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Jamb Commerce Questions and Answers For all Candidates 2023/2024

Jamb Commerce Exam Questions and Answers
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Jamb Commerce Exam Questions and Answers for free for all Jamb candidates are now available. The Jamb Commerce exam questions are now trending online, you can use them for guidelines to study.

Jamb exam questions are logical in the sense that all the answers option look alike or exactly which made it so confusing and make many candidates fail

Jamb Commerce exam questions are not hard or difficult, if you can use a sample of our Jamb Commerce exam questions and answers available here for guides you will pass.

If you have not still covered the 2023 Jamb Commerce syllabus kindly do because Jamb we set questions from the syllabus. You only need to read using the JAMB Commerce syllabus as a guide to know the JAMB topics to cover before the Jamb exam day.

Having said that, let’s quickly go to Jamb Commerce questions and answers. Use them to prepare for the JAMB mock and examination.

Jamb Commerce Exam Questions and Answers For All Jamb Candidates

1. A crossed cheque with the inscription ‘not negotiable’ must be paid into the?

A current account of the drawer
B current account of the payee
C savings account of the payee
D fixed account of the payee

Correct Answer: B

2. The pooling of business information for the benefit of members s is a major function of a?

A pressure group
B trade association
C cultural group
D trade union

Correct Answer: B

3. An association to which all chambers of commerce in Nigeria are affiliated is the?

A Nigeria Labour Congress
B National Association of Chambers of commerce, industry, Mines and Agriculture
C Nigeria Association of Chambers of commerce, industry, Mines and Agriculture
D Nigeria Stock Exchange

Correct Answer: C

4. The resources which are necessary for business development include?

A manufacturing , materials mentors and money
B merchant, materials, mentors and money
C man, money, materials and machines
D machines, manufacturing , money and materials

Correct Answer: C

5. The four Ps of marketing are?

A product, place , process and promotion
B price, product, properrty and place
C price, product, place and promotion
D price, production , place and property

Correct Answer: C

6. Personal selling is used for the purpose of?

A establishing the company
B providing information
C creating product awareness
D given financial assistance

Correct Answer: C

7. Ships used for international transport are?

A trawelers
B yachets
C ocean liners
D launchers

Correct Answer: C

8. A function generally performed by authorities of both the air and seaport is the?

A maintance of warehouse where goods can be stored
B provision of facilities for loading and unloading of cargoes
C maintenance of security and order at the ports
D provision of facilities for landing and refuelling at the ports

Correct Answer: D

9. A major factor hindering effective communication process is?

A climate condition
B social unrest
C distance
D noise

Correct Answer: D

10. The fear of many communities concerning tourism development is the?

An influence of foreign culture
B fear of disease transmission
C fear of pollution
D religious intolerance

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

A. ordinary warehouse
B. public warehouse
C. private warehouse
D. bonded warehouse

Correct Answer: D

12. A sole proprietor insured his goods worth N200,000 for half the value. There was a fire accident in which goods valued at N80,000 were destroyed. The value of compensation expected from the insurer is
A. N40,000
B. N80,000
C. N100,000
D. N200,000

Correct Answer: C

13. One of the effects of the devaluation of the Naira is that the
A. goods that can be imported with the naira have become cheaper
B. value of other currencies relative to the naira have become cheaper
C. goods that can be exported from Nigeria have become costlier
D. imports that can be bought with the naira have become costlier

Correct Answer: D

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

A. payee
B. drawer
C. drawee
D. payer

Correct Answer: A

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

A. Nigerian Deposit Insurance Corporation
B. Nigerian Economic Reconstruction Fund
C. Nigerian Industrial Development Bank
D. Nigerian Export-Import Bank

Correct Answer: D

16. Which of the following is both direct and indirect credit enterprise?
A. A cooperative and thrift society
B. retail co-operative society
C. consumer cooperative society
D. wholesaler co-operative society

Correct Answer: A

17. The business in the stock exchange is characterized essentially by

A. dealing
B. brokerage
C. speculations
D. transactions

Correct Answer: A

18. The second tier security market is
A. an appendage to the Nigeria stock exchange
B. a member of the Nigeria stock exchange
C. meant for the shares of quoted private companies
D. a regulating arm of the Nigerian stock exchange

