jamb examination

In this article, I am going to offering a useful on JAMB Commerce Questions and Answers 2024. If you are one of the candidates of the 2024 UTME examination and you have selected Commerce as one of your four subject combination, here is the right article that you should endeavour to read.

As you prepare for the examination, going through the past questions and some of the like questions to be asked is a vital step towards getting excellent score. That is the reason why this article has been properly arranged to provide you with the required guidelines.

Ensure you continue to read this article to the end if you really desire to get a good score at the end of your examination.

What Does JAMB Commerce Questions and Answers Contains?

This article, JAMB Commerce Questions and Answers 2024 is a comprehensive list of all the expected questions for the forthcoming JAMB examination. It was published here to help candidates to be aware of the kind of questions that they are likely going to face during the examination. Here, the solutions to all the expected questions are also given. This implies that if you can prepare yourself with the questions you are going encounter in this article and get used to the answers, you will definitely found the main examination questions so cheap.

Just like other JAMB subjects, JAMB Commerce Questions are usually 40 in numbers and you would be mandatorily required to completed all of them correctly to score 100%. Let’s see all questions in the next section of this article.

JAMB Commerce Questions and Answers 2024

The following are the likely JAMB Commerce Questions and Answers for 2024 examination:

  1. The macro-environmental forces and trends which are a constraint on business operations are referred to as
  • A. internal factors
  • B. technological factors
  • C. economic factors
  • D. external factors

Correct Answer: Option D

2. The payment made by a speculator to the buyer when he is unable to deliver stocks on the agreed date is

  • A. contango
  • B. arbitrage
  • C. backwardation
  • D. franco

Correct Answer: Option C

3. A document that lists the goods that are being sent from one place to another is

  • A. mail transfer
  • B. shipping note
  • C. consular invoice
  • D. bill of lading

Correct Answer: Option D

4. The maximum number of shareholders in a public liability company is

  • A. twenty
  • B. one hundred
  • C. fifty
  • D. unlimited

Correct Answer: Option D

In a private company, the transfer of shares is restricted, and the number of shareholders may range from a minimum of one to maximum of fifty. Public limited -liability companies must have a minimum of seven to maximum of unlimited shareholders.

5. The process of dividing tasks into jobs and departments and delegating authority is known as

  • A. organizing
  • B. staffing
  • C. directing
  • D. leading

Correct Answer: Option A

6. A demerit of communication is that it

  • A. increase the cost of goods in transit
  • B. give room for distortion of fact
  • C. hinder quick reception of messages over a long distance
  • D. makes payment for goods cumbersome

Correct Answer: Option B


Which of the following regulates and controls the activities in the Nigerian Stock Exchange?

  • A. CBN
  • B. BPE
  • C. SEC
  • D. NDIC

Correct Answer: Option C


An agent who has to sell perishable goods without the prior authority of the owner becomes an agent by

  • A. estoppel
  • B. conduct
  • C. necessity
  • D. ratification

Correct Answer: Option C


Which of the following is not a veritable source of funds to a public limited liability company?

  • A. advances and loans from bank
  • B. internally generated funds
  • C. government financial grants
  • D. funds from the sale of shares

Correct Answer: Option C


The document that explains the types of shares available for sale to the public is

  • A. a prospectus
  • B. an invoice
  • C. closed indent
  • D. an open indent

Correct Answer: Option A


A major objective of all business resources is

  • A. human relation
  • B. profit making
  • C. public relation
  • D. profit sharing

Correct Answer: Option B


The type of letters that are delivered through the normal mail or by airmail express service is referred to as

  • A. express letters
  • B. registered letters
  • C. inland letters
  • D. airmail letters

Correct Answer: Option C


Parts payments made on alloted shares by subscribers is usually the

  • A. authorized capital
  • B. subscribed capital
  • C. called -up capital
  • D. issued capital

Correct Answer: Option C


Which of the following legislation aims primarily at the protection of consumers?

