JAMB Commerce 2022 past questions

Checked by the Skolra question team · Last updated 23 October 2026

Ten questions from the 2022 JAMB Commerce paper, with answers and explanations. We hold 80 questions from this paper, and the Skolra app has all of them.

JAMB Commerce 2022 questions and answers

1. 1.

   Examples of current assets are

   1. A
      Furniture, fixtures and fittings
   2. B
      Cash, debtors and stock
      Correct
   3. C
      Land, buildings and machinery
   4. D
      Goodwill, patents and trademarks
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   Answer: B

   Current assets are assets that can be converted into cash within one accounting year or operating cycle. Cash in hand, trade debtors (accounts receivable), and stock (inventory) are classic examples, while land, buildings, goodwill, and furniture are non-current or fixed assets.

2. 2.

   Which of the following is not a component of the marketing mix?

   1. A
      Production
      Correct
   2. B
      Product
   3. C
      Promotion
   4. D
      Price
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   Answer: A

   The traditional marketing mix consists of the four Ps: Product, Price, Place, and Promotion. Production is a manufacturing function and not one of the four components of the marketing mix, even though the goods produced may eventually be marketed.

3. 3.

   Which of the following is not an objective of ECOWAS?

   1. A
      Establish a common external tariff for member states
   2. B
      Encourage free movement of persons across borders
   3. C
      Promote economic integration among member states
   4. D
      Promote military conquest of non-member states
      Correct
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   Answer: D

   ECOWAS was established in 1975 to foster economic cooperation, promote free movement of people and goods, establish a common market, and ensure peace and stability among West African states. Military conquest of non-member states is entirely contrary to its founding principles and is not among its objectives.

4. 4.

   When the cost of sales is divided by the average stock, the result is

   1. A
      Gross profit ratio
   2. B
      Net profit ratio
   3. C
      Current ratio
   4. D
      Rate of stock turnover
      Correct
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   Answer: D

   The rate of stock turnover (stock turn) measures how many times a business sells and replaces its inventory over a period. It is calculated by dividing the cost of goods sold by the average stock, and a higher figure generally indicates efficient stock management.

5. 5.

   The commission on a postal order is

   1. A
      Poundage
      Correct
   2. B
      Premium
   3. C
      Discount
   4. D
      Surcharge
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   Answer: A

   Poundage is the small commission or handling fee charged by the post office when a postal order is purchased. It is added on top of the face value of the order and varies with the amount to be remitted.

6. 6.

   A person engaged for the purpose of bringing his principal and a third party into a contractual relation is

   1. A
      Broker
      Correct
   2. B
      Del credere agent
   3. C
      Commission agent
   4. D
      Factor
   Show answerHide answer

   Answer: A

   A broker is a middleman whose specific function is to bring a principal and a third party together to enter into a contract. Unlike other agents, a broker does not take possession of goods and does not contract in their own name; their role ends once the two parties are connected.

7. 7.

   A business unit in which savings of members are lent to others is a

   1. A
      Finance company
   2. B
      Credit union
      Correct
   3. C
      Commercial bank
   4. D
      Building society
   Show answerHide answer

   Answer: B

   A credit union is a cooperative financial institution in which members pool their savings and make low-interest loans available exclusively to one another, keeping profits within the membership.

8. 8.

   An internal source of finance to an enterpreneur is

   1. A
      Personal savings
      Correct
   2. B
      Trade credit
   3. C
      Bank loan
   4. D
      Debentures
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   Answer: A

   Personal savings are funds the entrepreneur already owns, making them an internal source of finance. Bank loans, debentures, and trade credit are all obtained from external parties.

9. 9.

   One of the functions of commerical banks that cannot be performed by central banks is

   1. A
      Issuing currency notes and coins
   2. B
      Controlling credit in the economy
   3. C
      Acting as banker to the government
   4. D
      Accepting deposits from the general public
      Correct
   Show answerHide answer

   Answer: D

   Commercial banks accept deposits from and grant loans to the general public — a retail banking function the central bank does not perform. The central bank's customers are government and commercial banks, not ordinary members of the public.

10. 10.

    A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a

    1. A
       Consumer cooperative society
    2. B
       Producers' cooperative society
    3. C
       Wholesale cooperative society
    4. D
       Retail cooperative society
       Correct
    Show answerHide answer

    Answer: D

    A retail cooperative society is formed when small retailers pool their resources to purchase goods in bulk at wholesale prices and then sell those goods to their own members at reduced cost.

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 2022 paper, on a timed CBT screen

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