🛒 2002

JAMB Commerce 2002 past questions

47 questions from the 2002 JAMB UTME Commerce paper. Free, with answers where available.

Practice with CBT mock → All Commerce years
Commerce JAMB 2002 Q1 ✓ Answer: C
The most important factor that delayed the development of commerce in Nigeria was
A
the inefficient means of communication
B
that there were few entrepreneurs
C
the unavailabity of infrastructural facilities
D
that there were few developed markets
Commerce JAMB 2002 Q1 ✓ Answer: A
An example of service rendering trade association is
A
Nigerian Bar Association
B
Association of Nigerian Miners
C
Cocoa Farmers Association
D
Manufacturers Association of Nigerian
Commerce JAMB 2002 Q2 ✓ Answer: B
Secondary production has to do with changing the
A
shape of raw materials through construction operation
B
physical form of raw materials into finished goods
C
utility of raw material by an engineering process
D
nature of raw materials through manufacturing
Commerce JAMB 2002 Q2 ✓ Answer: A
An obstacle to international trade is
A
Trade imbalance between countries
B
Availability of local market
C
Quantity and quality of labour
D
Cost of finance
Commerce JAMB 2002 Q3 ✓ Answer: B
The major responsibility of an entrepreneur is
A
employing all factors of production in the business
B
coordinating and determining the proportion of what to produce
C
planning and organizing all activities in the business
D
directing and controlling all the affairs of the business
Commerce JAMB 2002 Q3 ✓ Answer: C
The right of ownership with respect to goods or property is
A
right of occupancy
B
proxy
C
title
D
certificate of occupancy
Commerce JAMB 2002 Q4 ✓ Answer: D
Which of the following best describe the scope of commerce?
A
All forms of commercial exchanges and the manufacturing industry
B
buying and selling and the construction industry
C
all occupational exchanges relating to industries and commercial activities
D
buying and selling as well as the extraction of natural resources.
Commerce JAMB 2002 Q4 ✓ Answer: D
The main motive of chambers of commerce and trade association is to
A
assist the government in achieving its objectives
B
protect the interest of consumers
C
maximize profit
D
protect and promote the interests of members
Commerce JAMB 2002 Q5 ✓ Answer: B
Capital as a factor of production can be used as
A
money that is regarded as asset
B
goods that are useful in business
C
community responsibility
D
responsibility to customers.
Commerce JAMB 2002 Q6 ✓ Answer: D
The agency that currently oversee the privatization and commercialization processes in Nigeria is the
A
securities and exchange commission
B
technical committee on privatization and commercialization
C
Nigeria stock exchange
D
bureau of public enterprises
Commerce JAMB 2002 Q7 ✓ Answer: B
Okeze contracted to sell TV sets to Ojo, unknown to them, the sets were stolen in transit. This contract my be terminated on the grounds of
A
bankruptcy
B
frustration
C
fraudulence
D
breach of contract
Commerce JAMB 2002 Q8 ✓ Answer: A
Which of the following countries are member of the lake Chad Basin Commission?
A
Nigeria
B
Benin and Nigeria
C
Chad and Benin
D
Nigeria and Mali
Commerce JAMB 2002 Q10 ✓ Answer: A
The agency in Nigeria which ensure that products conform to government quality specification is the
A
standard organization of Nigeria
B
Nigeria consumer’s association
C
manufactures association of Nigeria
D
Nigeria chamber of commerce [PAGE 22]
Commerce JAMB 2002 Q12 ✓ Answer: A
The commercialization of public enterprises is aimed at
A
increasing efficiency and making the enterprises self-sufficient
B
advertising and promoting the goods and services of the enterprise
C
increased assistance and patronage of the enterprises by the public
D
selling the goods and services of the enterprises
Commerce JAMB 2002 Q13 ✓ Answer: D
An author is exclusive right to his published and unpublished works is known as
A
authors right
B
constitutional right
C
patent right
D
copyright
Commerce JAMB 2002 Q14 ✓ Answer: C
Under an endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the
A
indemnity
B
surrender value
C
lump sum benefit
D
insurance premium
Commerce JAMB 2002 Q15 ✓ Answer: D
The machine used for sending telex message is known as a
A
radar
B
fax machine
C
Dictaphone
D
teleprinter
Commerce JAMB 2002 Q16 ✓ Answer: B
Which of these insurance principles requires a close connection between the actual loss suffered and the risk insured?
A
Indemnity
B
proximate cause
C
contribution
D
subrogation
Commerce JAMB 2002 Q17 ✓ Answer: D
The unit through which the results of a processed data are displayed is the
A
logic unit
B
display unit
C
control unit
D
output unit
Commerce JAMB 2002 Q18 ✓ Answer: D
Which of the following is used to inform the addressee that a registered parcel is ready for collection?
A
Express label
B
counterfoil
C
telegram
D
Slip
Commerce JAMB 2002 Q19 ✓ Answer: B
The type of computer commonly found in offices is
A
laptop
B
desktop
C
the hybrid computer
D
the main frame computer
Commerce JAMB 2002 Q20 ✓ Answer: D
The mode of transporting crude oil to the ports for export purposes is by
A
tanker
B
rail
C
road
D
pipeline
Commerce JAMB 2002 Q21 ✓ Answer: A
The temporary insurance certificate issued to the insured before drawing up a policy is a
A
cover note
B
testimonial
C
time policy
D
proposal form
Commerce JAMB 2002 Q22 ✓ Answer: C
The bulls and bears in the Stock Exchange market help to minimize
