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Question 1 Commerce (2017) | JAMB/UTME (2017)
A
Law of contract 
B
Trade description Act 
C
Company's Act 
D
Partnership Act 
Explanation.
Share Answer This protects the consumers from false description of goods in terms of quality, quantity, size, place and date of manufacture

Correct Option:
B
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Question 2 Commerce (2017) | JAMB/UTME (2017)
A
the central bank 
B
at least two banks 
C
his bank 
D
any bank 
Explanation.
Share Answer Is an unconditional written order from one person to another to pay a specified sum of money to a designated person.

Correct Option:
D
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Question 3 Commerce (2017) | JAMB/UTME (2017)
A
a contract 
B
an offer 
C
an acceptance 
D
a consideration 
Explanation.
Share Answer A contract is an agreement or law binding the creation of business and enforceable in law.

Correct Option:
A
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Question 4 Commerce (2017) | JAMB/UTME (2017)
A
capital 
B
labour 
C
land 
D
rent 
Explanation.
Share Answer This is wealth reserved for the production of more wealth. It includes physical cash, building, semi-finished goods.

Correct Option:
A
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Question 5 Commerce (2017) | JAMB/UTME (2017)
A
Token money 
B
commodity money 
C
fiat money 
D
representative 
Explanation.
Share Answer Money is a type of asset in an economy that is used to buy goods and services from other people. A commodity is a physical item that is interchangeable with another item of the same type or value.

This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.

Correct Option:
B
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Question 6 Commerce (2017) | JAMB/UTME (2017)
A
an auctioneer 
B
a broker 
C
a liquidator 
D
an auditor 
Explanation.
Share Answer An Auctioneer is a person who conducts an auction by announcing the lots and controlling the bidding.

Correct Option:
A
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Question 7 Commerce (2017) | JAMB/UTME (2017)
A
indigenisation 
B
privatisation 
C
deregulation 
D
commercialisation 
Explanation.
Share Answer This is the process of transferring a government owned business to a private owner.

Correct Option:
B
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Question 8 Commerce (2017) | JAMB/UTME (2017)
A
Errors of exception 
B
Errors and omissions excepted 
C
Estimated and order error 
D
End of error 
Explanation.
Share Answer This is an attempt to reduce legal liability for potentially incorrect or incomplete information supplied in a contract usually related document such as quotation or specification.

Correct Option:
B
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Question 9 Commerce (2017) | JAMB/UTME (2017)
A
debit note 
B
proforma invoice 
C
letter of credit 
D
credit note 
Explanation.
Share Answer A seller receives goods (returned) from the buyer, he prepares and sends a credit note as an intimation to the buyer, showing that the money for the related goods is being returned in form of a credit note

Correct Option:
D
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Question 10 Commerce (2017) | JAMB/UTME (2017)
A
interest 
B
brokerage 
C
poundage 
D
premium 
Explanation.
Share Answer This is a small fee charged by the post office for sending money through mail. The poundage is paid by the purchaser.

Correct Option:
C
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