Commerce 2017 Jamb Examination
Question 1
The Trade Description Act is specifically designed to protect consumers from misleading information, false claims, and unfair practices. It ensures that products and services are accurately described and safe for use. Hence, the correct option is B.
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Question 2
A bill of exchange already accepted can be discounted by the holder in ______?
A discounted bill of exchange means the holder sells the bill to a bank for a discounted price before the maturity date. The bank then assumes the responsibility of collecting the payment from the drawee (the party who owes the money) at maturity. Any bank is capable of performing this discounting function, provided they are willing to accept the risk associated with the bill.
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Question 3
A contract is a legally enforceable agreement between two or more parties. Offers, acceptance, and consideration are elements of a contract, but the enforceable agreement itself is the contract. Correct option is A.
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Question 4
Land is a factor of production that is fixed in location and cannot be destroyed, making it relatively indestructible and immobile. Hence, the correct answer is C.
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Question 5
An instrument used in lieu of legal tender is known as ______?
Representative money is a type of currency that represents a valuable asset, like gold or silver, but doesn't have intrinsic value itself. It can be exchanged for that underlying asset on deman
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Question 6
When a business collapses, a liquidator is appointed to collect and sell off the assets, settle debts, and distribute any remaining funds to shareholders. Hence, the correct option is C.
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Question 7
Converting a non-profit organisation to a profit-making business involves commercialisation, where it starts operating on a business model to earn profit. Correct option is D.
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Question 8
E & OE is commonly used in invoices and financial documents to indicate that minor mistakes and omissions are excepted. Hence, the correct answer is B.
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Question 9
If a buyer is overcharged, the seller issues a credit note to adjust the amount owed and correct the transaction. Therefore, the correct option is D.
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Question 10
The fee charged by the post office for processing a postal order is known as poundage. Hence, the correct option is C.
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