Details

The excess of the assets over the liabilities of a business is called "net worth."

Read lesson note on Business Capital And Profits (WAEC)

Business Capital And Profits

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Question 13 Report

The instruments of credit include

billboards and postal stamps

payment vouchers and statement of account

bills of exchange and salary voucher

bills of exchange and promissory notes

Answer Details

The instruments of credit include bills of exchange and promissory notes.

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Commerce

Trade

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Question 14 Report

Use the information below to answer this question

A B C Balance Sheet as at 31/12/2004

	₦
Share capital	200,000
Reserves	100,000
Long term liabilities	40,000
Current liabilities	30,000
	370,000

	₦
Fixed assets	180,000
Investment	100,000
Current assets	50,000
Fictitious assets	40,000
	370,000

What is the capital employed?

? 340,000

? 200,000

? 300,000

? 170,000

Answer Details

No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn

Read lesson note on Financing Business (JAMB)

Read lesson note on Introduction To Business Management (WAEC)

Read lesson note on Commerce (JAMB)

Financing Business

Introduction To Business Management

Commerce

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Question 15 Report

NAME	INSURED AMOUNT(₦)	ACTUAL VALUE(₦)	ACTUAL LOSS(₦)
Mr. P Mr. K Mr. R	25,000 30,000 40,000	100,000 120,000 150,000	30,000 40,000 50,000

What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?

insurable interest

uberrimae fidei

subrogation

indemnity

Answer Details

The insurance principle that Mr. R violated if he decides to overstate the actual value of his property is the principle of "Uberrimae fidei" which means "Utmost Good Faith". This principle requires the insured to provide all material information regarding the insurance contract, including the true value of the property, to the insurer. By overestimating the actual value of his property, Mr. R is not providing accurate information to the insurer, which is a violation of the principle of utmost good faith.

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 16 Report

The conversion of raw materials into finished products creates

form utility

time utility

marginal utility

place utility

Answer Details

The conversion of raw materials into finished products creates form utility. Form utility is the value added to a product or service by transforming raw materials into finished goods or services that meet customer needs and preferences. It is one of the four types of utility in marketing, the others being time utility, place utility, and possession utility.

Read lesson note on Production (WAEC)

Read lesson note on Production (JAMB)

Production

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Question 17 Report

The best mode of ensuring that items posted get to the named addresses is through

recorded delivery

certificate of posting

registered mail

express mail

Answer Details

The best mode of ensuring that items posted get to the named addresses is through registered mail. Registered mail provides a higher level of security and tracking than regular mail or other delivery options. When you send an item via registered mail, it is given a unique identification number that allows you to track it from the time it leaves your hands until it is delivered to the recipient. Additionally, registered mail usually requires a signature upon delivery, which provides an extra layer of confirmation that the item was received by the intended recipient. This makes registered mail a reliable option for sending important or valuable items, or items that require proof of delivery.

Read lesson note on Commerce (JAMB)

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Commerce

Occupation

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Question 18 Report

When two or more companies agree to execute a project too large for one to handle, this is referred to as

An amalgamation

A cartel

A consortium

a merger

Answer Details

A consortium is when two or more companies agree to execute a project too large for one to handle.

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

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Question 19 Report

The principle of span of control stipulates that?

the number of employees reporting to one superior should be kept to a workable maximum

an employee should report to only one superior

managers must demand accountability from their subordinates

resources have to be economized within the various divisions

Answer Details

The principle of span of control stipulates that the number of employees reporting to one superior should be kept to a workable maximum.

Read lesson note on Elements Of Business Management (JAMB)

Elements Of Business Management

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Question 20 Report

The macro-environmental forces and trends which are a constraint on business operations are referred to as

internal factors

external factors

economic factors

technical factors

Answer Details

The macro-environmental forces of a business are made up of economic factors, demographic forces, technological factors, natural and physical forces, political and legal forces, and social and cultural forces.

The economic factors may include costs such as wages, interest rates, governmental activity, laws, policies, and tax rates. It posed as a constraint to the business environment because it is beyond the control of the business.

