JAMB Commerce Past Questions 2024
10 questions from the JAMB 2024 Commerce paper, with answers and explanations. Tap "Show answer" under each one when you are ready.
JAMB 2024Question 1 · Business Organisation and Management
The main objective of nationalization of industries is to
- A.prevent existing firms from liquidation
- B.Make more profit for the government
- C.prevent all aliens from taking part in the business activities of a country
- D.bring an Industry under state ownership and control
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Answer: D. bring an Industry under state ownership and control
Nationalisation mainly aims to bring an industry under state ownership and control.
JAMB 2024Question 2 · Business Organisation and Management
Which of the following is NOT regarded as a welfare service in an organization?
- A.training
- B.medical facilities
- C.transportation
- D.recreational facilities
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Answer: A. training
Training is a professional development function, not typically classed as a welfare service.
JAMB 2024Question 3 · Business Organisation and Management
In the event of winding up of a company, who among the following is paid last?
- A.Preference Shareholders
- B.Ordinary shareholders
- C.Cumulative preference shareholders
- D.Debenture holders
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Answer: B. Ordinary shareholders
Ordinary shareholders are paid last when a company winds up.
JAMB 2024Question 4 · Communication and Transportation
One of the easiest means of transporting petroleum product is by
- A.pipeline
- B.air
- C.road
- D.rail
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Answer: A. pipeline
Pipeline is one of the easiest means of transporting petroleum products.
JAMB 2024Question 5 · International, Wholesale, and Retail Trade
Which of the following does a seller send in reply to a letter of inquiry?
- A.quotation
- B.credit note
- C.debit note
- D.delivery note
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Answer: A. quotation
A seller replies to a letter of inquiry with a quotation.
JAMB 2024Question 6 · International, Wholesale, and Retail Trade
The components of a balance of payments account are
- A.capital, current and fixed deposit
- B.current, capital and monetary movement
- C.capital, savings and fixed deposit
- D.current, savings and monetary movement
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Answer: B. current, capital and monetary movement
The BOP's components are the current, capital and monetary movement accounts.
JAMB 2024Question 7 · Law of Contract and Agency
Use the information below to answer this question. Aisha sold her wristwatch to Halima for #2,000.00 and she paid. The sum of #2,000.00 is the
- A.entitlement
- B.consideration
- C.money
- D.fees
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Answer: B. consideration
The #2,000 paid for the watch is the consideration.
JAMB 2024Question 8 · Marketing and Advertising
Which type of advertisement induces consumer to purchase the goods he does not need?
- A.Specific
- B.Informative
- C.Persuasive
- D.Descriptive
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Answer: C. Persuasive
Persuasive advertisements induce consumers to buy goods they don't need.
JAMB 2024Question 9 · Money, Banking, and Stock Exchange
The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as
- A.commission
- B.brokerage
- C.interest
- D.jobbers turn
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Answer: D. jobbers turn
Jobber's turn is the difference between the higher and lower prices quoted for shares.
JAMB 2024Question 10 · Production and Insurance
Fishing is an example of
- A.direct services
- B.manufacturing industry
- C.extractive industry
- D.construction industry
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Answer: C. extractive industry
Fishing is an example of an extractive industry.
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