10 questions from the JAMB 2014 Commerce paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2014Question 1 · Business Organisation and Management
The major aim of establishing a public corporation is to
A.establish a monopoly
B.provide essential services
C.provide employment opportunities
D.encourage specialization
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Answer: B. provide essential services
Public corporations are mainly established to provide essential services.
JAMB 2014Question 2 · Business Organisation and Management
Part payments made on allotted shares by subscribers is usually the
A.subscribed capital
B.authorized capital
C.issued capital
D.called-up capital
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Answer: D. called-up capital
Called-up capital is the part payment made on allotted shares by subscribers.
JAMB 2014Question 3 · Commerce Fundamentals and Occupations
The payment for direct service is usually made by the
A.local authority
B.community
C.government
D.individual
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Answer: D. individual
Payment for direct services is usually made by the individual receiving it.
JAMB 2014Question 4 · International, Wholesale, and Retail Trade
The document issued by a port authority for goods deposited is a
A.bill of lading
B.bill of sight
C.consular invoice
D.warehouse warrant
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Answer: D. warehouse warrant
A warehouse warrant is issued by a port authority for deposited goods.
JAMB 2014Question 5 · Law of Contract and Agency
Mr Taiwo entered into a contract to let a car to Mr Bunmi for his wedding for two days. However, the car had an accident before the first day. Mr Bunmi attempted to claim damages but failed. This implies the contract was terminated by
A.bankruptcy
B.frustration
C.breach
D.lapse of time
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Answer: B. frustration
The accident before performance frustrated the contract.
JAMB 2014Question 6 · Marketing and Advertising
A business that focuses attention on the quality of the goods produced by precisely knowing what the consumers desire is said to be operation the
A.product mix
B.promotion mix
C.marketing concept
D.product orientation.
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Answer: C. marketing concept
Producing quality goods based on precisely knowing consumer desires is the marketing concept.
JAMB 2014Question 7 · Money, Banking, and Stock Exchange
A carton of noodles valued at #2,000 was invoiced at #200 only.The accounting procedure to correct this error is to issue
A.an invoice for #200
B.a debit note for #2,00
C.a credit note for #1,800
D.a debit note for #1,800
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Answer: D. a debit note for #1,800
A debit note for #1,800 corrects the undercharge on the invoice.
JAMB 2014Question 8 · Money, Banking, and Stock Exchange
A document sent by a broker to his client to confirm a purchase or sale made on his behalf is
A.delivery note
B.consignment note
C.transfer form
D.contract note
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Answer: D. contract note
A contract note confirms a purchase or sale made by a broker on behalf of a client.
JAMB 2014Question 9 · Office Practice and ICT
Which of the following computers can be used in weather forecast?
A.Hybrid computer
B.Digital computer
C.Mainframe computer
D.Analog computer
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Answer: C. Mainframe computer
Mainframe computers are used for large-scale tasks like weather forecasting.
JAMB 2014Question 10 · Production and Insurance
Endowment policy in insurance business is an aspect of
A.accident insurance policy
B.fidelity guarantee insurance policy
C.motor vehicle insurance policy
D.life assurance policy
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Answer: D. life assurance policy
An endowment policy is an aspect of life assurance.
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