(Economics 2023) Model past questions and answer
paragraph
Have you been searching for the UTME past question jamb conducted for 2023 session? look no further
because you have reached the bus-stop. Lucky you for coming accross this page. We understand
the need of every Jambite and one of this need is access to useful resource.
paragraph
As a result, we have compiled the past questions and answers for Commerce 2023. This will be
essentially useful for those of you who choose commerce among your subject combination for your
UTME exams.
paragraph
You can study the 40 (forty) Jamb Commerce past questions and answer for 2023 by checking
the content below or using the table of content below to navigate to the number of your choice
paragraph
Table of Contents
paragraph
Jamb Commerce (2023) Questions and Answers 1 - 10
paragraph
1. Bonus share are issued to _____
paragraph
(a) Preference shareholders
paragraph
(b) Debenture holders
paragraph
(c) Equity holders
paragraph
(d) Secured creditors
paragraph
The correct answer is: (c) Equity holders
paragraph
2. profit prior to incorporation is treated as _____
(a) Capital reserve
paragraph
(b) General reserve
paragraph
(c) Secrete reserve
paragraph
(d) revenue reserve
paragraph
The correct answer is: (a) Capital reserve
paragraph
3. A valid definition of a business purpose is to _____
(a) Serve the society
paragraph
(b) Create a customer
paragraph
(c) Maximise profits
paragraph
(d) Increase the wealth of the firm
paragraph
The correct answer is: (b) Create a customer
paragraph
4. Membership of a co-operative is _____
(a) Voluntary
paragraph
(b) Compulsory
paragraph
(c) Non essentia
paragraph
(d) Not compulsory
paragraph
The correct answer is: (a) Voluntary
paragraph
5. Which of the following is not a manufacturing indusry?
(a) Flour mills
paragraph
(b) Fruit canning
paragraph
(c) Iron and steel works
paragraph
(d) Mining
paragraph
The correct answer is: (d) Mining
paragraph
6. Sole trade organisation is also called as _____
(a) Partnership
paragraph
(b) Individual proprietorship
paragraph
(c) Cooperative society
paragraph
(d) Joint stock company
paragraph
The correct answer is: (b) Individual proprietorship
paragraph
7. Which of the following is an extractive industry?
(a) Hunting
paragraph
(b) Flour mills
paragraph
(c) Cattle breeding
paragraph
(d) Cultivation
paragraph
The correct answer is: (a) Hunting
paragraph
8. What is called to buying of shares by taking money from brokers?
paragraph
(a) Forward
paragraph
(b) Badla
paragraph
(c) Margin trading
paragraph
(d) Curb dealing
paragraph
The correct answer is: (c) Margin trading
paragraph
9. The primary aim of co-operative is to _____
paragraph
(a) Earn more profit
paragraph
(b) Raise more money
paragraph
(c) Raise production
paragraph
(d) Serve the members
paragraph
The correct answer is: (d) Serve the members
paragraph
10. Business simply means _____
paragraph
(a) Commerce
paragraph
(b) Industry and commerce
paragraph
(c) Selling and buying of goods
paragraph
(d) Trade and commerce
paragraph
The correct answer is: (b) Industry and commerce
paragraph
Jamb Commerce (2023) Questions and Answers 11 - 20
paragraph
11. A spectator who applies for new shares is _____
paragraph
(a) A stag
paragraph
(b) Jobber
paragraph
(c) Lame Duck
paragraph
(d) Middle man
paragraph
The correct answer is: (a) A stag
paragraph
12. Which of the following is not an ownership security?
paragraph
(a) Equity shares
paragraph
(b) Preference shares
paragraph
(c) Debenture
paragraph
(d) None of the above
paragraph
The correct answer is: (c) Debenture
paragraph
13. Among the alternate model of B2B e-commerce, _____ is the best means to obtain a competitive advantage in the market place
paragraph
(a) Process based
paragraph
(b) Strategic relationship based
paragraph
(c) Transaction based
paragraph
(d) All of the above
paragraph
The correct answer is: (b) Strategic relationship based
paragraph
14. _____ is basically a concept of online marketing and distributing of products and services over the internet