Read lesson note on Economic Groupings (WAEC)

Read lesson note on Information And Communication Technology (ict) (JAMB)

Read lesson note on Business Environment And Social Responsibility (JAMB)

Read lesson note on Finance And Financial Institutions (WAEC)

Economic Groupings

Information And Communication Technology (ict)

Business Environment And Social Responsibility

Finance And Financial Institutions

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Question 21 Report

The major determinant of fire insurance premium is the

usefulness of the property to the owner

type and structure of the property to be insured

owner of the property to be insured

extent of fire damage anticipated

Answer Details

The major determinant of fire insurance premium is the type and structure of the property to be insured. Fire insurance premiums are calculated based on the risk of fire damage to the property, which is influenced by the type and structure of the property. Other factors that may be considered include the property's location, the amount of coverage needed, and the level of fire protection systems in place. The usefulness of the property to the owner, the owner of the property, and the extent of fire damage anticipated may not have as significant an impact on the fire insurance premium as the type and structure of the property.

Read lesson note on Legal Aspect Of Business (WAEC)

Read lesson note on Occupation (JAMB)

Legal Aspect Of Business

Occupation

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Question 22 Report

The function of a merchant wholesaler is to

find markets for producers' finished goods

bring buyers and sellers together

possess title to the goods, store and sell to retailers

buy in bulk, store and sell to retailers as desired

Answer Details

A merchant wholesaler is an institution that buys goods from manufacturers and resells them to businesses, government agencies, other wholesalers, or retailers. All merchant wholesalers take title to the goods they sell.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 23 Report

An activity that involves derivation of raw materials from land and sea is

agriculture

farming

extraction

construction

Answer Details

An activity that involves the derivation of raw materials from land and sea is extraction.

Read lesson note on Production (WAEC)

Production

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Question 24 Report

Services rendered to the public is provided by

domestic servants

civil servants

government

professionals

Answer Details

A civil servant, also known as a public servant, is a person employed by a government department, ministry, or agency for public sector services

Read lesson note on Occupation (JAMB)

Occupation

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Question 25 Report

The art of soap making is an example of

tertiary occupation

construction occupation

primary occupation

secondary occupation

Answer Details

The art of soap making is an example of a secondary occupation.

Read lesson note on Occupation (JAMB)

Occupation

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Question 26 Report

The major objective of corporate mergers is to?

minimize the effect of taxation

increase financial advantage

enhance economies of sale

facilitate profit maximization

Answer Details

Corporate mergers can have multiple objectives, but generally, the primary objective of a corporate merger is to increase the financial advantage of the merged company. This can be achieved through various means, such as enhancing economies of scale, expanding the product or service offerings, increasing market share, reducing costs, and improving overall profitability. By combining the resources, expertise, and market reach of the merging companies, the merged entity can achieve greater financial strength, which can lead to increased profits and shareholder value. While minimizing the effects of taxation may be a consideration in some mergers, it is not typically the primary objective.

Read lesson note on Commerce (JAMB)

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Commerce

Occupation

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Question 27 Report

NAME	INSURED AMOUNT(N)	ACTUAL VALUE(N)	ACTUAL LOSS(N)
Mr. P Mr. K Mr. R	25,000 30,000 40,000	100,000 120,000 150,000	30,000 40,000 50,000

Use the table above to answer questions 27 and 28

If Mr. P takes a fire insurance policy with average clause, his compensation will be

N7,500

N5,000

N70,000

N75,000

Answer Details

Under an average clause in insurance, if the value of the insured property is less than the insured amount, the policyholder will only receive a proportional compensation based on the actual value of the property. For Mr. P, the insured amount is N25,000 and the actual value is N100,000. So, the compensation will be (N25,000 / N100,000) * N30,000 = N7,500.

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Question 28 Report

Which of the following has power to order withdrawal of a particular food item from circulation?

