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Commerce Past Questions and Answers
Topic: Purchase and Sale of Goods
Classroom
Jamb
Exam year:
Exam year
1994
1995
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Question type:
Question type
Objective
Theory
Topics:
Topics
[1] Commerce
[1].1 Meaning and scope of commerce
[1].2 Characteristics of commerce
[1].3 Functions of commerce
[2] Occupation
[2].1 Meaning and importance of occupation
[2].2 Types of occupation
[2].2.1 Industrial
[2].2.2 Commercial
[2].2.3 Services
[2].3 Factors that determine choice of occupation
[3] Production
[3].1 Factors, characteristics, and rewards of production
[3].1.1 Land
[3].1.2 Labour
[3].1.3 Capital
[3].1.4 Entrepreneur
[3].2 Division of Labour and specialization
[3].3 Types of production
[3].3.1 Primary production
[3].3.2 Secondary production
[3].3.3 Tertiary production
[4] Trade
[4].1 Home Trade
[4].1.1 Retail trade
[4].1.1.1 Types of retailers
[4].1.1.2 Functions of retailers
[4].1.1.3 Factors to be considered in setting up retail trade
[4].1.1.4 Trends in retailing (branding, self service, vending machines, the use of luncheon, fuel vouchers, etc)
[4].1.1.5 Advantages and disadvantages of retailers
[4].1.2 Wholesale trade
[4].1.2.1 Types of wholesalers
[4].1.2.2 Functions of wholesalers
[4].1.2.3 Advantages and disadvantages of wholesalers
[4].2 Foreign trade
[4].2.1 Basic issues in foreign trade - balance of trade
[4].2.2 Basic issues in foreign trade - balance of payments
[4].2.3 Basic issues in foreign trade - counter trade
[4].2.4 Procedures and documents used in export, import, and entreport trade
[4].2.5 Barriers to international trade
[4].2.6 Role of Customs and Excise Authority, Ports Authority in foreign trade
[5] Purchase and Sale of Goods
[5].1 Procedure and documentation
[5].1.1 Enquiry
[5].1.2 Quotation
[5].1.3 Order
[5].1.4 Invoice
[5].1.5 Proforma invoice
[5].1.6 Statement of accounts
[5].1.7 Indent
[5].1.8 Consular invoice
[5].1.9 Bill of lading
[5].1.10 Certificate of origin
[5].1.11 Consignment note
[5].2 Terms of trade
[5].2.1 Trade discount
[5].2.2 Quantity discount
[5].2.3 Cash discount
[5].2.4 Warranties
[5].2.5 C.O.D
[5].2.6 C.I.F
[5].2.7 F.O.B
[5].2.8 E.O.E
[5].3 Terms of payments
[5].3.1 Cash - Legal tender
[5].3.2 Credit
[5].3.2.1 Types and functions of credit
[5].3.2.2 Merits and demerits of credit
[6] Aids-to-trade
[6].1 Advertising
[6].1.1 Types and media of Advertising
[6].1.2 Advantages and disadvantages of Advertising
[6].2 Banking
[6].2.1 Types of bank
[6].2.2 Services of bank
[6].2.3 Challenges of bank
[6].3 Communication
[6].3.1 Process and procedure of communication
[6].3.2 Types of communication
[6].3.3 Trends of communication
[6].3.4 Merits and demerits of communication
[6].3.5 Barriers of communication
[6].4 Insurance
[6].4.1 Types of insurance
[6].4.2 Principles of insurance
[6].4.3 Terms of insurance
[6].4.4 Importance of insurance
[6].5 Tourism
[6].5.1 Importance of tourism
[6].5.2 Agencies that promote tourism in Nigeria
[6].5.3 Challenges of tourism
[6].6 Transportation
[6].6.1 Mode of transportation
[6].6.2 Importance of transportation
[6].6.3 Advantages and disadvantages of transportation
[6].7 Warehousing
[6].7.1 Importance of warehousing
[6].7.2 Types and functions of warehousing
[6].7.3 Factors to be considered in siting a warehouse
[7] Business Units
[7].1 Forms and features
[7].2 Registration of businesses
[7].3 Business Mergers
[7].4 Determination of choice of business units
[7].5 Dissolution and liquidation of business units
[7].6 Merits and demerits of business units
[8] Financing Business
[8].1 Sources of finance
[8].1.1 Personal savings
[8].1.2 Sale of shares and bonds
[8].1.3 Loans
[8].1.4 Debentures
[8].1.5 Mortgage
[8].1.6 Bank overdraft
[8].1.7 Ploughing back of profit
[8].1.8 Credit purchase
[8].1.9 Leasing
[8].2 Types of capital
[8].2.1 Share capital
[8].2.2 Capital owned
[8].2.3 Authorized capital
[8].2.4 Issued capital
[8].2.5 Called-up capital
[8].2.6 Paid-up capital
[8].2.7 Liquid capital
[8].2.8 Working capital
[8].2.9 Owners' equity
[8].3 Calculation of forms of capital
[8].4 Calculation of profits (gross and net)
[8].5 Calculation of turnover
[8].6 Problems of sourcing finance
