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Commerce Past Questions

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1,707 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2

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1,707 questions

Question 1 of 20 1,707 total questions

Question 331

jamb 2016

The lumbering of trees by a furniture company is an example of

Aprimary production

Bsecondary production

Ctertiary production

Ddirect production

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Question 332

jamb 2016

An advantage of the Second-Tier Securities Market to an economy is in

Acreating avenues for investment

Bregulating competition amongst companies

Cgranting financial assistance to consumers

Dincreasing companies profit margins

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Question 333

jamb 2016

Which of the following is used for temporary storage of data on a computer?

ARAM

BROM

CFloppy disk

Dflash drive

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Question 334

jamb 2016

The winding up of a firm by a resolution of its shareholders is an example of

Avoluntary liquidation

Bbankruptcy

Crecession

Dinvoluntary liquidation

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Question 335

jamb 2016

Ordianry warehouse is usually owned and used by

Agovernment

Bagents

Cretailers

Dwholesalers

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Question 336

jamb 2016

The function of money that is mostly affected by inflation is

Astore of value

Bmedium of exchange

Cmeasure of value

Dunit of account

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Question 337

jamb 2016

The process whereby a firm directs its marketing efforts towards a single market by the use of a particular marketing mix is referred to as

Aconcentration segmentation

Bmarket concept

Cconsumer orientation

Dmarket penetration

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Question 338

jamb 2016

The cost which is incurred asa result of failure to load or unload a ship at the ports within a specified period is referred to as

Ademurrage charges

Bpremium charges

Cexcess charges

Dtrade charges

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Question 339

jamb 2015

\(\begin{array}{c|c}
\text{Name} & \text{Insure amount} & \text{Actual value} & \text{Actual loss} \\
\hline
\text{Mr A} & 30,000 & 100,000 & 40,000 \\
\hline
\text{Mr B} & 40,000 & 120,000 & 50,000 \\
\hline
\text{Mr C} & 50,000 & 15,000 & 70,000 \\
\end{array}\)

If Mr A takes a fire insurance policy with average clause, his compensation will be

AN15,000

BN20,000

CN12,000

DN25, 000

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Question 340

jamb 2015

\(\begin{array}{c|c}
N & N \\
\hline
\text{Capital 8000} & \text{Plant and machinery5000}\\
\hline
\text{Net profit 4000} & \text{Motor Van 4500} \\
\hline
\text{Drawings 200} & \text{Stock 2000} \\
\hline
\text{Creditors 2000} & \text{Debtors 1000} \\
\hline
\text{Accurals 300} & \text{Banks 100} \\
\hline
& \text{Cash 600} \\
\hline
14100 & 14100 \\
\end{array}\)

What is the current ratio?

A1 : 4

B5 : 1

C3 : 1

D2 : 1

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Question 341

jamb 2015

Given

\(\begin{array}{c|c}
\text{Opening stock} & 50,000 \\
\hline
\text{Purchases} & 200,000 \\
\hline
\text{Sales} & 350,000 \\
\hline
\text{Closing stock} & 80,000 \\
\end{array}\)

What is the cost of good sold?

AN200,000

BN190,000

CN170,000

DN175,000

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Question 342

jamb 2015

\(\begin{array}{c|c}
\text{Opening stock} & 1800 \\
\hline
\text{Purchases} & 2800 \\
\hline
\text{Sales} & 800 \\
\hline
\text{Closing stock} & 800 \\
\hline
\text{Carriage on sale} & 500 \\
\end{array}\)

Calculate the value of the unused stock

AN320

BN350

CN500

DN800

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Question 343

jamb 2015

The principle of subrogation stated that

AAn insured person should be indemnified to the time of the amount insured

BAn insurance company constant in lace of the insured in dealing with third party.

COnly a person who is likely to suffer loss hold take out an insurance cover

DThere must be accuse connection between the actual loss suffered and risk insure

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Question 344

jamb 2015

Musa obtains wool from his sheep, spins and transform it into cloth which he sells to consumers, this is a form of

AVertical integration

BHorizontal integration

CForward Integration

DBackground integration

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Question 345

jamb 2015

The term 4 net 7 on an invoice means that

A4% surcharge will be made unless payment is made within seven days

B4% discount will be allowed on the price charged only if the good are bought within seven days

C4% discount will be allowed on the price charge if payment is made after seven days

D4% discount will be allowed on the price charged if payment is made price charged if payment is made price charged if payment is made within seven days.

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Question 346

jamb 2015

The business environment that takes into cognizance the age distribution ethnic mix and educational level of the consumer is

ANatural Environment

BCultural environment

CEconomic environment

DDemographic Environment

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Question 347

jamb 2015

The document issued to a port authority when a good are deposited is a

Adock warrant

BDock landing account

CBall of sight

DBill of landing note

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Question 348

jamb 2015

A bond which attracts interest but leaves the capital repaid is referred to as

AA redeemable bond

BAn irredeemable bond

CA development bond

DA long-term loan

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Question 349

jamb 2015

Use the information below to answer this question.

Mammy Plc, whose nominal capital is made up of 5,000,000 ordinary shares at 50K each, decide to offer 80% of it to the public and realized only 50% of the amount due.

what is the company authorized share authorized share capital?

AN4,000,000

BN5,000,000

CN7,500,000

DN2,500,000

View Explanation & Discuss

Question 350

jamb 2015

The circulating capital of a business enterprise is classified into

ACash, work-in-progress and debtors

BCash, Vehicles, land and building

Cdebtors, stocks of raw materials and fitting

DPrepayments, debtors and equipment

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