paragraph
(a) B2G
paragraph
(b) B2C
paragraph
(c) B2E
paragraph
(d) B2B
paragraph
The correct answer is: (d) B2B
paragraph
15. 'Yen' is the currency of _____
paragraph
(a) China
paragraph
(b) Italy
paragraph
(c) South Korea
paragraph
(d) Japan
paragraph
The correct answer is: (d) Japan
paragraph
16. The technique of 'Carrot and stick' is used in business organisatoins for _____
paragraph
(a) Reducing absenteeism
paragraph
(b) Motivation
paragraph
(c) Effective leadership
paragraph
(d) Rewarding
paragraph
The correct answer is: (b) Motivation
paragraph
17. The principle of indemnity is not related to _____
paragraph
(a) Life insurance
paragraph
(b) Fire insurance
paragraph
(c) Crop insurance
paragraph
(d) Marine insurance
paragraph
The correct answer is: (a) Life insurance
paragraph
18. Internal Audit is done by _____
paragraph
(a) External auditors
paragraph
(b) Employees of the organization
paragraph
(c) OptionA & OptionB
paragraph
(d) None of the above
paragraph
The correct answer is: (b) Employees of the organization
paragraph
19. Among the following tax revenues of the Union Government which is the biggest source?
paragraph
(a) Central excise
paragraph
(b) Customs duty
paragraph
(c) Corporation tax
paragraph
(d) Income tax
paragraph
The correct answer is: (a) Central excise
paragraph
20. Which of the following is a current liability?
paragraph
(a) Debenture
paragraph
(b) Bank overdraft
paragraph
(c) Long term loan
paragraph
(d) Share premium
paragraph
The correct answer is: (b) Bank overdraft
paragraph
Jamb Commerce (2023) Question and Answers 21 - 30
paragraph
21. Purchasing and selling products online is referred to as _____
paragraph
(a) Cyber-selling
paragraph
(b) Hyper-marketing
paragraph
(c) E-commerce
paragraph
(d) Euro-conversion
paragraph
The correct answer is: (c) E-commerce
paragraph
22. Who among the following has given absolute advantage model of international trade?
paragraph
(a) William Petty
paragraph
(b) David Recardo
paragraph
(c) Adam Smith
paragraph
(d) Hackersher Ohlin
paragraph
The correct answer is: (c) Adam Smith
paragraph
23. Non-store marketing includes _____
paragraph
(a) Home selling
paragraph
(b) E-marketing
paragraph
(c) Neither A and B
paragraph
(d) OptionA & OptionB
paragraph
The correct answer is: (d) OptionA & OptionB
paragraph
24. Demand has the following elements
paragraph
(a) Time
paragraph
(b) Price
paragraph
(c) Quantity
paragraph
(d) All of the above
paragraph
The correct answer is: (d) All of the above
paragraph
25. A perfectly competitive firm attains equilibrium when?
paragraph
(a) AC = AR
paragraph
(b) MC = AC
paragraph
(c) TC = TR
paragraph
(d) MR = MC
paragraph
The correct answer is: (d) MR = MC
paragraph
26. Which of the following is an obstacle to globalisation?
paragraph
(a) Obsolescence
paragraph
(b) Wide base
paragraph
(c) Competition
paragraph
(d) Niche markets
paragraph
The correct answer is: (a) Obsolescence
paragraph
27. The main reason for government ownership of a public enterprise is to provide _____
paragraph
(a) Education and electricity
paragraph
(b) Loans for the people
paragraph
(c) Electricity
paragraph
(d) Essential services
paragraph
The correct answer is: (d) Essential services
paragraph
28. The reputation and good image benefits arising from the business connectins of a firm are called _____
paragraph
(a) Profit
paragraph
(b) Goodwill
paragraph
(c) Interest
paragraph
(d) Dividend
paragraph
The correct answer is: (b) Goodwill
