JAMB Commerce 2019 past questions
Ten questions from the 2019 JAMB Commerce paper, with answers and explanations. We hold 80 questions from this paper, and the Skolra app has all of them.
JAMB Commerce 2019 questions and answers
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1.
One of the disadvantages of Sole Proprietorship is__________
- AEasy to establish and wind up
- BOwner retains all profits
- CQuick decision-making
- DUnlimited liabilityCorrect
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Answer: D
Unlimited liability is a major disadvantage of sole proprietorship because the owner is personally responsible for all debts of the business, meaning personal assets such as a home or car can be seized to settle business obligations. Quick decision-making and retaining all profits are advantages, not disadvantages.
- A
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2.
The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________
- AMarine insuranceCorrect
- BThird-party insurance
- CLife insurance
- DFire insurance
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Answer: A
Marine insurance is compulsory in international trade for goods transported by sea. It covers risks such as damage, theft, or total loss of cargo during ocean transit, and is a standard requirement under international trade terms such as CIF (Cost, Insurance and Freight).
- A
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3.
Tourism involving residents of the given country travelling only within this country is called__________
- AInternational tourism
- BRegional tourism
- CDomestic tourismCorrect
- DCultural tourism
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Answer: C
Domestic tourism refers to travel by residents of a country entirely within that same country. It contrasts with international tourism, where travellers cross national borders. Domestic tourism is an important contributor to a country's internal economic activity.
- A
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4.
A bear market is said to be in existence in a period of
- AStable economic growth and high dividends
- BRising share prices and investor optimism
- CFalling share prices and investor pessimismCorrect
- DHigh trading volumes and market speculation
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Answer: C
A bear market describes a prolonged period of declining share prices, typically by 20% or more from recent highs, accompanied by widespread investor pessimism, reduced buying activity, and general economic downturn.
- A
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5.
A conter offer is an offer that is
- AMade by a third party to the contract
- BAn unconditional acceptance of the original offer
- CMade before the original offer is communicated
- DA rejection of the original offer with new termsCorrect
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Answer: D
A counter offer occurs when the offeree rejects the original offer and proposes new or modified terms, which legally terminates the original offer and creates a fresh offer that the original offeror may accept or reject.
- A
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6.
A self-contained chunk of code with principal aim to replies preferably undetected and to copy itself into the computer's memory and the computer's hard-disk is_________
- ATrojan horse
- BComputer virusCorrect
- CWorm
- DSpyware
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Answer: B
A computer virus is a self-contained, self-replicating piece of malicious code designed to copy itself into a computer's memory and hard disk while remaining undetected. Unlike a worm, it attaches to existing files, and unlike a Trojan horse, it actively replicates itself.
- A
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7.
The difference between a chamber of commerce and a trade association is that the former
- ARepresents only businesses within a specific trade
- BOnly admits manufacturing companies as members
- CIs open to all types of businesses in an areaCorrect
- DIs funded exclusively by the government
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Answer: C
A chamber of commerce draws membership from businesses of all kinds within a geographical area, whereas a trade association is restricted to businesses engaged in a particular trade or industry.
- A
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8.
The assembling of Manufactured products into forms usable by humans is classified as
- ASecondary productionCorrect
- BExtractive industry
- CTertiary production
- DPrimary production
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Answer: A
Secondary production covers manufacturing and construction — the transformation and assembly of raw materials or semi-finished goods into finished products that are directly usable by humans.
- A
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9.
The theory of International trade is based on_________
- ATheory of absolute scarcity
- BLaw of comparative advantageCorrect
- CPurchasing power parity theory
- DLaw of supply and demand
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Answer: B
The theory of international trade, developed by David Ricardo, is founded on the law of comparative advantage. It holds that countries should specialize in producing and exporting goods for which they have relatively lower opportunity costs, then trade for the rest.
- A
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10.
A number of shipping lines operating on a certain route, which agree on a common policy regarding the conditions under which goods are to be carried
- AShipping conferenceCorrect
- BFreight cartel
- CShipping syndicate
- DPort authority
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Answer: A
A shipping conference is a formal agreement among shipping lines operating on the same route to charge uniform freight rates and observe common terms and conditions for carrying goods.
- A
The questions come from past JAMB, WAEC and NECO papers. We use software to help write the answer options and explanations, and every answer is checked twice before it goes on the site. How we check
Spotted a wrong answer? Tell us from the app or on the contact page and we check it.
Practise all 80 questions we hold from the 2019 paper, on a timed CBT screen
Every question has the answer and an explanation, in the Skolra app.