BIOLOGY LESSON NOTE ON HUMAN KIDNEY
Commerce is the study of the activities involved in the distribution and exchange of goods and services. It covers trade, banking, insurance, transportation, communication, warehousing, advertising, and business organizations. Success in JAMB Commerce requires a solid understanding of commercial concepts and regular CBT practice. This set contains 100 JAMB-standard objective questions with properly shuffled options A–D and correct answers.
Instruction: Choose the correct option A–D.
Commerce is concerned with the
A. production of goods only B. distribution and exchange of goods and services C. consumption only D. farming only
Answer: B
Trade involves
A. production of goods B. buying and selling of goods and services C. mining activities D. manufacturing only
Answer: B
Commerce can be divided into
A. production and mining B. trade and aids to trade C. farming and fishing D. imports and exports only
Answer: B
An example of aid to trade is
A. manufacturing B. banking C. farming D. mining
Answer: B
Home trade takes place within
A. one country B. two countries C. continents D. regions only
Answer: A
Foreign trade occurs between
A. individuals only B. different countries C. villages only D. states only
Answer: B
Import trade refers to
A. selling goods abroad B. buying goods from abroad C. local trade D. retail trade
Answer: B
Export trade means
A. buying goods from abroad B. selling goods to other countries C. local distribution D. storage of goods
Answer: B
Entrepot trade involves
A. production B. importing and re-exporting goods C. retailing D. banking
Answer: B
Retail trade involves selling goods to
A. manufacturers B. final consumers C. wholesalers D. exporters
Answer: B
A wholesaler sells mainly to
A. consumers B. retailers C. farmers D. workers
Answer: B
One function of a wholesaler is
A. production B. bulk breaking C. mining D. legislation
Answer: B
Retailers buy goods mainly from
A. consumers B. wholesalers C. government D. banks
Answer: B
Hawking is a form of
A. retailing B. wholesaling C. banking D. insurance
Answer: A
A supermarket is an example of
A. wholesaling B. retailing C. manufacturing D. mining
Answer: B
The process of moving goods from producer to consumer is called
A. distribution B. production C. consumption D. legislation
Answer: A
The main aim of commerce is to
A. satisfy human wants B. create scarcity C. reduce trade D. stop production
Answer: A
Goods purchased for resale are called
A. capital goods B. stock C. liabilities D. assets only
Answer: B
The chain of distribution links
A. producers and consumers B. courts and citizens C. schools and students D. governments and voters
Answer: A
Commerce facilitates
A. exchange B. isolation C. unemployment D. scarcity
Answer: A
Visible trade deals in
A. services B. tangible goods C. tourism only D. insurance only
Answer: B
Invisible trade deals in
A. physical goods B. services C. crops only D. machinery only
Answer: B
The person who buys goods for personal use is the
A. producer B. consumer C. wholesaler D. distributor
Answer: B
Trade barriers restrict
A. imports and exports B. farming C. education D. communication
Answer: A
Commerce contributes to
A. economic development B. economic decline only C. unemployment only D. inflation only
Answer: A
Sole proprietorship is owned by
A. one person B. two people C. shareholders only D. government
Answer: A
The major advantage of sole proprietorship is
A. secrecy B. unlimited capital C. perpetual existence D. limited liability
Answer: A
A major disadvantage of sole proprietorship is
A. unlimited liability B. secrecy C. quick decision-making D. simple formation
Answer: A
Partnership consists of
A. one owner B. two or more persons in business C. shareholders only D. government officials
Answer: B
The document governing a partnership is called
A. prospectus B. partnership deed C. constitution D. invoice
Answer: B
A partner who contributes capital but does not participate actively is a
A. active partner B. sleeping partner C. nominal partner D. minor partner
Answer: B
A joint-stock company is owned by
A. one person B. shareholders C. government only D. directors only
Answer: B
The owners of a company are known as
A. creditors B. shareholders C. debtors D. directors
Answer: B
A public limited company is identified by
A. Ltd B. Plc C. Inc D. Corp
Answer: B
A private limited company is identified by
A. Plc B. Ltd C. Co-op D. NGO
Answer: B
The capital of a company is divided into
A. profits B. shares C. wages D. loans
Answer: B
Cooperative societies are formed mainly to
A. maximize profit B. promote members' welfare C. collect taxes D. regulate trade
Answer: B
The supreme authority in a company is the
A. managing director B. shareholders at general meeting C. accountant D. auditor
Answer: B
A multinational company operates in
A. one village B. several countries C. one state only D. one city only
Answer: B
Public corporations are owned by
A. private individuals B. government C. shareholders D. retailers
Answer: B
Memorandum of Association states the
A. objectives of the company B. salaries of workers C. profits made D. taxes paid
Answer: A
Articles of Association contain the company's
A. objectives only B. internal rules C. tax records D. sales records
Answer: B
Debentures are issued to obtain
A. ownership capital B. loan capital C. wages D. taxes
Answer: B
Dividend is paid to
A. creditors B. shareholders C. debtors D. suppliers
Answer: B
The day-to-day management of a company is handled by
A. shareholders B. directors C. creditors D. auditors
Answer: B
Limited liability means shareholders lose only
A. all personal property B. amount invested C. salary D. wages
Answer: B
Unlimited liability means owners are responsible for
A. company debts without limit B. profits only C. taxes only D. sales only
Answer: A
Liquidation means
A. expansion of business B. winding up of business C. advertising goods D. opening branches
Answer: B
Franchise allows a business to use another firm's
