Commerce jamb past questions and answers

Commerce jamb past questions and answers

Question: What is the concept of "opportunity cost" in economics?

a) The cost of an opportunity

b) The benefit gained from an opportunity

c) The value of the next best alternative forgone when a decision is made

d) The total cost of all available opportunities

Answer: c) The value of the next best alternative forgone when a decision is made

Question: What is the purpose of a 401(k) retirement savings plan?

a) Save for short-term expenses

b) Emergency fund

c) Long-term retirement savings

d) Pay off debts

Answer: c) Long-term retirement savings

Question: In international trade, what does the term "tariff" refer to?

a) A tax on imported and exported goods

b) The exchange rate between currencies

c) Trade agreement

d) Quality control for goods

Answer: a) A tax on imported and exported goods

Question: What is the key function of the Securities and Exchange Commission (SEC)?

a) Enforce environmental regulations

b) Regulate the stock and securities industry

c) Monitor product quality

d) Set interest rates

Answer: b) Regulate the stock and securities industry

Question: What is the role of a human resources department in a company?

a) Financial analysis

b) Employee recruitment, training, and management

c) Marketing strategy

d) Product development

Answer: b) Employee recruitment, training, and management

Question: What does the term "brand equity" represent in marketing?

a) The financial value of a company's brand

b) The number of products a brand sells

c) The physical assets of a brand

d) The lifespan of a brand

Answer: a) The financial value of a company's brand

Question: In accounting, what is the formula for calculating net profit?

a) Revenue - Expenses

b) Assets - Liabilities

c) Revenue / Expenses

d) Assets / Liabilities

Answer: a) Revenue - Expenses

Question: What is the purpose of a focus group in market research?

a) Analyze financial statements

b) Test the usability of a product

c) Gather opinions and feedback from a specific target audience

d) Determine the competition's pricing strategy

Answer: c) Gather opinions and feedback from a specific target audience

Question: What is the significance of the Dow Jones Industrial Average (DJIA)?

a) Measure of inflation

b) Index of the stock market performance

c) Currency exchange rate

d) Unemployment rate

Answer: b) Index of the stock market performance

Question: What is the purpose of a balance of trade?

a) Measure of a country's economic output

b) Comparison of income and expenses

c) Record of a country's imports and exports

d) Evaluation of a company's financial health

Answer: c) Record of a country's imports and exports

Question: What does the term "venture capital" refer to in business?

a) Funding provided to start-ups or small businesses in exchange for equity

b) Employee salary fund

c) Stock market analysis

d) International trade agreement

Answer: a) Funding provided to start-ups or small businesses in exchange for equity

Question: What is the purpose of a break-even analysis?

a) Calculate profit margins

b) Determine the point at which total revenue equals total costs

c) Assess employee performance

d) Evaluate market share

Answer: b) Determine the point at which total revenue equals total costs

Question: In the context of business ethics, what does CSR stand for?

a) Customer Satisfaction Report

b) Corporate Social Responsibility

c) Cost Savings and Revenue

d) Consumer Sales Regulation

Answer: b) Corporate Social Responsibility

Question: What is the primary goal of supply chain management?

a) Maximize product prices

b) Minimize production costs

c) Efficiently manage the flow of goods and services from raw material to the end-user

d) Set marketing budgets

Answer: c) Efficiently manage the flow of goods and services from raw material to the end-user

Question: What is the purpose of a cost-benefit analysis?

a) Evaluate the quality of products

b) Compare the cost of a decision to its expected benefits

c) Monitor employee attendance

d) Assess market demand

Answer: b) Compare the cost of a decision to its expected benefits

Question: What is the role of a lobbyist in the business and political context?

a) Advocate for specific policies or interests to influence decision-makers

b) Manage employee training programs

c) Analyze market trends

d) Calculate taxes

Answer: a) Advocate for specific policies or interests to influence decision-makers

Question: What is the purpose of the World Trade Organization (WTO)?

a) Enforce environmental regulations

b) Facilitate international trade and resolve trade disputes

c) Regulate interest rates

d) Control immigration policies

Answer: b) Facilitate international trade and resolve trade disputes

Question: In finance, what does the term "diversification" mean?

a) Focusing on a single investment to maximize returns

b) Spreading investments across different assets to reduce risk

c) Analyzing financial statements

d) Forecasting stock prices

Answer: b) Spreading investments across different assets to reduce risk

Question: What is the purpose of a patent in business?

a) Protecting a company's brand identity

b) Ensuring employee satisfaction

c) Granting exclusive rights to an invention or product

d) Calculating profit margins

Answer: c) Granting exclusive rights to an invention or product

Question: What is the function of the International Monetary Fund (IMF)?

a) Manage trade agreements

b) Provide financial assistance and promote monetary cooperation globally

c) Regulate consumer protection laws

d) Set labor standards

Answer: b) Provide financial assistance and promote monetary cooperation globally