Correct Answer: B

19. The element of the marketing mix are
A. product promotion, place and price
B. [personal selling, advertising and research
C. promotion, production, place and price
D. procurement, price, product and place

Correct Answer: A

20. Which of the following items has the shortest effect on the consumer
A. fashion
B. innovation
C. fad
D. attribute

Correct Answer: B

21. Which of the following is a form of sales promotion
A. advertising on radio
B. offering free sample
C. distributing printed materials
D. advertising on television

Correct Answer: B

22. The quality and quantity of production mostly depend on the?

The effectiveness of factors
B availability of factors
C level of education of entrepreneurs
D level of cooperation among workers

Correct Answer: A

23. The promotion of a savings culture is a feature of a?

A trade association
B consumers’ cooperative society
C thirft cooperative society
D business association

Correct Answer: C

24. A document that gives legal status to a company is the certificate of?

An incorporation
B trading
C commencement of business
D business registration

Correct Answer: A

25. A proposed company may not be registered if?

A. the name conflicts with that of another
B it does not put ‘limited’ after its proposed name
C it has no paid-up capital
D it has no asset of its own

Correct Answer: A

26. An example of a cartel is?

A OPEC
B ECOWAS
C AU
D EU

Correct Answer: A

27. The cheapest source of funds available to a company is through?

A the sale of shares
B retained profits
C the sale of bonds
D lease financing

Correct Answer: B

28. Use the information below to answer question 28 and 29.
Miamani Plc, whose nominal capital is made up of 5000 000 ordinary shares of 50k each, decided to offer 80% of it to the public and realized only 50% of the amount due.

What is the company’s reserve share capital?

A N2500 000
B N4000 000
C N5000 000
D N2000 000

Correct Answer: A

29. The components of capital employed in a business are?

A owners’ equity and long-term debts
B total assets and current liabilities
C share capital and long-term debts
D share capital and current liabilities

Correct Answer: B

30. Determine the company’s reserve share capital.

A N2500 000
B N1000 000
C N1500 000
D N2000 000

31. In order to prevent Liquidity in commercial banks, the central banks uses?

A moral suasion
B fiscal policy
C reserve ratio
D taxation

Correct Answer: C

32. One advantage of personal selling over all other elements of promotion is that
A. it can provide instant feedback
B. it is very cheap in terms of cost per contact
C. it does not need to use mass media
D. salespeople are well-trained

Correct Answer: A

33. Which of the following must be present in an agency by agreement?
A. intentions
B. will
C. consent
D. authority

Correct Answer: A

34. An agreement to sell is distinguishable from sale because in the former, the transfer of goods is
A. not anticipated
B. not discussed
C. deferred
D. immediate

Correct Answer: C

35. 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

A. an offer and acceptance
B. an implied contract
C. a complete simple contract
D. an offer but no acceptance

Correct Answer: D

36. Nationalization of an industry means that its ownership becomes that of
A. government
B. shareholders
C. taxpayers
D. indigenes

Correct Answer: A

37. The comprehensive import supervision scheme was set up by the federal government in order to
A. reverse Nigeria’s unfavorable balance of trade
B. promote fair trade between Nigeria and other countries
C. counteract all fraudulent business deals of Nigeria with other nationals
D. ensure that imports into Nigeria are of the correct quality, value,, and quantity

Correct Answer: D

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

A. Standard organization of Nigeria
B. Federal High courts in Nigeria
C. Food and Drug Department of the Federal Ministry of Health
D. Local government health inspector

Correct Answer: C

39. Which of the following maxims negates the principle of collective bargaining?

A. individual employees have a weak bargaining base
B. individual employees attain strength when they come together in a union
C. only members of the union can benefit from agreements negotiated by the union
D. collective bargaining covers the vast majority of employees, whether union members or not

Correct Answer: C

40. NACCIMA stands for
A. Nigerian-American Center for Culture,Civic, Industries, Minerals and Arts
B. Nigerian Association for Culture ,Civic, Industries, Minerals and Arts
C. National Agency for Culture, Civilization, Investment, Manufacturing, and Agriculture
D. Nigerian association of Chambers of commerce, Industries, Mines and Agriculture

Correct Answer: D

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