  • A. Company’s Act
  • B. Partnership Act
  • C. Trade Description Act
  • D. Law of contract

Correct Answer: Option C

15. The activity which entails buying of goods in bulk and selling in small quantities to retailers is

  • A. wholesaling
  • B. retailing
  • C. merchandising
  • D. assembling

Correct Answer: Option A


An individual that links the producer with the retailer is

  • A. an agent
  • B. a wholesaler
  • C. a principal
  • D. an entreprenuer

Correct Answer: Option B


I. Its unlimited nature
II. The number of partners
III. The withdrawal of a major of partner
IV. The bearing of risk

Which of these is both merit and demerit in partnership?

  • A. III and IV
  • B. I only
  • C. II only
  • D. I and II

Correct Answer: Option C

See Also:

JAMB Government Questions And Answers 2024

JAMB Economics Questions And Answers 2024

JAMB Mathematics Questions And Answers 2024

JAMB English Questions And Answers 2024


A factor necessary for siting of a warehouse is nearness to

  • A. labour
  • B. consumers
  • C. capital
  • D. raw materials

Correct Answer: Option B


The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is

  • A. uberrimae fidei
  • B. subrogation
  • C. contribution
  • D. proximate cause

Correct Answer: Option A


One disadvantages of advertising is that it

  • A. could be misleading
  • B. decreases sales
  • C. reduces profit
  • D. causes over stocking

Correct Answer: Option A

Click HERE for more questions>>

More Practice Questions for JAMB Commerce Candidates

1. The type of activity which turns processed raw materials into consumer and industrial goods is described as
A. Extractive           B. Manufacturing
C. Constructive       D. Processing

2. Which of the following is the most important business resource
A. Money           B. Management
C. Materials        D. Manpower

3. Rights issue means the
A. Issue of shares to the directors of a company
B. Issue of shares by a company only to the founders of the company
C. Right of shareholders to vote on any issue
D. Issue of shares to shareholders on favourable terms

4. The breaking down of a market into separate and identifiable elements each with its own special product requirements is known as a market
A. Differentiation        B. Segmentation
C. Penetration             D. Identification

5. When an industry is nationalized, the state becomes
A. The majority shareholder
B. The only shareholder
C. The only shareholder
D. An equal shareholder with other individuals

6. The process of creating new market for a product is called
A. Advertising       B. Marketing
C. Promotion        D. Consumerism

7. Sudden technology changes can have the effect of making
A. A company’s management style ineffective
B. A company’s product obsolete
C. The control mechanism difficult to implement
D. The motivational factors in the company difficult to monitor

8. Services which are of absolute monopoly can best be provided by
A. Private companies
B. Limited liability companies
C. Public companies
D. Public enterprises

9. The main difference between nationalization and indigenization is in terms of
A. Shareholding        B. Profit
C. Technology           D. Efficiency

10. An aspect of the law which allows an exclusive right for a limited number of years is a
A. Copyright          B. Trade mark
C. Ratification        D. Patent

11. Departmentalization is an aspect of
A. Planning         B. Organizing
C. Directing         D. Controlling

12. One of the obstacles to achieving the objectives of ECOWAS is
A. Lack of a common currency
B. Colonial linkages
C. Sovereignty of states
D. Language differences

13. A floating policy an example of
A. marine insurance
B. actuaries insurance
C. motor insurance
D. fire insurance

14. Which of the following industries is normally located near the source of its raw materials?
A. footwear
B. cement factory
C. textile industry
D. automobile assembly

15. The merger of two companies producing the same type of products is an example of
A. vertical integration
B. horizontal integration
C. lateral merger
D. an acquisition

16. A protection right which can be reviewed or renewed after seven (7) years is known as
A. trade mark               B. Design
C. registration name    D. patent

17. The conversion of raw materials into finished products creates
A. marginal utility      B. time utility
C. place utility            D. form utility

18. The role of a wholesaler in the channel of distribution is to
A. buy goods directly from the manufacturers
B. buy goods in large quantities and sell in small quantities
C. produce goods in large quantities and sell in small quantities
D. sell goods directly to the consumers

19. Capital to a business is technically
A. an asset           B. a profit
C. an expense      D. a liability

20. A major setback of international trade is
A. devaluation of currency
B. exchange rate appreciation
C. inadequate exports
D. economic sanctions

