Commerce 2017 Jamb Examination
Question 21
Division of labour allows workers to specialize in specific tasks, increasing efficiency and total output. Hence, correct option is A.
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Question 22
The primary objective of business resources is to generate profit for the business. Hence, correct option is D.
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Question 23
A consular invoice is required to assess the value of imported goods when valorem duties (percentage of value) are imposed. Correct option is D.
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Question 24
Trade associations exist to promote collaboration, standards, and cooperation among members in a trade. Hence, correct option is D.
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Question 25
A partnership may be dissolved if a partner becomes insane, as this affects the capacity to participate in management. Hence, correct option is C.
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Question 26
A cheque that cannot be honoured due to insufficient funds or other issues is called a bounced cheque. Hence, correct option is B.
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Question 27
Extractive occupations involve obtaining natural resources from the earth. Mining is a classic example. Hence, correct option is A.
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Question 28
Middlemen help manufacturers by storing goods produced by different producers, facilitating distribution. Correct option is D.
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Question 29
When goods are delivered to a buyer who pays later, it is called a credit sale. Hence, correct option is C.
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Question 30
The overall process involving buying, selling, and distributing goods and services is known as commerce. Hence, correct option is B.
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