A. debts B. brand name and system C. taxes D. workers only
Answer: B
Business organizations exist primarily to
A. satisfy needs and earn profit B. create inflation C. reduce trade D. increase scarcity
Answer: A
Banking is an aid to trade that provides
A. transportation B. financial services C. warehousing D. advertising
Answer: B
The apex bank in Nigeria is the
A. commercial bank B. Central Bank C. merchant bank D. mortgage bank
Answer: B
One function of the Central Bank is
A. issuing currency B. retailing goods C. manufacturing products D. insurance services
Answer: A
Commercial banks accept
A. public deposits B. taxes only C. exports only D. imports only
Answer: A
Money deposited for safe keeping is called
A. loan B. deposit C. premium D. dividend
Answer: B
A cheque is an instruction to
A. pay money B. insure goods C. advertise products D. transport goods
Answer: A
Overdraft allows customers to
A. withdraw more than their balance B. save money only C. insure property D. buy shares only
Answer: A
Insurance is a contract against
A. profit B. risk and loss C. transportation D. taxation
Answer: B
The payment made by an insured person is called
A. dividend B. premium C. salary D. commission
Answer: B
The insurer is the
A. person insured B. insurance company C. bank manager D. transporter
Answer: B
Life insurance covers
A. buildings B. human life C. vehicles only D. goods only
Answer: B
Marine insurance covers
A. houses B. ships and cargoes C. factories D. lives only
Answer: B
Fire insurance protects against losses caused by
A. theft B. fire C. flood only D. transport only
Answer: B
Indemnity means
A. making profit B. restoring insured to previous position C. collecting taxes D. buying shares
Answer: B
Transportation assists commerce by
A. moving goods and people B. making laws C. printing money D. collecting taxes
Answer: A
Road transport is suitable for
A. door-to-door services B. overseas trade only C. heavy machinery only D. pipelines only
Answer: A
Rail transport is best for carrying
A. bulky goods B. letters only C. liquids only D. passengers only
Answer: A
Air transport is the
A. slowest means B. fastest means C. cheapest means D. oldest means
Answer: B
Water transport is suitable for
A. bulky international cargo B. local hawking C. door-to-door service D. courier service only
Answer: A
Pipeline transport is used mainly for
A. passengers B. petroleum products C. livestock D. machinery
Answer: B
Communication involves the
A. exchange of information B. production of goods C. collection of taxes D. manufacturing of products
Answer: A
Email is a form of
A. electronic communication B. road transport C. banking service D. insurance policy
Answer: A
Telephone communication is useful because it is
A. slow B. fast C. expensive only D. unreliable
Answer: B
Advertising aims to
A. reduce demand B. create awareness of products C. stop production D. increase taxes
Answer: B
One medium of advertising is
A. television B. warehouse C. bank D. factory
Answer: A
Warehousing involves the
A. storage of goods B. production of goods C. transportation of goods D. taxation of goods
Answer: A
A bonded warehouse stores
A. imported goods before duty payment B. local goods only C. exports only D. personal items only
Answer: A
Warehouse receipts can be used as
A. evidence of ownership B. insurance policy C. cheque D. currency
Answer: A
The stock exchange deals mainly in
A. agricultural goods B. shares and securities C. household goods D. insurance policies
Answer: B
Shares represent
A. ownership in a company B. company debts C. taxes D. salaries
Answer: A
Ordinary shareholders are owners of a
A. partnership B. company C. cooperative society D. sole proprietorship
Answer: B
Preference shareholders receive
A. fixed dividend before ordinary shareholders B. no dividend C. wages D. salaries
Answer: A
The stock market facilitates
A. buying and selling of securities B. retail trade C. transportation D. communication
Answer: A
Consumer protection aims to
A. exploit consumers B. safeguard consumers' interests C. reduce competition D. stop trade
Answer: B
A trademark identifies a company's
A. products and brand B. taxes C. debts D. liabilities only
Answer: A
Copyright protects
A. inventions B. literary and artistic works C. land ownership D. transport routes
Answer: B
Patent protects
A. inventions B. novels only C. songs only D. shares only
Answer: A
E-commerce refers to
A. buying and selling online B. road transport C. insurance services D. warehousing
Answer: A
Online banking enables customers to
A. access banking services electronically B. manufacture goods C. insure products D. transport cargo
Answer: A
ATM means
A. Automated Teller Machine B. Automatic Trade Market C. Applied Transfer Method D. Automated Tax Machine
Answer: A
Debit card allows access to
A. customer's bank account funds B. insurance funds C. government funds D. company profits
Answer: A
Credit sales mean payment is made
A. immediately B. later C. before purchase D. twice
Answer: B
Hire purchase allows payment
A. in installments B. immediately in cash C. by barter D. through insurance
Answer: A
Barter trade involves exchange of
A. money B. goods for goods C. shares D. services only
Answer: B
Commercial activities contribute to
A. employment generation B. unemployment only C. economic decline D. scarcity only
Answer: A
One advantage of advertising is
A. increased awareness B. reduced sales C. lower production D. less competition
Answer: A
The movement of goods from producer to consumer creates
A. place utility B. possession utility C. form utility D. time utility
Answer: A
Commerce helps bridge the gap between
A. producers and consumers B. teachers and students C. judges and lawyers D. voters and politicians
Answer: A
International trade promotes
A. exchange between nations B. isolation C. unemployment D. scarcity
Answer: A
The ultimate goal of commerce is to
A. satisfy human wants efficiently B. eliminate production C. stop trade D. increase inflation
Answer: A
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