10 questions from the JAMB 2020 Commerce paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2020Question 1 · Business Organisation and Management
A distinguishing characteristic of a limited liability company is that
A.is a collection of many sole proprietors
B.is a multiple partnership
C.has limited resources
D.can sue and be sued
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Answer: D. can sue and be sued
A limited liability company can sue and be sued in its own name.
JAMB 2020Question 2 · Business Organisation and Management
The management function that makes the difference in intensity of behavior is
A.controlling
B.motivation
C.coordinating
D.planning
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Answer: B. motivation
Motivation makes the difference in the intensity of workers' behaviour.
JAMB 2020Question 3 · Business Organisation and Management
Given: ₦ Opening Stock 1,800 Purchases 2,800 Sales 8,000 Closing stock 350 Carriage on sales 500 Calculate the value of the unused stock.
A.₦800
B.₦500
C.₦320
D.₦350
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Answer: D. ₦350
The unused (closing) stock value given is N350.
JAMB 2020Question 4 · Business Organisation and Management
The process of dividing tasks into jobs and departments and delegating authority is known as
A.directing
B.leading
C.organizing
D.staffing
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Answer: C. organizing
Dividing tasks into jobs/departments and delegating authority is organizing.
JAMB 2020Question 5 · Commerce Fundamentals and Occupations
Which of the following are the components of commerce? I. trading and advertising II. warehousing and transportation III. packing and branding IV. Insurance and banking
A.I and II
B.I,II and IV
C.II, III and IV
D.I and III
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Answer: B. I,II and IV
Components of commerce include trading/advertising, warehousing/transportation, and insurance/banking.
JAMB 2020Question 6 · Communication and Transportation
Ships used for international transport are
A.oceanliners
B.yachts
C.launchers
D.trawlers
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Answer: A. oceanliners
Oceanliners are ships used for international transport.
JAMB 2020Question 7 · International, Wholesale, and Retail Trade
A country is said to be experiencing an unfavourable balance of trade if her
A.exports exceed imports
B.visible imports exceeds Visible exports
C.visible exports exceed visible imports
D.imports and exports are equal
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Answer: B. visible imports exceeds Visible exports
An unfavourable balance of trade occurs when visible imports exceed visible exports.
JAMB 2020Question 8 · Law of Contract and Agency
Mr. Taju entered into a contract to let a car to Mr. Funbi for his wedding for two days. However, the car had an accident before the first day. Mr. Funbi attempted to Claim damages but failed. This implies that the contract was terminated by
A.bankruptcy
B.breach
C.lapse of time
D.frustration
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Answer: D. frustration
The accident before performance frustrated the contract.
JAMB 2020Question 9 · Money, Banking, and Stock Exchange
Charges for loans paid by commercial banks to the Central Bank of Nigeria are called
A.credit charges
B.interest rates
C.bank charges
D.bank rates
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Answer: D. bank rates
Bank rates are charges for loans paid by commercial banks to the CBN.
JAMB 2020Question 10 · Office Practice and ICT
The central working system of a computer used for data processing is the
A.monitor
B.floppy disk drive
C.hard drive
D.memory unit
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Answer: D. memory unit
The memory unit is the central working system for a computer's data processing.
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