2023 - JAMB Commerce Past Questions and Answers - page 3

21

A demonstration of social responsibility by a business is the payment of

A
interests on loans
B
taxes to government
C
dividends to shareholders
D
premium on insurance
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22

   

Stock 1/1

20,000 Net sales 370,000

Add purchases

250,000    

Cost of goods available for sale

270,000    

Less stock 31/12

40,000    

Cost of goods sold

230,000    

Rent expenses

35,000    

Calculate the net profit

A
₦35,000
B
₦115,000
C
₦105,000
D
₦40,000
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23

The concept that refers to the sale, transfer or exchange of goods and services is

A
trade
B
tariff
C
industry
D
marketing
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24

Which of the following is an item in the marketing mix?

A
market
B
consumer
C
demand
D
promotion
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25

An agreement that is enforceable in law is

A
a contract
B
an acceptance
C
an offer
D
a consideration
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26

A major function of trade association is to

A
foster cooperation among members
B
establish a link among member
C
assist members to buy cars
D
help individuals to set up small business
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27

The act of selling in a foreign market at a price lower than the cost price is called

A
dumping
B
under sale
C
hedging
D
fair trading
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28

The scope commerce is limited to

A
home and foreign trade
B
trade and aids-to-trade
C
wholesale and retail trade
D
wholesale and entreport trade
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29

A bill of exchange already accepted can be discounted by the holder in

A
the central bank
B
his bank
C
at least two banks
D
any bank
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30

One of the functions of a retailer is the

A
breaking of bulk
B
provision of credit facilities to relations
C
provision of jobs for customers
D
financing of production activities
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