Commerce 2020 Jamb Examination
Question 31
Given:
₦
Sales 15,000
Opening stock 5,600
Purchases 9,700
Closing stock 4,400
Gross profit 4,500
Net profit 2,000
Calculate the rate of turnover
Rate of turnover = Cost of goods sold / Average stock
= (Opening stock + Purchases - Closing stock) / [(Opening stock + Closing stock)/2]
= (5600 + 9700 - 4400)/[(5600 + 4400)/2] = 10,900 / 5,000 = 2.18 times.
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Question 32
I in the diagram represents aids to trade, which are services that facilitate commerce.
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Question 33
The Bureau of Public Enterprises (BPE) manages privatization and commercialization in Nigeria.
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Question 34
A doctor providing home service is a direct service worker as he delivers service directly to clients.
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Question 35
Organizing involves structuring tasks, jobs, and departments, and delegating authority accordingly.
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Question 36
A redeemable bond attracts interest payments to the holder but the principal (capital) remains unpaid until maturity or redemption.
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Question 37
The chart depicts the interrelationship of elements within the marketing mix.
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Question 38
The key export documents typically include bill of lading, invoice, insurance policy, consular invoice, certificate of origin, and bill of exchange.
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Question 39
NACCIMA stands for Nigeria Association of Chambers of Commerce, Industries, Mines and Agriculture.
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Question 40
Consolidation involves a firm withdrawing from certain operations or locations to concentrate on core areas.