21. The process of dividing tasks into jobs and departments and of delegating authority is known as
A. Leading          B. Directing
C. Organizing     D. Staffing

22. The market structure, business conditions and financial systems in Nigeria constitute the
A. political environment
B. economic environment
C. technological environment
D. cultural environment

23. A major benefit derivable from the privatization and commercialization of public enterprises in Nigeria is
A. revenue generation
B. information technology
C. employment generation
D. increase in wages

24. The most important function of Commerce is
A. assisting trade through banking and insurance
B. enhancing business relationships
C. helping people to improve their profits
D. facilitating exchanges among individuals

25. Communication enhances business activities by
A. Ensuring the movement of goods from producer to consumer
B. keeping the good safe until they are needed
C. facilitating interaction between producers and consumers
D. facilitating interaction among media houses

26. One important requirement for the membership of the ECOWAS is
A. Population          B. Integrity
C. Independence    D. landmass

27. In Nigeria, the body that ensures that its members operate according to their professional ethics is the
A. MAN           B. NAFDAC
C. SON            D. NPF

28. A floating policy an example of
A. marine insurance     B. actuaries insurance
C. motor insurance      D. fire insurance

29. The media used for inter-departmental communication include
A. circulars, advertisement and notice boards
B. memoranda, circulars and the telephone
C. memoranda, advertisement and face-to-face
D. memoranda, advertisement and the grape vine

30. One advantage of a crossed cheque is that it can
A. only be paid into a savings account
B. be cashed over the bank’s counter
C. only be paid into the owner’s account
D. be cashed by anyone

31. Which of the following takes place when firms producing at different stages in the same industry combine?
A. Conglomeration
B. Vertical integration
C. Horizontal integration
D. Cartel

32. What are fixtures and fittings in a balance sheet?
A. Liquid capital       B. Current assets
C. Fixed assets          D. Working capital

33. The different between the total payments for imports and the receipts from exports within a given period is referred to as
A. balance of payments
B. balance of trade
C. Comparative cost advantage
D. comparative advantage

34. A sole proprietor insured his goods worth N200,000 for half the value. There was a fire incident in which goods valued at N80, 000 were destroyed. The value of compensation expected from the insurer is
A. N40,000           B. N80,000
C. N100,000         D. N200,000

35. Which of the following items has the shortest effect on the consumer?
A. Fashion           B. Innovation
C. Fad                  D. Attribute

36. Which of the following makes other functions of business its appendages?
A. Production      B. Marketing
C. Finance            D. Personnel

37. The West African Clearing House became legally operational on
A. 1st July, 1976            B. 25th June, 1975
C. 14th March, 1975     D. 3rd May, 1974

38. In which of the following sets of occupations can an industrial worker be found?
A. Extraction, commerce and construction
B. Manufacturing, extraction and banking
C. Construction, quarrying and insurance
D. Manufacturing, extraction and construction

39. The merger of two companies producing the same type of products is an example of
A. vertical integration
B. horizontal integration
C. lateral merger
D. an acquisition

40. In the case of voluntary liquidation of a business, the receiver is appointed by the
A. creditors            B. debtors
C. directors            D. shareholders

Related Posts:

JAMB Physics Questions For Day One 2024 | UTME CBT Questions And Answers

JAMB Chemistry Questions And Answers For 2024 | Day 1, 2, 3 & 4

JAMB Biology Questions And Answers 2024

Most Important Topics for JAMB Commerce

The following are the list of topics that you must read if you are going to write commerce in the forthcoming UTME/JAMB Examination:

  • Occupation
  • Production
  • Trade
  • Purchase and Sale of Goods
  • Aids to Trade
  • Business Units
  • Financing Business
  • Trade Asociation
  • Stock Exchange
  • Money
  • Elements of Business Management
  • Element Of Marketing
  • Legal Aspects of Business
  • Information and Communication Technology (ICT)
  • Business Environment and Social Responsibility

Important Posts

 How to Get Admission with a Low UTME Score.

I hope you have found this article helpful. In case of any other inquiries about JAMB Commerce Questions and Answers 2024, kindly make use of the comment section below.

Do well to share this article to others.

Share on

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *