JAMB Commerce Past Questions and Answers

 

Here are commerce Jamb Past questions and answers;

 

Question: What is the primary purpose of a balance sheet in commerce?

 

A. Summarize financial transactions

B. Record meeting minutes

C. Provide a snapshot of a company’s financial position

D. Organize office supplies

Answer: C. Provide a snapshot of a company’s financial position

 

Question: In commerce, what does the term “ROI” stand for?

 

A. Return on Investment

B. Rate of Inflation

C. Revenue from Operations

D. Risk of Insolvency

Answer: A. Return on Investment

 

Question: What is the primary purpose of a profit and loss statement in commerce?

 

A. Summarize financial transactions

B. Provide a snapshot of a company’s financial position

C. Report revenues and expenses for a specific period

D. Organize office events

Answer: C. Report revenues and expenses for a specific period

 

Question: In commerce, what is the meaning of the term “market segmentation”?

 

A. Division of a market into distinct groups based on characteristics

B. Calculation of total production costs

C. Evaluation of stock market trends

D. Determination of profit margins

Answer: A. Division of a market into distinct groups based on characteristics

 

Question: What is the primary purpose of a cash flow statement in commerce?

 

A. Summarize financial transactions

B. Provide a snapshot of a company’s financial position

C. Analyze changes in cash position over a specific period

D. Record meeting minutes

Answer: C. Analyze changes in cash position over a specific period

 

Question: In commerce, what does the term “SWOT analysis” involve?

 

A. Calculating sales taxes

B. Analyzing an organization’s Strengths, Weaknesses, Opportunities, and Threats

C. Evaluating currency exchange rates

D. Assessing market demand

Answer: B. Analyzing an organization’s Strengths, Weaknesses, Opportunities, and Threats

 

Question: What is the primary purpose of a sales invoice in commerce?

 

A. List contact information for employees and departments

B. Provide guidelines for employee conduct

C. Request payment for goods or services

D. Greet visitors and provide a waiting area

Answer: C. Request payment for goods or services

 

Question: In commerce, what does the term “E-commerce” refer to?

 

A. Economic development in a specific region

B. Electronic commerce involving online buying and selling

C. Efficient communication within a company

D. Employment contracts

Answer: B. Electronic commerce involving online buying and selling

 

Question: What is the primary purpose of a trade discount in commerce?

 

A. Encourage prompt payment

B. Reward loyal customers

C. Facilitate the exchange of goods and services

D. Provide guidelines for employee conduct

Answer: C. Facilitate the exchange of goods and services

 

Question: In commerce, what is the purpose of a letter of credit?

 

A. List topics to be discussed and their order

B. Record financial transactions

C. Facilitate international trade by ensuring payment

D. Share personal opinions

Answer: C. Facilitate international trade by ensuring payment

 

Question: What is the primary purpose of a marketing plan in commerce?

 

A. Summarize financial transactions

B. Record meeting minutes

C. Outline strategies for promoting and selling products or services

D. Organize office events

Answer: C. Outline strategies for promoting and selling products or services

 

Question: In commerce, what does the term “FDI” stand for?

 

A. Foreign Domestic Investment

B. Fixed Deposit Interest

C. Fiscal Deficit Index

D. Flexible Dividend Income

Answer: A. Foreign Domestic Investment

 

Question: What is the primary purpose of a debit note in commerce?

 

A. Notify senders that the recipient is away and unavailable

B. Request payment for goods or services

C. Record financial transactions

D. Provide a space for personal notes

Answer: B. Request payment for goods or services

 

Question: In commerce, what does the term “LIFO” stand for?

 

A. Last In, First Out

B. Life Insurance for Organizations

C. Long-term Investment and Financial Operations

D. Limited Liability for Officeholders

Answer: A. Last In, First Out

 

Question: What is the purpose of a trademark in commerce?

 

A. Summarize financial transactions

B. Indicate the sender’s contact information

C. Provide a legal protection for a company’s brand or logo

D. Share personal opinions

Answer: C. Provide legal protection for a company’s brand or logo

 

Question: In commerce, what does the term “B2B” refer to?

 

A. Business to Consumer

B. Business to Bank

C. Buy to Bargain

D. Business to Business

Answer: D. Business to Business

 

Question: What is the primary purpose of a purchase order in commerce?

 

A. Record meeting minutes

B. Provide guidelines for employee conduct

C. Notify senders that the recipient is away and unavailable

D. Request goods or services from a supplier

Answer: D. Request goods or services from a supplier

 

Question: In commerce, what does the term “CIF” stand for?

 

A. Cost, Insurance, and Freight

B. Cash in Flow

C. Current Investment Forecast

D. Corporate Income Factor

Answer: A. Cost, Insurance, and Freight.