JAMB Commerce 2024 past questions

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

Ten questions from the 2024 JAMB Commerce paper, with answers and explanations. We hold 79 questions from this paper, and the Skolra app has all of them.

JAMB Commerce 2024 questions and answers

1. 1.

   Bonded warehouse is controlled and supervised by

   1. A
      the Maritime Board
   2. B
      the Chamber of Commerce
   3. C
      the Port Authority
   4. D
      the Customs authority
      Correct
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   Answer: D

   Bonded warehouses store goods awaiting customs clearance and are under the control and supervision of Customs authorities to ensure tax compliance.
2. 2.

   The service rendered by NIPOST in which letters are addressed to any post office to await collection by the addressee is known as

   1. A
      parcel post
   2. B
      express mail
   3. C
      Poste Restante
      Correct
   4. D
      registered mail
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   Answer: C

   Poste Restante allows mail to be addressed to a post office for collection by the addressee rather than delivery to a home address.
3. 3.

   Which of the following is NOT a credit instrument?

   1. A
      cheque
   2. B
      promissory note
      Correct
   3. C
      bill of exchange
   4. D
      cash
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   Answer: B

   Cash is a medium of exchange for immediate payment, not a credit instrument. Bills of exchange, cheques, and promissory notes represent credit.
4. 4.

   Which of the following types of insurance is usually excluded from the principle of indemnity?

   1. A
      marine insurance
   2. B
      motor insurance
   3. C
      life assurance
      Correct
   4. D
      fire insurance
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   Answer: C

   Life assurance is typically excluded from the principle of indemnity because it represents a sum assured on death rather than compensation for actual loss. The other types provide indemnity for actual losses.
5. 5.

   The term "consumer sovereignty" means that the consumer is a

   1. A
      servant
   2. B
      king
      Correct
   3. C
      subject
   4. D
      slave
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   Answer: B

   Consumer sovereignty means the consumer holds ultimate power in the market - they dictate demand and what businesses produce, hence 'king' of the market.
6. 6.

   The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as

   1. A
      profit margin
   2. B
      bid-ask spread
      Correct
   3. C
      commission
   4. D
      brokerage
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   Answer: B

   The bid-ask spread is the difference between the price dealers will buy at (bid) and the price they will sell at (ask).
7. 7.

   Closing stock is also known as

   1. A
      ending inventory
      Correct
   2. B
      opening stock
   3. C
      goods in transit
   4. D
      stock in hand
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   Answer: A

   Closing stock or ending inventory is the value of unsold goods remaining at the end of an accounting period.
8. 8.

   An instruction to an agent abroad restricting him to buy from a named manufacturer is known as

   1. A
      exclusive dealing
      Correct
   2. B
      selective distribution
   3. C
      sole agency
   4. D
      restricted selling
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   Answer: A

   Exclusive dealing involves restricting purchases to a specific supplier or manufacturer as instructed by the principal.
9. 9.

   Which of the following forms part of a company's Article of Association?

   1. A
      dividend policies
   2. B
      internal management rules
      Correct
   3. C
      company objectives
   4. D
      future business plans
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   Answer: B

   The Article of Association contains the internal rules and regulations governing how the company is managed and operated internally.
10. 10.

    Which of the following advertising media preselects its readership through the nature of its content?

    1. A
       magazine
       Correct
    2. B
       billboard
    3. C
       radio
    4. D
       television
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    Answer: A

    A magazine preselects its readership through the specialised nature of its content. A fashion magazine attracts fashion-conscious readers; a business magazine attracts business professionals; a sports magazine attracts sports fans. Advertisers choose the magazine whose editorial content matches their target audience.

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 79 questions we hold from the 2024 paper, on a timed CBT screen

Every question has the answer and an explanation, in the Skolra app.

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