Commerce 2023 Jamb Examination
Question 11
The major objective of all business resources is profit making.
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Question 12
The type of letters that are delivered through the normal mail or by airmail express service is referred to as
Inland letters are letters sent within the same country. They can be delivered via regular mail or airmail express services, depending on the sender's choice and the letter's urgency.
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Question 13
Part payments made on allotted shares by subscribers is the called-up capital.
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Question 14
The Trade Description Act primarily aims at protecting consumers from false or misleading descriptions of products.
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Question 15
Wholesaling involves buying goods in bulk and selling in smaller quantities to retailers.
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Question 16
The wholesaler links the producer with the retailer by buying in bulk and selling in smaller quantities.
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Question 17
II. The number of partners
III. The withdrawal of a major partner
IV. The bearing of risk
Which of these is both merit and demerit in partnership?
The number of partners can be both a merit (shared responsibilities) and demerit (possible conflicts), so the correct answer is II only.
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Question 18
Warehouses are best sited near consumers for quick distribution of goods.
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Question 19
The principle of uberrimae fidei (utmost good faith) requires disclosure of all material facts in insurance contracts.
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Question 20
One disadvantage of advertising is that it could be misleading.
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