Jamb Commerce 1995 Past Questions and Answers

Question 46:

• JAMB 1995

Given:
Opening stock 40 000
Purchases 115 000
Closing stock 60 000
Sales 250 000
What is the cost of goods sold?

A. N 155 000
B. N 95 000
C. N 50 000
D. N 30 000

Question 47:

• JAMB 1995

In the channel of distribution, which of the following sets is entirely made up of middlemen?

A. Wholesalers, retailers and agents
B. Manufacturers, consumers and retailers
C. Wholesalers, agents and consumers
D. Retailers, manufacturers and wholesalers

Question 48:

• JAMB 1995

Goods imported into a country for the purpose of re-exporting attracts a rebate known as

A. Customs draw back
B. Export royalty
C. Incentive
D. Export rebate

Question 49:

• JAMB 1995

Most foreign trade transaction are paid for through the use of

A. Central bank cheques
B. Bank drafts drawn by commercial banks on their foreign branches
C. Irrevocable and confirmed letters of credit
D. Letters of credit authenticated by the embassies of the respective countries

Question 50:

• JAMB 1995

RRF as a scheme introduced by the central bank of Nigeria means

A. Recording and Rediscounting Facility
B. Refinancing and Recording Facility
C. Refinancing and Rediscounting Facility
D. Refinancing and Reinvesting Facility