Jamb Commerce 1994 Past Questions and Answers

Question 51:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 52:

• JAMB 1994

The type of activity which turns processed raw materials into consumer and industrial goods is described as

A. Extractive
B. Manufacturing
C. Constructive
D. Processing

Question 53:

• JAMB 1994

The production process that combines two or more raw materials into one end product is

A. Conditioning
B. Blending
C. Merging
D. Synthesis

Question 54:

• JAMB 1994

A demonstration of social responsibility by a business is the payment of

A. Taxes to government
B. Dividends to shareholders
C. Interests on loans
D. Premium on insurance

Question 55:

• JAMB 1994

A distinguishing characteristics of a limited liability company is that it

A. Is a collection of many sole proprietors
B. Is a multiple partnership
C. Can sue and be sued
D. Has limited resources