Commerce JAMB past questions are carefully selected examination questions drawn from previous Unified Tertiary Matriculation Examination papers in Commerce. They are designed to help candidates understand the nature of questions asked, the level of difficulty involved, and the areas that are frequently tested. By studying these past questions, students can improve their knowledge of key topics such as trade, banking, insurance, marketing, business organizations, and consumer protection. Regular practice with Commerce JAMB past questions also helps candidates build confidence, improve speed and accuracy, and develop effective examination strategies for achieving high scores in the JAMB examination.
COMMERCE JAMB PAST QUESTIONS
1. Which of the following best describes commerce?
A. Production of goods only
B. Distribution and exchange of goods and services
C. Manufacturing of raw materials
D. Processing of minerals
Answer: B
2. The branch of commerce concerned with buying and selling is called
A. Trade
B. Industry
C. Production
D. Extraction
Answer: A
3. Home trade refers to trade carried out within
A. A continent
B. A state
C. A country
D. A region
Answer: C
4. Which of the following is an example of retail trade?
A. Importing rice
B. Selling goods to consumers
C. Selling in bulk
D. Exporting cocoa
Answer: B
5. Wholesale trade mainly involves
A. Small quantities
B. Door-to-door selling
C. Bulk purchasing
D. Online selling
Answer: C
6. The main objective of advertising is to
A. Reduce price
B. Increase storage
C. Create awareness
D. Improve packaging
Answer: C
7. An entrepreneur is a person who
A. Works for salary
B. Takes business risks
C. Buys goods only
D. Keeps records
Answer: B
8. Which document is used in international trade?
A. Waybill
B. Bill of lading
C. Receipt
D. Invoice
Answer: B
9. Insurance helps businesses to
A. Increase profit
B. Avoid taxes
C. Reduce risk
D. Increase losses
Answer: C
Commerce Jamb Past Questions
10. The main function of banks is to
A. Print money
B. Lend and accept deposits
C. Sell goods
D. Manufacture products
Answer: B
11. Which is a feature of limited liability companies?
A. Unlimited liability
B. Few members
C. Separate legal entity
D. Family ownership
Answer: C
12. A cooperative society is owned by
A. Government
B. Foreigners
C. Members
D. Managers
Answer: C
13. The main aim of public corporations is to
A. Make profit only
B. Provide essential services
C. Compete with traders
D. Export goods
Answer: B
14. Cheque is a type of
A. Currency
B. Credit instrument
C. Bond
D. Share
Answer: B
15. A promissory note is issued by
A. Debtor
B. Creditor
C. Banker
D. Agent
Answer: A
16. Which market deals with long-term loans?
A. Money market
B. Capital market
C. Retail market
D. Commodity market
Answer: B
17. The process of branding helps to
A. Increase tax
B. Differentiate products
C. Reduce quality
D. Limit sales
Answer: B
18. Which of these is an aid to trade?
A. Farming
B. Mining
C. Transportation
D. Fishing
Answer: C
19. A debenture holder is a
A. Owner
B. Creditor
C. Manager
D. Promoter
Answer: B
20. The document showing goods sold on credit is
A. Receipt
B. Invoice
C. Waybill
D. Voucher
Answer: B
Commerce Jamb Past Questions
21. Import trade involves
A. Buying from abroad
B. Selling abroad
C. Buying locally
D. Selling locally
Answer: A
22. Export trade means
A. Buying locally
B. Selling abroad
C. Buying abroad
D. Producing locally
Answer: B
23. Which institution controls money supply in Nigeria?
A. NDIC
B. CBN
C. SEC
D. NNPC
Answer: B
24. A balance sheet shows
A. Profit only
B. Loss only
C. Financial position
D. Sales record
Answer: C
25. Stock exchange is a market for
A. Goods
B. Services
C. Securities
D. Labour
Answer: C
26. The process of selling goods at reduced prices is called
A. Branding
B. Discounting
C. Advertising