Federal High Courts in Nigeria

Standard Organization of Nigeria

Local Government Health Inspectors

Food and Drugs Department of the Federal Ministry of Health

Answer Details

The Standard Organisation of Nigeria (SON) is a statutory body that is created by the Nigerian government and tasked with the responsibility of standardizing and regulating the quality of all products in Nigeria. It means, the body carries out quality checks on all consumer products and those that do not pass the quality test are withdrawn from circulation.

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 29 Report

The type of communication from a superior to a subordinate in an organization is referred to as

downward communication

upward communication

lateral communication

horizontal communication

Answer Details

The type of communication from a superior to a subordinate in an organization is referred to as "downward communication".

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

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Question 30 Report

A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a

commission agent

factor

broker

del credere agent

Answer Details

A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a del credere agent.

Read lesson note on Commerce (JAMB)

Commerce

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Question 31 Report

The main objective of a trade association is to

protect its members against litigation

protect its members against victimization

boost the trade of its members

secure credit for its members

Answer Details

No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn,

Read lesson note on Trade Associations (WAEC)

Read lesson note on Commerce (JAMB)

Trade Associations

Commerce

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Question 32 Report

The activities aimed at finding customers needs and satisfaction can be described as

conceptual marketing

macro-marketing

socio-marketing

micro-marketing

Answer Details

The Marketing Concept or in this case, conceptual marketing involves the idea of satisfying the needs of the customer by means of the product as a solution to the customer's problem (needs).

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 33 Report

Communication process involves the transmission of a message over a selected channel to the

encoder

receiver

audience

sender

Answer Details

The communication process involves the transmission of a message from a sender to a receiver over a selected channel.

Read lesson note on Economic Groupings (WAEC)

Economic Groupings

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Question 34 Report

A person who buys new issues with a view of reselling at a higher price in the near future is referred to as a

bear

bull

dealer

stag

Answer Details

A bull market is the condition of a financial market in which prices are rising or are expected to rise. A trader in the stock exchange market who buys stocks with the hope of selling them at a higher price is called a bull.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 35 Report

A proforma invoice is not required when

quoting for the supply of good

dealing regularly with a customer

goods are sent on approval

final prices are uncertain

Answer Details

A proforma invoice is not required when dealing regularly with a customer.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 36 Report

The main advantage of a sole trader is the freedom to?

employ anyone he likes

take quick decision

seek advise from any source

plough all the profits

Answer Details

The main advantage of a sole trader is the freedom to take quick decisions.

Read lesson note on Trade (JAMB)

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Trade

Occupation

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Question 37 Report

A form of money that has gone out of use is

paper money

commodity money

foreign money

bank money

Answer Details

A form of money that has gone out of use is commodity money.

Read lesson note on Money (JAMB)

Money

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Question 38 Report

Departmentalization is an aspect of

directing

organizing

planning

controlling

Answer Details

Departmentalization is an aspect of organizing within the management functions. Organizing is concerned with defining the structure of the organization and arranging resources to achieve the objectives. Departmentalization involves grouping activities and people into departments based on similarity of functions or purpose. This allows for efficient allocation of resources, coordination, and communication within the organization.

Read lesson note on Occupation (JAMB)

Occupation

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Question 39 Report

The transmission of the telephone services from one country to another is facilitated by

international facility

internet services

interconnectivity

communication satellite

Answer Details

A communication satellite creates a communication channel between a source transmitter and a receiver at different locations on Earth. It is the technology behind the transmission of telephone services that are put across various parts of the world.

It relays and amplifies radio telecommunication signals via a transponder

Read lesson note on Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

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Question 40 Report

Chibuzor agreed to make a dress for Hauwa with September 20, 1995 as the delivery date, if the dress was not ready on that date, Hauwa could

sue chibuzor for specific performance

seize another gown from chibuzor's shop

regard the contract between then as terminated

sue chibuzor for damage

Answer Details

In the law of contract, specific performance is the act whereby a court issues an order requiring a party to perform a specific action, such as to complete the performance of the contract.

Hauwa could easily sue Chibuzor for not keeping her own end of the agreement and compel her to deliver the dress as promised.

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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