A
the number of shares and bonds sold
B
price increases of securities
C
flunctuations in the prices of securities
D
the elasticity of the prices of securities
Commerce JAMB 2002 Q23 ✓ Answer: A
Debentures differ from shares in that
A
they are secured on the company’s assets
B
ownership is open to the public
C
they form part of the capital of the business
D
rewards are usually paid out of profit.
Commerce JAMB 2002 Q24 ✓ Answer: A
The Stock Exchange is a market where
A
long-term securities are sold
B
all types of securities are sold
C
short term securities are sold
D
medium-term securities are sold
Commerce JAMB 2002 Q27 ✓ Answer: A
The document issued by the seller which gives details of the goods he sells is known as
A
catalogue
B
tender
C
price list
D
invoice
Commerce JAMB 2002 Q28 ✓ Answer: B
Given: I Retail, II export, III Transport, IV import, V Insurance, VI banking and finance insurance VII wholesale VIII communication. Which of the above are aids to trade?
A
I, II, III and VIII
B
III, V, VI and VIII
C
I, II, III and VI
D
II, V, VI and VII
Commerce JAMB 2002 Q29 ✓ Answer: C
The organizational structure that relates the positions of specialists to the line managers is called
A
line structure
B
staff structure
C
line and staff structure
D
.functional structure
Commerce JAMB 2002 Q31 ✓ Answer: B
An important principle of a good organizational structure is
A
ideal standard
B
span of control [PAGE 23]
C
clarity of mission
D
adequacy of resources
Commerce JAMB 2002 Q34 ✓ Answer: C
The total of the share capital which a company would be allowed to issue is know as
A
called-up capital
B
paid up capital
C
nominal capital
D
issued capital
Commerce JAMB 2002 Q35 ✓ Answer: A
The process of mobilizing, engaging and maintaining workers to work for an organization is referred to as
A
staffing
B
selection
C
recruitment
D
employment
Commerce JAMB 2002 Q36 ✓ Answer: B
Recognized members of the Stock Exchange who buy and sell securities on their own behalf are known as
A
bull
B
jobbers
C
broker
D
stagers
Commerce JAMB 2002 Q37 ✓ Answer: D
Which of the following involves foreign trade?
A
Supermarkets
B
chain stores
C
departmental stores
D
commodity market
Commerce JAMB 2002 Q38 ✓ Answer: C
Which of the following is a function of employers’ association?
A
Undertaking research on behalf of employees
B
promotion of thrift in workers
C
promotion of workers welfare
D
dissemination of information through sponsored journals
Commerce JAMB 2002 Q39 ✓ Answer: B
Which of the following industries is normally located near the source of its raw materials?
A
Footwear
B
cement factory
C
textile industry
D
automobile assembly
Commerce JAMB 2002 Q40 ✓ Answer: C
One of the most important functions of marketing is
A
encouraging research activities to meet needs
B
creating classes of merchants among businessman
C
the extension of markets for businesses
D
providing finances to businesses
Commerce JAMB 2002 Q41 ✓ Answer: B
Securities on which the buyers are not issued with certificates are called
A
authorized securities
B
inscribed securities
C
bearer securities
D
registered securities
Commerce JAMB 2002 Q42 ✓ Answer: D
In product pricing, which of these elements needs more consideration that others?
A
the demand for the product
B
the demography of the buyers of the product
C
the economic conditions in the market
D
the cost of producing the product.
Commerce JAMB 2002 Q43 ✓ Answer: D
The principal objectives of the Central Bank of Nigeria can be classified broadly into
A
banker’s bank, lender of last resort and issuance of currency B service, currency management and financial intermediation
C
banking services, foreign exchange operations and open market operations
D
service monetary policy and developmental functions.
Commerce JAMB 2002 Q44 ✓ Answer: B
The letters E and OE stands for
A
errors of exception
B
errors and omissions excepted
C
estimated and order error
D
end of error
Commerce JAMB 2002 Q45 ✓ Answer: D
An important issue for consideration in the product element of the marketing mix is the
A
adequate promotion of the product
B
channel of distribution of the product
C
price of the product
D
planning and development of the product
Commerce JAMB 2002 Q47 ✓ Answer: D
Which of the following is an example of trade associations?
A
European Union
B
National Marketing Unity
C
Organization of African Unity
D
National Farmer’s Council
Commerce JAMB 2002 Q48 ✓ Answer: B
Which of the following determines the quality of the goods that a retailer sells?
A
The mode of contract of sales
B
the type of manufacturer
C
the regulations regarding sales in the area
D
the location of his shop
Commerce JAMB 2002 Q49 ✓ Answer: C
One of the obstacles to achieving the objectives of ECOWAS is
A
lack of common currency
B
colonial linkages,
C
sovereignty of states
D
language differences.
Commerce JAMB 2002 Q49 ✓ Answer: B
An advantage of hire purchase to the consumer is the
A
economics of scale in production [PAGE 24]
B
possession of goods before payment
C
increase in turnover and profits
D
low interest rate chargeable
Commerce JAMB 2002 Q50 ✓ Answer: C
One of the main objectives of establishing theNiger River Basin Commission was to :
A
embark on a comprehensive survey of the available water resources
B
carry out research for the development of fresh water fisheries,
C
develop infrastructure to facilitate economic activties
D
promote trade among member-states to improve standard of living.