JAMB Commerce Past Questions 2023
10 questions from the JAMB 2023 Commerce paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2023Question 1 · Business Organisation and Management
Which of the following is not a veritable source of funds to a public limited liability company?
- A.advances and loans from bank
- B.internally generated funds
- C.government financial grants
- D.funds from the sale of shares
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Answer: C. government financial grants
Government financial grants are not a typical funding source for a public limited liability company.
JAMB 2023Question 2 · Business Organisation and Management
A business organization that exploits the capabilities of a member to remedy the weakness of another is a
- A.joint venture
- B.partnership
- C.nominal partnership
- D.cooperative
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Answer: B. partnership
A partnership combines members' strengths to offset individual weaknesses.
JAMB 2023Question 3 · Business Organisation and Management
One of the major problems of a sole properitor is sourcing for
- A.labour
- B.machineries
- C.raw materials
- D.funds
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Answer: D. funds
Sourcing for funds is a major problem of a sole proprietor.
JAMB 2023Question 4 · Commerce Fundamentals and Occupations
The function of commerce in relation to production is
- A.helping in the extraction of raw materials from nature
- B.yielding result
- C.providing a link between the different stage of conversion of good
- D.satisfying
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Answer: C. providing a link between the different stage of conversion of good
Commerce links the different stages in the conversion of goods.
JAMB 2023Question 5 · Communication and Transportation
Which is the fastes means of transportation?
- A.road
- B.air
- C.rail
- D.water
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Answer: B. air
Air is the fastest means of transportation.
JAMB 2023Question 6 · International, Wholesale, and Retail Trade
An individual that links the producer with the retailer is
- A.an agent
- B.a wholesaler
- C.a principal
- D.an entreprenuer
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Answer: B. a wholesaler
A wholesaler links the producer with the retailer.
JAMB 2023Question 7 · International, Wholesale, and Retail Trade
Factors considered when setting up a retail business is one of the following
- A.capital, experience and trading
- B.experience, term of trade and trading
- C.capital, trading and term of trade
- D.capital, type of goods and source of supply
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Answer: D. capital, type of goods and source of supply
Setting up a retail business requires considering capital, type of goods and source of supply.
JAMB 2023Question 8 · Law of Contract and Agency
An agent who has to sell perishable goods without the prior authority of the owner becomes an agent by
- A.estoppel
- B.conduct
- C.necessity
- D.ratification
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Answer: C. necessity
An agent selling perishable goods without prior authority becomes an agent by necessity.
JAMB 2023Question 9 · Marketing and Advertising
A system where customer patronage is sought by producing what they need is referred to as
- A.sales promotion
- B.product promotion
- C.market promotion
- D.market orientation
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Answer: D. market orientation
Market orientation seeks patronage by producing what customers need.
JAMB 2023Question 10 · Money, Banking, and Stock Exchange
The difference between the central bank and commercial bank is that the former
- A.serves as lender of last resort
- B.discount treasury bills
- C.saves valuable of individual
- D.give loans to the public
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Answer: A. serves as lender of last resort
The central bank, unlike commercial banks, serves as lender of last resort.
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