JAMB Commerce 1994 Past Questions

Commerce is defined as the study of how

The type of activity which turns processed raw materials into consumer and industrial goods is described as

The production process that combines two or more raw materials into one end product is

A demonstration of social responsibility by a business is the payment of

A distinguishing characteristics of a limited liability company is that it

Which of the following takes place when firms producing at different stages in the same industry combine?

Which of the following groups is paid first when a firm liquidates?

Compulsory dissolution of a business can arise from

What are fixtures and fittings in a balance sheet?

Governments impose import duties for the following reasons EXCEPT

Sole enterprise may flourish best in

The use of coin-operated machines to sell goods is a form of

What is the major function of the wholesaler?

The rate at which a country's exports exchange for its imports is called

The difference between the total payments for imports and the receipts from exports within a given period is referred to as

A pro forma invoice is NOT required when

Which of the following statements is TRUE about sea transport?

The postal organization which preceded the Nigerian Postal Service is

Goods discharged from ships on which import duties have not been paid are kept in the

A sole proprietor insured his goods worth N200,000 for half the value. There was a fire accident in which goods valued N80,000 were destroyed. The value of compensation expected from the insurer is

One of the effects of the devaluation of the Naira is that the

Drawing two parallel lines across a cheque means that it has to be paid into the account of the

The financial institution established to boost Nigeria's trade with the rest of the world is called

Which of the following is both direct and indirect credit enterprise?

The business in the stock exchange is characterized essentially by

The second tier security market is

The element of the marketing mix are

Which of the following items has the shortest effect on the consumer

Which of the following is a form of sales promotion

One advantage of personal selling over all other elements of promotion is that

Which of the following must be present in an agency by agreement?

An agreement to sell is distinguishable from sale because in the former, the transfer of goods is

Mr Amusa says to Mr Bello 'i will sell you this hat for N30'. And Mr Bello replied 'i will pay N29'. The contract is

Nationalization of an industry means that its ownership becomes that of

The comprehensive import supervision scheme was set up by the federal government in order to

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

Which of the following maxims negate the principle of collective bargaining?

NACCIMA stands for

For establishment of a powerful consumers' association in Nigeria to exist, there must be

which of the following is the most important business resource?

The harmonious relationship among the various units in an organization is ensured through

The principle of span of control stipulates that

Which of the following makes other functions of business its appendages?

The use of computer in modern banking industry is a reflection of

When an oil exploring and mining company builds a health center in one of the communities where it operates, such a company is

The West African clearing House became legally operational on

The lake Chad Basin commission was founded to enable member states

What is the working capital as at December 31,1992?

A company earned a total revenue of N108 million with a total cost of N91 million in 1991. If it paid 45% tax on its gross profit for that year, determine its net profit.

What are fixtures and fittings in a balance sheet?