[8].7 The role of Bureau de change in an economy
[9] Trade Associations
[9].1 Objectives and functions of trade and manufacturer's associations
[9].1.1 Cocoa Farmers' Association
[9].1.2 Garri Sellers' Association
[9].1.3 Poultry Farmers' Association
[9].2 Objectives and functions of Chambers of Commerce
[10] Money
[10].1 Evolution of money
[10].2 Forms and qualities of money
[10].3 Functions of money
[11] Stock Exchange
[11].1 Importance and functions of stock exchange
[11].2 Types of securities
[11].2.1 Stocks
[11].2.2 Shares
[11].2.3 Bonds
[11].2.4 Debentures
[11].3 Procedure of transactions and speculations
[11].4 Second-Tier Securities Market
[11].4.1 Listing requirements
[11].4.2 Types of companies for the market
[11].4.3 Advantages and operating regulations of the market
[12] Elements of Business Management
[12].1 Functions
[12].1.1 Planning
[12].1.2 Organizing
[12].1.3 Staffing
[12].1.4 Coordinating
[12].1.5 Motivating
[12].1.6 Communicating
[12].1.7 Controlling
[12].2 Principles
[12].2.1 Span of control
[12].2.2 Unity of command
[12].2.3 Delegation of authority
[12].3 Organizational structure
[12].3.1 Line
[12].3.2 Line and staff
[12].3.3 Functional
[12].3.4 Matrix and committee
[12].4 Functional areas of business
[12].4.1 Production
[12].4.2 Marketing
[12].4.3 Finance
[12].4.4 Personnel
[12].5 Business resources
[12].5.1 Man
[12].5.2 Money
[12].5.3 Materials
[12].5.4 Machines
[12].5.5 Opportunities/goodwill
[13] Elements of Marketing
[13].1 Importance and Functions of marketing
[13].2 The marketing concept
[13].2.1 Consumer orientation
[13].2.2 Customer satisfaction
[13].2.3 Integrated marketing
[13].3 Marketing mix
[13].3.1 Product
[13].3.2 Price
[13].3.3 Place
[13].3.4 Promotion
[13].4 Market Segmentation
[13].5 Public relations and Customer Service
[14] Legal Aspects of Business
[14].1 Meaning and validity of a simple contract
[14].2 Agency, Sale of Goods Act and Hire Purchase Act
[14].3 Contract of employment
[14].4 Government regulations of business
[14].4.1 Registration of business
[14].4.2 Patents
[14].4.3 Trademarks
[14].4.4 Copyrights
[14].5 Consumer protection
[14].5.1 Government legislation
[14].5.2 Standards Organization Trade Descriptions Act
[14].5.3 Consumer Protection Council
[14].5.4 NAFDAC
[14].5.5 NDLEA
[14].5.6 Customs and Excise
[14].6 Regulatory agencies
[15] Information and Communication Technology (ICT)
[15].1 Computer
[15].1.1 Appreciation and application of computer
[15].1.2 Types and functions of computer
[15].1.3 Merits and demerits of computer
[15].1.4 Challenges of computer
[15].2 Terms
[15].2.1 Internet
[15].2.2 Intranet
[15].2.3 Browsing
[15].2.4 Password
[15].2.5 e-mail
[15].2.6 Google
[15].2.7 Yahoo
[15].2.8 Search
[15].2.9 Local Area Network
[15].3 Activities
[15].3.1 E-commerce
[15].3.2 E-banking
[15].3.3 E-business
[16] Business Environment and Social Responsibility
[16].1 Legal, political, economic, social, cultural, technological environments
[16].2 Safe products, philanthropic and societal consideration
[16].3 Types and implication of pollution
[16].3.1 Water
[16].3.2 Air
[16].3.3 Land
Jamb Commerce Questions - Purchase and Sale of Goods
Question 61:
JAMB 2009
Billboards and posters are forms of?
SchoolNGR Classroom
A
Electronic media
B
Print media
C
Outdoor media
D
Window display media
View Answer & Explanation
Question 62:
JAMB 2009
One of the facilities enjoyed by a current account holder is?
SchoolNGR Classroom
A
A dividend
B
A bonus
C
An overdraft
D
Interest on deposits
View Answer & Explanation
Question 63:
JAMB 2009
The central bank differs from commercial banks because it?
SchoolNGR Classroom
A
Renders service to customers
B
Carries out foreign exchange transactions
C
Issues currencies
D
Discount bills
View Answer & Explanation
Question 64:
JAMB 2009
In which of the following will the numbers of words used determine the cost of the message sent?
SchoolNGR Classroom
A
Telephone
B
Telegram
C
E-mail
D
Telex
View Answer & Explanation
Question 65:
JAMB 2010
The document that gives an importer a freehand to obtain goods from any manufacturer is?
SchoolNGR Classroom
A
A consular invoice
B
A closed indents
C
An open indent
D
A freight note
View Answer & Explanation
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