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UTME 2024

JAMB Commerce past questions and answers

10 questions from the most recent UTME Commerce papers in our bank, across different topics. Try each one, then open the answer to see a worked solution.

  1. Question 1 · UTME 2024 · Foreign Trade

    The relationship between a country's visible imports and exports in a trading year is the

    1. Abalance of trade
    2. Bcounter-trade
    3. Cinternational trade
    4. Dbalance of payments
    Show answer and solution

    Answer: A. balance of trade

    What the question is asking: Balance of trade.

    Key idea: Visible exports − visible imports.

  2. Question 2 · UTME 2024 · Transport

    A ship which has no fixed schedule and goes wherever it can find cargo is a

    1. Aliner
    2. Btanker
    3. Ctramp
    4. Dferry
    Show answer and solution

    Answer: C. tramp

    What the question is asking: Tramp.

    Key idea: No fixed route or timetable.

  3. Question 3 · UTME 2024 · Occupation and Production

    Fishing is an example of

    1. Adirect services
    2. Bmanufacturing industry
    3. Cextractive industry
    4. Dconstruction industry
    Show answer and solution

    Answer: C. extractive industry

    What the question is asking: Extraction.

    Key idea: Taking resources from water.

  4. Question 4 · UTME 2024 · Insurance

    All of the following are principles of insurance EXCEPT

    1. Ainsurable interest
    2. Bparticular average
    3. Cutmost good faith
    4. Dsubrogation
    Show answer and solution

    Answer: B. particular average

    What the question is asking: Principles.

    Key idea: Particular average is a type of marine loss, not a principle.

  5. Question 5 · UTME 2024 · Advertising and Sales Promotion

    Which advertising medium preselects its readership through the nature of its content?

    1. AMagazine
    2. BBillboard
    3. CHandbill
    4. DNewspaper
    Show answer and solution

    Answer: A. Magazine

    What the question is asking: Magazines.

    Key idea: Specialist content attracts a particular audience.

  6. Question 6 · UTME 2024 · Legal Aspects of Business

    The rules and regulations guiding the conduct of business transactions are known as ___ law.

    1. Acriminal
    2. Bcommon
    3. Ccontract
    4. Dcommercial
    Show answer and solution

    Answer: D. commercial

    What the question is asking: Commercial law.

    Key idea: Covers contracts, agency, sale of goods, insurance etc.

  7. Question 7 · UTME 2024 · Purchase and Sale (Documents and Terms)

    The document sent by a supplier informing the buyer of what he must pay for goods supplied is the

    1. Acredit note
    2. Badvice note
    3. Cinvoice
    4. Ddebit note
    Show answer and solution

    Answer: C. invoice

    What the question is asking: Invoice.

    Key idea: The seller's bill for the goods.

  8. Question 8 · UTME 2024 · Financing Business

    When a company is wound up, who among the following is paid last?

    1. APreference shareholders
    2. BOrdinary shareholders
    3. CCumulative preference shareholders
    4. DDebenture holders
    Show answer and solution

    Answer: B. Ordinary shareholders

    What the question is asking: Residual claim.

    Key idea: Ordinary shareholders get what is left after everyone else.

  9. Question 9 · UTME 2024 · Banking

    Banks issue cheque books to customers holding ___ accounts.

    1. Aforeign
    2. Bcurrent
    3. Cdeposit
    4. Dfixed deposit
    Show answer and solution

    Answer: B. current

    What the question is asking: Current accounts.

    Key idea: Operated by cheque.

  10. Question 10 · UTME 2024 · Stock Exchange

    Shares are said to be sold at a discount when they are sold

    1. Abelow par
    2. Bto the public
    3. Cat par
    4. Dabove par
    Show answer and solution

    Answer: A. below par

    What the question is asking: Discount.

    Key idea: Below nominal value; above par is a premium.

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