Jamb Commerce 2023 Past Questions and Answers

Question 76:

• JAMB 2023

	₦		₦
Stock 1/1	20,000	Net sales	370,000
Add purchases	250,000
Cost of goods available for sale	270,000
Less stock 31/12	40,000
Cost of goods sold	230,000
Rent expenses	35,000

Calculate the net profit

A. ₦35,000
B. ₦115,000
C. ₦105,000
D. ₦40,000

Question 77:

• JAMB 2023

The function of in relation to production is

A. Helping in the extraction of raw materials from nature
B. Yielding result
C. Providing a link between the different stage of conversion of good
D. Satisfying

Question 78:

• JAMB 2023

A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as

A. Indigenisation
B. Commercialisation
C. Nationalisation
D. Privatisation

Question 79:

• JAMB 2023

The rate where a country's exports exchange for its imports is called

A. Terms of trade
B. Balance of trade
C. Terms of payments
D. Balance of payments