D. Packaging
Answer: B
27. Which document acknowledges payment?
A. Invoice
B. Receipt
C. Cheque
D. Draft
Answer: B
28. Partnership business is owned by
A. One person
B. Two to twenty persons
C. Government
D. Company
Answer: B
29. The factor of production that organizes others is
A. Land
B. Labour
C. Capital
D. Entrepreneur
Answer: D
Commerce Jamb Past Questions
30. Trade by barter involves
A. Money exchange
B. Goods for goods
C. Credit sales
D. Online sales
Answer: B
31. A mortgage bank specializes in
A. Car loans
B. Housing loans
C. Education loans
D. Trade loans
Answer: B
32. A monopoly market has
A. Many sellers
B. One seller
C. Few sellers
D. Many buyers
Answer: B
33. The main duty of a retailer is to
A. Produce goods
B. Break bulk
C. Export goods
D. Import goods
Answer: B
34. VAT means
A. Value Added Tax
B. Variable Access Tax
C. Volume Added Tariff
D. Value Adjusted Tariff
Answer: A
35. Trade credit is given by
A. Banks
B. Wholesalers
C. Government
D. Consumers
Answer: B
36. Which is a feature of capitalism?
A. Government ownership
B. Private ownership
C. No competition
D. Price control
Answer: B
37. A receipt and payment account is prepared by
A. Companies
B. Non-profit organizations
C. Traders
D. Banks
Answer: B
38. The clearing house is found in
A. Markets
B. Banks
C. Ports
D. Offices
Answer: B
39. A consumer cooperative is formed mainly to
A. Make profit
B. Reduce cost
C. Control prices
D. Increase tax
Answer: B
40. Which is an example of invisible trade?
A. Cocoa export
B. Crude oil sale
C. Tourism
D. Timber export
Answer: C
Commerce Jamb Past Questions
41. The main function of packaging is to
A. Reduce quality
B. Protect goods
C. Increase cost
D. Reduce demand
Answer: B
42. An overdraft is
A. Free money
B. Short-term bank credit
C. Long-term loan
D. Gift
Answer: B
43. A bill of exchange is accepted by the
A. Drawer
B. Drawee
C. Payee
D. Banker
Answer: B
44. Which of these is a current asset?
A. Land
B. Building
C. Stock
D. Machinery
Answer: C
45. A trade mark protects
A. Ideas
B. Brand name
C. Capital
D. Workers
Answer: B
46. The primary function of marketing is to
A. Produce goods
B. Satisfy consumers
C. Store goods
D. Package goods
Answer: B
47. Which is a feature of oligopoly?
A. One seller
B. Few sellers
C. Many sellers
D. No seller
Answer: B
48. A private limited company can have maximum of
A. 10 members
B. 20 members
C. 50 members
D. 100 members
Answer: C
49. The document used in air transport is
A. Waybill
B. Airway bill
C. Invoice
D. Receipt
Answer: B
50. A bearer cheque is payable to
A. Bank only
B. Drawer only
C. Holder
D. Manager
Answer: C
Commerce Jamb Past Questions
51. Which tax is paid by companies?
A. Personal income tax
B. Value added tax
C. Company income tax
D. Import duty
Answer: C
52. The main role of wholesalers is to
A. Produce goods
B. Grant credit
C. Buy in small units
D. Advertise only
Answer: B
53. Which market is highly competitive?
A. Monopoly
B. Oligopoly
C. Perfect competition
D. Duopoly
Answer: C
54. The person who bears risk in business is
A. Manager
B. Clerk
C. Entrepreneur
D. Customer
Answer: C
55. Hire purchase allows buyers to
A. Pay at once
B. Pay in installments
C. Pay later without deposit
D. Pay abroad
Answer: B
56. The main aim of insurance is
A. Profit
B. Compensation
C. Advertisement
D. Competition
Answer: B
57. A ledger is used to
A. Record transactions first
B. Summarize accounts
C. Print receipts
D. Store cash
Answer: B
58. A budget is
A. Past record
B. Future plan
C. Balance sheet
D. Profit account
Answer: B
59. Which is a fixed asset?
A. Cash
B. Debtors
C. Machinery
D. Stock
Answer: C
60. The main objective of business is to
A. Serve government
B. Make profit and satisfy customers
C. Reduce employment
D. Increase tax
Answer: B
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