🛒 2003

JAMB Commerce 2003 past questions

39 questions from the 2003 JAMB UTME Commerce paper. Free, with answers where available.

Practice with CBT mock → All Commerce years
Commerce JAMB 2003 Q1 ✓ Answer: B
Ships that sail across the ocean and operate on scheduled timetables are
A
ferries
B
ocean liners
C
tramp steamers
D
coastal liners.
Commerce JAMB 2003 Q2 ✓ Answer: A
Non-insurable risks include
A
gambling
B
damage to property
C
death
D
marine problems.
Commerce JAMB 2003 Q7 ✓ Answer: C
What was the amount paid by Ojo?
A
N382,500
B
N425,000
C
N363,375
D
N61,625
Commerce JAMB 2003 Q8 ✓ Answer: A
How much was the trade discount?
A
N42,500
B
N27,500
C
N22,500
D
N20,000
Commerce JAMB 2003 Q9 ✓ Answer: C
The basic function of the Nigerian Ports Authority is to
A
Ensure that the right calibre of personnel is employed at the ports
B
Coordinate and regulate the activities of shipping lines
C
Facilitate and control the movement of goods and services into and out of the country
D
Coordinate the activities of all the seaports in the country
Commerce JAMB 2003 Q10 ✓ Answer: B
The concept that refers to the sale, transfer or exchange of goods and services is
A
Industry
B
Trade
C
Tariff
D
Marketing
Commerce JAMB 2003 Q13 ✓ Answer: C
The payment made periodically in respect of an insurance policy entered into is known as
A
Bond
B
Commission
C
Premium
D
Surrender value
Commerce JAMB 2003 Q14 ✓ Answer: C
An example of service rendered by NIPOST is
A
Electronic mail
B
Telephone
C
Mail
D
Delivery
Commerce JAMB 2003 Q16 ✓ Answer: A
The type of marine insurance which covers either damage or loss to the vessel and such as caused by it to other vessels is
A
Bull insurance
B
Time insurance
C
Freight insurance
D
Cargo insurance
Commerce JAMB 2003 Q17 ✓ Answer: C
The management function that makes the difference in intensity of behaviour is
A
Coordinating
B
Controlling
C
Motivation
D
Planning
Commerce JAMB 2003 Q18 ✓ Answer: A
One of the function of seaports is the provision of
A
Berthing and landing facilities
B
Loading and offloading facilities
C
Control room for relaying radio messages
D
Ware houses for storage of cargo.
Commerce JAMB 2003 Q19 ✓ Answer: D
The process of dividing task into jobs and departments and of delegating authority is know as
A
Staffing
B
Leading
C
Directing
D
Organizing
Commerce JAMB 2003 Q20 ✓ Answer: A
Communication process involves the transmission of a message over a selected channel to the
A
Receiver
B
Audience
C
Sender
D
Encoder
Commerce JAMB 2003 Q21 ✓ Answer: B
Stimulation of demand is a kind of communication in marketing which connotes
A
Personal selling
B
Sales promotion
C
Advertising
D
Merchandising
Commerce JAMB 2003 Q23 ✓ Answer: A
Entrepreneurship mainly involves
A
Risk-taking
B
Initiating
C
Skilled manpower
D
Knowledge
Commerce JAMB 2003 Q24 ✓ Answer: A
In the event of the liquidation of a company, the first to be settled are:
A
Debenture holders
B
Members of the board
C
Preference shareholders
D
Ordinary shareholders
Commerce JAMB 2003 Q25 ✓ Answer: A
The business organization established mainly for the purpose of carrying out specific assignments for a specific duration is a
A
Joint venture
B
Cooperative society
C
Partnership
D
Company
Commerce JAMB 2003 Q26 ✓ Answer: D
Which of these factors of production is relatively fixed in supply?
A
Capital
B
Entrepreneur
C
Human resources
D
Natural resources
Commerce JAMB 2003 Q27 ✓ Answer: A
The location of a business is mostly influenced by
A
Market outlet
B
Management decision
C
Capital
D
Environment
Commerce JAMB 2003 Q28 ✓ Answer: A
The evolution of commerce in Nigeria is traceable to the
A
Period of barter economy as human needs became limitless
B
Desire by human beings to satisfy their needs through the services of other people in the society
C
Development of human civilization and the desire to meet their needs
D
Primitive stage of existence of human beings.
Commerce JAMB 2003 Q29 ✓ Answer: C
One of the requirements necessary for setting up a business is
A
Registration