paragraph
29. The fastest and most accurate means of passing information is _____
paragraph
(a) Telephone
paragraph
(b) Social media
paragraph
(c) Express letter
paragraph
(d) Air mail
paragraph
The correct answer is: (a) Telephone
paragraph
30. In the selection of means of transportation, speed is an important consideration for goods that are _____
paragraph
(a) Fragile
paragraph
(b) Durable
paragraph
(c) Perishable
paragraph
(d) Bulky
paragraph
The correct answer is: (c) Perishable
paragraph
Jamb Commerce (2023) Question and Answers 31 - 40
paragraph
31. A document which makes it obligatory on the part of the seller to supply the goods or services if the inquirer accepts the conditions stated therein is called _____
paragraph
(a) Receipt
paragraph
(b) Invoice
paragraph
(c) Quotation
paragraph
(d) Order
paragraph
The correct answer is: (d) Order
paragraph
32. Which union is formed by the workers of firms of similar line of business to cater for their interests?
paragraph
(a) Co-operative
paragraph
(b) Trade
paragraph
(c) Welfare
paragraph
(d) Coup
paragraph
The correct answer is: (c) Welfare
paragraph
33. In stock exchange, the buyer is NOT entitled to the dividend when the stock is quoted _____
paragraph
(a) Cum-dividend
paragraph
(b) Double-barrelled
paragraph
(c) Firm
paragraph
(d) Ex-dividend
paragraph
The correct answer is: (c) Opportunity cost is least
paragraph
34. Banks issue cheque books to customers holding _____ accounts
paragraph
(a) Savings
paragraph
(b) Current
paragraph
(c) Fixed deposit
paragraph
(d) Foreign
paragraph
The correct answer is: (b) Current
paragraph
35. All the following are principles of insurance EXCEPT _____
paragraph
(a) Subrogation
paragraph
(b) Indemnity
paragraph
(c) Insurable interest
paragraph
(d) Particular average
paragraph
The correct answer is: (d) Particular average
paragraph
36. Which area of law is NOT related to business?
paragraph
(a) Agency
paragraph
(b) Contract
paragraph
(c) Possession
paragraph
(d) Hire purchases
paragraph
The correct answer is: (c) Possession
paragraph
37. Which of the following means of transportation is most flexible?
paragraph
(a) Road
paragraph
(b) Rail
paragraph
(c) Sea
paragraph
(d) Waterways
paragraph
The correct answer is: (a) Road
paragraph
38. One of the following does NOT fit into the gap
paragraph
(a) Carpentry
paragraph
(b) Fishing
paragraph
(c) Mining
paragraph
(d) Agiculture
paragraph
The correct answer is: (a) Carpentry
paragraph
39. The final stage in the production process is _____
paragraph
(a) Warehousing
paragraph
(b) Manufacturing
paragraph
(c) Consumption
paragraph
(d) Retailing
paragraph
The correct answer is: (c) Consumption
paragraph
40. _____ is the payment made by government to producers to enable them reduce price.
paragraph
(a) Margin
paragraph
(b) Subsidy
paragraph
(c) Make-up
paragraph
(d) Bonus
paragraph
The correct answer is: (b) Subsidy
paragraph
Without doubt I believe you are happy with the questions and answers on Jamb Commerce 2023 you
saw above. We have compiled this to ensure students have access to resources that can help them
blast their UTME exams. If you have any comment or you observe any flaw do well to leave a
comment in the comment-box below and we will get back to you
paragraph
I recommend you check my article on the following:
paragraph
- Jamb past questions and answers for COMMERCE-2022
paragraph
This is all we can take on “Jamb past questions and answers for COMMERCE-2023“.
paragraph
