🛒 2004

JAMB Commerce 2004 past questions

43 questions from the 2004 JAMB UTME Commerce paper. Free, with answers where available.

Practice with CBT mock → All Commerce years
Commerce JAMB 2004 Q3 ✓ Answer: C
The program that makes up the operating system in a computer is
A
microprogram
B
system flowchart
C
system software
D
syntax.
Commerce JAMB 2004 Q4 ✓ Answer: B
When an organization studies a market that is underserved by others and creates a product or service for the segment, it is engaged in [PAGE 27]
A
market integration
B
market positioning
C
market orchestration
D
product differentiation.
Commerce JAMB 2004 Q5 ✓ Answer: A
Coverage against unexpected events is called
A
insurance
B
assurance
C
warranty ,"
D
reinsurance.
Commerce JAMB 2004 Q6 ✓ Answer: D
An insured risk which occurs accidentally as a result of defects in a ship is
A
a voyage policy
B
a total loss
C
an emergency
D
a particular average.
Commerce JAMB 2004 Q7 ✓ Answer: A
Communication enhances business activities by
A
facilitating interaction between producers and consumers
B
facilitating interaction among media houses
C
ensuring the movement of goods from the producer to the consumer
D
keeping the goods safe until they are needed.
Commerce JAMB 2004 Q8 ✓ Answer: D
In business, the computer is very important especially in
A
fmancial management
B
marketing management
C
educational management
D
information management.
Commerce JAMB 2004 Q9 ✓ Answer: C
What is the most important use of promotion in marketing?
A
Persuasion.
B
Conviction.
C
Information.
D
Education.
Commerce JAMB 2004 Q10 ✓ Answer: A
The current highest decision-making body on privatization and commercialization of public enterprises in Nigeria is the
A
National Council on Privatization
B
Securities and Exchange Commission
C
Nigeria Investment Promotion Commission
D
Bureau of Public Enterprises.
Commerce JAMB 2004 Q11 ✓ Answer: B
The members of the Niger Basin Commission include
A
Guinea, Ghana and Niger Republic
B
Burkina Faso, Guinea and Nigeria
C
The Gambia, Benin Republic and Chad Republic
D
Nigeria, the Gambia and Cameroun.
Commerce JAMB 2004 Q12 ✓ Answer: A
Business environment refers to all elements that are
A
outside an organization but relevant to its operations
B
inside an organization but irrelevant to its operations
C
internal to an organization and relevant to its operations
D
external to an organization but indirectly related to its operations.
Commerce JAMB 2004 Q13 ✓ Answer: C
Consumer rights include the right to
A
credit
B
free samples of a product
C
redress
D
a share of profits.
Commerce JAMB 2004 Q14 ✓ Answer: B
One important requirement for the membership of the ECOWAS is
A
integrity
B
independence
C
landmass
D
population.
Commerce JAMB 2004 Q15 ✓ Answer: C
In Nigeria, the body that ensures that its members operate according to their professional ethics is the
A
SON
B
NPF
C
MAN
D
NAFDAC.
Commerce JAMB 2004 Q17 ✓ Answer: C
Poor sewage disposal, oil spill and indiscriminate refuse dumping all lead to
A
land pollution
B
water pollution
C
land and water pollution
D
air and water pollution.
Commerce JAMB 2004 Q18 ✓ Answer: A
One of the advantages of commercialization is that it
A
encourages entrepreneurship
B
increases the salaries of workers
C
motivates government to establish more businesses
D
gives workers on-the-job training.
Commerce JAMB 2004 Q20 ✓ Answer: B
Sources of finance to a business include personal savings, shares, debentures and
A
loans from IMF
B
bank overdrafts
C
central bank loans
D
money from political parties.
Commerce JAMB 2004 Q21 ✓ Answer: A
Charges for loans paid by commercial banks to the Central Bank of Nigeria are called
A
bank rates
B
credit charges
C
interest rates
D
bank charges.
Commerce JAMB 2004 Q22 ✓ Answer: D
In the primary market, new shares are issued through
A
personal selling, publicity and advertising
B
a prospectus, an offer for sale and a bill of exchange
C
advertising, a prospectus and a bill of exchange
D
a prospectus, an offer for sale and placing.
Commerce JAMB 2004 Q23 ✓ Answer: C
The instruments of credit include
A
billboards and postal stamps
B
payment vouchers and statement of account
C
bills of exchange and promissory notes
D
bills of exchange and salary vouchers.
Commerce JAMB 2004 Q24 ✓ Answer: D
The shares of a company listed on the stock exchange for sale are referred to as
A
registered shares
B
deferred shares
C
issued shares
D
quoted shares.
Commerce JAMB 2004 Q25 ✓ Answer: A
What is the role of the capital market in the privatization exercise in Nigeria?
A
Selling the shares and stocks of the companies to be privatized.
B
Encouraging private companies to participate in the exercise.
C