B
Advertisement
C
Knowledge of the business
D
Documentation
Commerce JAMB 2003 Q30 ✓ Answer: B
The assembling of products into usable form is known as
A
Construction
B
Manufacturing
C
Formation
D
Creation
Commerce JAMB 2003 Q31 ✓ Answer: B
The government’s policy thrust on the business environment is to
A
Promote exports
B
Attract investors
C
Be self-sufficient
D
Increase production
Commerce JAMB 2003 Q32 ✓ Answer: C
Social responsibility is the ability of an organization to
A
Tackle the socio-economic problem of its community
B
Meet the needs of its community
C
Contribute to sustaining and developing its community
D
Operate without disrupting the very essence of the environment
Commerce JAMB 2003 Q33 ✓ Answer: D
The act of a person employing another to enter into a contract on his behalf is known as
A
Business
B
Sale of goods
C
Bilateral agreement
D
Agency
Commerce JAMB 2003 Q34 ✓ Answer: C
The ECOBANK is the initiative of
A
Some well-meeting Nigerian shareholders
B
The federal government of Nigeria
C
West African states to foster trade
D
The lagos state government to enhance capital mobilization.
Commerce JAMB 2003 Q35 ✓ Answer: B
Privatization is concerned with
A
Capital ownership between the public and the government
B
The dilution of ownership among the public
C
The individual ownership of companies
D
Government ownership of companies
Commerce JAMB 2003 Q36 ✓ Answer: A
Electronic computers differ from human beings in that they process data and minimize errors in a [PAGE 26]
A
Faster and more accurate manner
B
More organized manner
C
Faster but less accurate manner
D
Slower but more accurate manner
Commerce JAMB 2003 Q38 ✓ Answer: B
The device which interprets and carries out the instructions presented to it by the computer program is known as
A
Software
B
Micro-processor
C
Mouse
D
Hard-disk
Commerce JAMB 2003 Q39 ✓ Answer: A
The market structure, business conditions and financial systems in Nigeria constitute the
A
Economic environment
B
Political environment
C
Cultural environment
D
Technological environment
Commerce JAMB 2003 Q40 ✓ Answer: B
The protection of consumers against exploitation by manufacturers is to ensure
A
That there are varieties of products
B
That the right quality of goods and services is sold
C
Increase in production capacity
D
Increase in the level of consumer awareness
Commerce JAMB 2003 Q41 ✓ Answer: A
The most widely used computer language that focuses on solving science-oriented problems is
A
FORTRAN
B
BASIC
C
ADA
D
COBOL
Commerce JAMB 2003 Q42 ✓ Answer: C
Banks are engaged in the business of buying and selling of
A
Bills of exchange
B
Investment of credit
C
Intangible products
D
Land
Commerce JAMB 2003 Q44 ✓ Answer: A
The body charged with the responsibility to register shares for subscription on the stock market in Nigeria is the
A
Securities and exchange commission
B
Nigerian stock-exchange
C
Nigerian deposit insurance corporation
D
Central bank of Nigeria
Commerce JAMB 2003 Q45 ✓ Answer: D
An essential factor for evaluating the different sources of funds for a business is the.
A
Decree establishing the business
B
Ownership structure of the business
C
Size and the type of the bank
D
Burden of cost and repayment Liabilities N Assets N Paid-up capital 200,000 Buildings 50,000 Retained earnings 50,000 Plant & Creditors 50,000 Machinery 35,000 Bills payable 50,000 Debtors 50,000 Dividends payable 70,000 Fixtures 20,000 Stocks 145,000 Banks 120,000 420,000 420,000
Commerce JAMB 2003 Q46 ✓ Answer: A
What is the owner’s equity?
A
N250,000
B
N300.000
C
N420,000
D
N200,000.
Commerce JAMB 2003 Q47 ✓ Answer: B
Find the current ratio
A
1.53:1
B
1.85:1
C
0.87:1
D
0.50:1
Commerce JAMB 2003 Q48 ✓ Answer: A
Money can simply be referred to as a
A
Medium of exchange
B
Means for the settlement of debts
C
Durable asset for doing business
D
Standard of value
Commerce JAMB 2003 Q50 ✓ Answer: B
Public debt management is one of the function of a
A
Merchant bank
B
Central bank
C
Commercial bank
D
Development bank. Commerce 2004