🛒 1999

JAMB Commerce 1999 past questions

38 questions from the 1999 JAMB UTME Commerce paper. Free, with answers where available.

Practice with CBT mock → All Commerce years
Commerce JAMB 1999 Q6 ✓ Answer: C
The primary motive behind an individual engaging in production is to
A
fully engage all the factors of production
B
make available goods and services
C
meet projected profits.
D
meet basic human needs.
Commerce JAMB 1999 Q7 ✓ Answer: C
Musa obtains wool from his sheep, spins and transforms it into cloth which he sells to consumers. This is a form of
A
vertical integration
B
horizontal integration
C
forward integration
D
backward integration.
Commerce JAMB 1999 Q9 ✓ Answer: B
An abridged version of a company’s income statement for 1993 contains the following information: N(million) Turnover 286.5 Cost of goods sold 147.5 Overhead and other expenses 85.5 Taxes due for the year 26.9 What was the company’s profit before taxes for 1993?
A
N26.9 million
B
N53.5 million
C
N139.2 million
D
N286.5 million
Commerce JAMB 1999 Q11 ✓ Answer: A
Which of the following is not a veritable source of funds to a public limited liability company?
A
Government financial grants
B
Advances and loans from banks.
C
Internally generated funds.
D
Funds from the sale of shares. Use the document below to answer questions 12 and 13. N200,000.00 Liverpool, U.K, June 2, 1995 Three months after date, pay to or to the order of Mr. Okon Etim Esin Two hundared thousand ............................................Naira Payable at First Bank, Plc. Lagos Imo Edit Enoh No 5Due Sept., 2 1995 Liverpool.
Commerce JAMB 1999 Q12 ✓ Answer: B
Okon Etim Esin is the
A
debtor
B
creditor
C
exporter
D
importer
Commerce JAMB 1999 Q13 ✓ Answer: A
The document represents a
A
bill of exchange
B
cheque
C
money order
D
promissory note
Commerce JAMB 1999 Q14 ✓ Answer: A
The term 5 Net 7’ on an invoice means that
A
5% discount will be allowed on the price charged if payment is made within seven days
B
5% discount will be allowed on the price charged if payment is made after seven days
C
5% surcharge will be made unless payment is made within seven days
D
5% discount will be allowed on the price charged only if the goods are bought within seven days.
Commerce JAMB 1999 Q15 ✓ Answer: C
Kabir receives two quotations. Ade quotes N100 less 20% trade discount, while Benson quotes N100 less 30% trade discount and 10% cash discount. If Kabir wants to take advantage of trade and cash discount, then
A
the materials should be supplied by Ade
B
the materials should be supplied by both of them
C
the materials should be supplied by Benson
D
Benson should be asked to reduce his trade discount. A company which issues a promissory note in lieu of payment for goods purchased
Commerce JAMB 1999 Q17 ✓ Answer: D
Kamaldeen is a seller in a hire-purchase agreement with Emeka. By law, Kamaldeen cannot recover the hire purchased goods. This is an instance of a restriction on
A
Emeka’s right to terminate the agreement
B
Kamaldeen’s right to re-hire the goods
C
Emeka’s right to breach the agreement
D
Kamaldeen’s right to terminate the agreement.
Commerce JAMB 1999 Q18 ✓ Answer: D
The main documents sent to an importer of goods by the exporter are
A
invoice, consular invoice, certificate of origin, freight note, indent and insurance policy.
B
indent, bill of lading, certificate of origin, invoice and bill of exchange
C
certificate of origin, bill of exchange, invoice, insurance policy, indent and bill of lading
D
bill of lading, invoice, insurance policy, consular invoice, certificate of origin and bill of exchange.
Commerce JAMB 1999 Q19 ✓ Answer: B
The document that indicates instant payment of cash for goods whenever they are delivered is
A
credit note
B
proforma invoice
C
debit note
D
statement of account.
Commerce JAMB 1999 Q20 ✓ Answer: A
Which of the following documents permits an importer to inspect his goods before the arrival of the bill of lading?
A
Bill of sight
B
Import invoice
C
Consular invoice
D
Bill of exchange
Commerce JAMB 1999 Q21 ✓ Answer: A
The overriding advantage of home trade over foreign trade is
A
accessibility of seller to buyer
B
absence of many documents
C
ease in language of transaction
D
ease in form of payment.
Commerce JAMB 1999 Q23 ✓ Answer: C
The rate at which a central bank discounts first class bills is called the
A
fixed rate
B
bill rate
C
bank rate
D
interest rate
Commerce JAMB 1999 Q24 ✓ Answer: B
The principle of subrogation states that
A
an insured person should be indemnified to the tune of the amount insured
B
an insurance company can stand in place of the insured in dealing with third party
C
only a person who likely to suffer loss should take out an insurance cover [PAGE 14]
D
there must be a close connection between the actual loss suffered and risk insured.
Commerce JAMB 1999 Q25 ✓ Answer: B
Tolu purchased goods from Yemisi and is to pay custom duties before collection. The goods are likely to be collected from
A
a manufacturer’s warehouse
B
a bonded warehouse
C
an importer’s warehouse
D
a wholesaler’s warehouse.