Negotiating with individuals who want to buy public companies.
D
Advertising for government. [PAGE 28]
Commerce JAMB 2004 Q26 ✓ Answer: B
In international trade, documentary credit is also known as
A
credit note
B
letters of credit
C
bankers' drafts
D
letter of hypothecation.
Commerce JAMB 2004 Q29 ✓ Answer: C
Authorized share capital is also known as
A
called-up share capital
B
paid-up share capital
C
registered share capital
D
issued share capital.
Commerce JAMB 2004 Q30 ✓ Answer: A
An action taken by a company outside its object clause is regarded as
A
ultra vires
B
a trespass
C
uberrima fides
D
caveat emptor.
Commerce JAMB 2004 Q31 ✓ Answer: D
The strategy adopted by a flrIn that ceases to operate at one or more locations because of inactivity is
A
rejuvenation
B
focus
C
diversification
D
consolidation.
Commerce JAMB 2004 Q33 ✓ Answer: A
The merger of a textile mill, a cement company and a tannery is referred to as
A
conglomerate merger
B
horizontal merger
C
lateral merger
D
vertical merger. Use the diagram below to answer questions 34 and 35. Occupation i ii Services iv Trade Public vi v Extraction iii
Commerce JAMB 2004 Q34 ✓ Answer: C
As the branches indicate, iv is
A
commerce
B
exchange
C
finance
D
construction
Commerce JAMB 2004 Q35 ✓ Answer: A
What does v represent?
A
Aids to trade
B
Advertising
C
Manufacturing
D
Industry
Commerce JAMB 2004 Q36 ✓ Answer: B
The most important of computer is
A
helping people to improve thier profits
B
facilitating exhnages among individuals and firms
C
assistaing trade through banking and insurance
D
enhancing business relationships
Commerce JAMB 2004 Q37 ✓ Answer: C
The acronym PLC is used to identify a
A
comapny limited by shares
B
private company limited by shares
C
public company limited by shares
D
company limited by guarantee
Commerce JAMB 2004 Q38 ✓ Answer: D
Commerce includes all the occupations concerned with
A
sales
B
production
C
marketing
D
distribution
Commerce JAMB 2004 Q39 ✓ Answer: A
Factors of production can be described as the
A
resources required for the provision of goods and services
B
skills involved in deciding and directing the flow of goods
C
monetary tools employed by government to ensure stable production
D
elements involved in the process of formulating policies on production
Commerce JAMB 2004 Q40 ✓ Answer: C
Flucntuations in the supply of goods may be eliminated if the distribution system maintains
A
modern technology
B
a team of retailers
C
warehouse services
D
sufficient midlemen
Commerce JAMB 2004 Q41 ✓ Answer: C
Loan schemes by thrift ocieties are
A
mortage schemes
B
conventional schemes
C
mutual schemes
D
unconventional schemes
Commerce JAMB 2004 Q42 ✓ Answer: B
An internal demand for goods to be purchased or drawn from stock is
A
a quotation
B
a requisition
C
a tender
D
an order
Commerce JAMB 2004 Q43 ✓ Answer: D
The term 4 net 7 on an invoice means that
A
4% surcharge will be made unless payment is made within seven days
B
4% discount will be allowed on the price charged only if the goods are bought within seven days
C
4% discount will be allowed on the price charged if payment is made after seven days
D
4% discount will be allowed on the price charge if payment is made within seven days.
Commerce JAMB 2004 Q44 ✓ Answer: C
An order sent by an importer to an overseas supplier stating the details of goods reqired is known as
A
export invoice
B
ship’s manifest
C
an indent
D
bill of lading
Commerce JAMB 2004 Q45 ✓ Answer: D
Organising trade fairs in Nigeria is the responsibility of
A
National Directorate of Employment
B
Federal Ministry of Commerce
C
Trade Association
D
Chamnbers of Commerce [PAGE 29]
Commerce JAMB 2004 Q46 ✓ Answer: B
International trade takes place as a result of
A
niformity in costs of production
B
inequitable distcribution of natural resources
C
parity in the level of industrialization
D
similarities in climatic conditions
Commerce JAMB 2004 Q47 ✓ Answer: D
The use of vending machines in retailing is hindered in a developing economy owing to
A
industrial policy and harmony
B
low level of education
C
ineffective communication system
D
lack of steady power supply
Commerce JAMB 2004 Q48 ✓ Answer: A
Manufcturers’ Association of Nigeria contributes to development by advising the government on
A
industrial policy and harmony
B
budget and budgetary control
C
budget and industrial policy
D
environmental protection policy
Commerce JAMB 2004 Q49 ✓ Answer: A
Discounts offered by firms to midlemen for bulk purchases are
A
trade discounts
B
sales bonanza
C
cash discounts
D
seasonal discounts
Commerce JAMB 2004 Q50 ✓ Answer: A
Goods are of merchantable quality if they
A
conform to description
B
are of equal weight
C
are of the same quality
D
conform to buyers’ purpose