Jamb Commerce Past Questions and Answers

Question 451:

• JAMB 2001

The major procedures in the purchase and sale of goods are enquiry

A. Quotation, order and invoice
B. Placement, order and invoice
C. Bargin, order and invoice
D. Order, sale, and invoice

Question 452:

• JAMB 2001

Use the information below to answer question 20 and 21
Mr Awala is a retailer of a single product. he sells at the standard price. He gives a trade discount of 5%, quantity discount of 3% for a volume above 1000 units and a cash of discount of 2/10 net 30. the existing selling price of the product is N100 per units. Mr Bacus purchased 1500 units of the product on credit and promised to pay Mr. Awala in cash in the first 10 days after purchase.
The trade discount receivable by Mr Bacus is

A. N4,500
B. N7,500
C. N10,500
D. N12,000

Question 453:

• JAMB 2001

If Mr. Bacus fulfills his promise, he will be entitled to a cash discount of?

A. N2,760
B. N3,000
C. 6,500
D. 9,500

Question 454:

• JAMB 2001

Bank Giro is a method of settling debt from a

A. Customer to a bank
B. Bank to customer
C. Customer to another
D. Bank to another

Question 455:

• JAMB 2001

Warehousing is a productive function because it increase the

A. Quantity of goods
B. Utility of goods
C. Quality of goods
D. Price of goods