Commerce JAMB 1999 Q26 ✓ Answer: A
The three major functional units which the modern computer has are
A
the input, the processor and the output units
B
the black box, output and input units
C
BASIC, COBOL and output units.
D
BASIC, the processor and PASCAL.
Commerce JAMB 1999 Q27 ✓ Answer: D
I foreign investment. II Long-term lending III. Short- term lending IV. Foreign exchange reserve V. Short-term borrowing. Which combination of the above include capital account in international trade?
A
I, III and IV
B
II, III and IV
C
II and V
D
I and II
Commerce JAMB 1999 Q28 ✓ Answer: B
The elimination of faults in a computer program is called
A
console
B
debug
C
dump
D
loop.
Commerce JAMB 1999 Q29 ✓ Answer: B
Aliyu bought 100 share at the stock market through a stockbroker. He was told the price of each share was N3 cum. div . This means that Aliyu
A
is entitled always to a cummulative dividend on the shares
B
is entitled to the next dividend accruing from the shares
C
will not be entitled to the next dividend due to the shares
D
still owes N3 on the shares which will be subtracted from the dividends.
Commerce JAMB 1999 Q30 ✓ Answer: D
The forum for the selling and buying of securities of small and medium companies is called
A
Second Tier Foreign Exchange Market
B
Foreign Exchange Market
C
Securities and Exchange Commission
D
Secon Tier Security Market.
Commerce JAMB 1999 Q32 ✓ Answer: B
Modern business philosophy emphasizes
A
quality products
B
customer satisfaction
C
sales volume
D
public relations.
Commerce JAMB 1999 Q33 ✓ Answer: A
The main role of advertising is to
A
convince prospective buyers to buy
B
show the actual shape, form and colour of the products
C
inform people where to obtain goods and service.
D
capture the attention of people.
Commerce JAMB 1999 Q34 ✓ Answer: A
The concept of limiting the types, sizes and other characteristics of a product line without sacrificing utility or durability is called
A
simplification
B
standardization
C
specialization
D
satisfiying.
Commerce JAMB 1999 Q35 ✓ Answer: D
The focal point of all marketing efforts is the
A
seller
B
profit
C
product
D
buyer.
Commerce JAMB 1999 Q36 ✓ Answer: A
Adigun displays goods of different makes on shelves in his supermarket. This is an exmple of
A
invitation to treat
B
offer to sell
C
offer to purchase
D
invitation to sell.
Commerce JAMB 1999 Q37 ✓ Answer: A
The process of bringing a company under exclusive state ownership and control is known as
A
nationalization
B
commercialization
C
indigenization
D
privatization.
Commerce JAMB 1999 Q38 ✓ Answer: C
Q acting as the agent of P, lawfully and reasonably incurs the amount of N350 as expenses. If Q comes to P for payment, this is an instance of P’s duty to
A
remunerate Q
B
repay Q
C
indemnify Q
D
settle Q
Commerce JAMB 1999 Q39 ✓ Answer: B
In a hire purchase agreement between Argungu Ltd and Maikudi, Argungun Ltd inserted the provision that it can enter Maikudi’s premises at any time and remove the hired vehicle for any breach.This provision is
A
lawful to both
B
unlawful to both
C
beneficial to both
D
detrimental to both.
Commerce JAMB 1999 Q40 ✓ Answer: C
In every simple contract, the price which is paid to purchase a promise is called
A
offeree
B
acceptance
C
consideration
D
representation
Commerce JAMB 1999 Q41 ✓ Answer: A
One major disadvantage of a cartel is that it
A
maximizes productive efficiency
B
brings the merging firms under control
C
maximizes profits from operation
D
eliminates competition and waste.
Commerce JAMB 1999 Q42 ✓ Answer: B
Staff position in an organization borders on
A
authority
B
advice
C
responsibility
D
control.
Commerce JAMB 1999 Q43 ✓ Answer: C
The line function in a typical manufacturing enterprise is normally performed by the
A
public relations department
B
estate or properties department
C
marketing department
D
legal department.
Commerce JAMB 1999 Q44 ✓ Answer: D
I Money and machine II. Materials and money. III Market and I Man IV. Materials and Man. Which combination of the above are basic requirements as business resources?
A
I and II
B
II and III
C
I and IV
D
II and IV.
Commerce JAMB 1999 Q45 ✓ Answer: D
Under what management function would the motivation of employees fall?
A
Staffing
B
Controlling
C
Organizing
D
Directing.
Commerce JAMB 1999 Q46 ✓ Answer: A
The main thrust of government policy of evolving good business environment in Nigeria is the need
A
to attract local and foreign investors
B
for more export commodities
C
for consumer oriented products
D
to have viable local markets.
Commerce JAMB 1999 Q47 ✓ Answer: D
Which of these sets of external environmental factors [PAGE 15] affect a business operation?
A
Competition, industry and product
B
Competition, labour and political
C
Political, cultural and labour
D
Economic, social and legal.
Commerce JAMB 1999 Q48 ✓ Answer: B
The right of the public to protection against question able products and marketing practices is
A
an economic aspect of the business
B
a social responsibility of the business
C
a legal aspect of the business
D
a political aspect of the business. Commerce 2000