Commerce JAMB Questions and Answers 2023 [Revealed!]

This is for UTME Candidates looking for Commerce JAMB Questions and Answers 2023. Especially for those aspiring for Accountancy, Bus Admin, Banking and Finance and other commercial / art courses. Here you will get genuine JAMB Commerce questions and answers for 2023. Your duty now is to read through them as many times as possible and get ready to smash your Commerce paper.

What are Commerce JAMB Questions and Answers 2023

Commerce JAMB Questions and Answers 2023 are the questions you should expect in your Commerce paper in 2023 UTME, together with their answers.

It is very important that every candidate preparing to sit for Commerce in the forthcoming 2023 JAMB examination should catch a glimpse of these questions.

In so doing, they will know what to expect in the JAMB CBT hall. Knowing exactly what to expect will boost their confidence and guarantee them a very high score.

Commerce JAMB Questions and Answers 2023 Revealed!

On this page, we shall reveal Commerce JAMB Questions and Answers 2023 for all candidates taking the Commerce paper.

How lucky you are to stumble upon this important page!

The questions are genuine and the answers are accurate, and all are a product of our passion to see you excel in your JAMB and gain admission at last.

In the following sections, you will read the Commerce questions you are to expect in your 2023 JAMB exam as well as their answers. You can use the comments section if you still need clarification over some of the questions. We will give you a more detailed explanation.

JAMB is a very serious examination. You will answer 40 questions in JAMB Commerce 2023 within 26 minutes. So it’s important that you pay attention to the information revealed on this page.

Read Also: JAMB Questions and Answers 2023 for All Subjects

Commerce JAMB Questions and Answers 2023 [Numbers 1 – 10]

1. The type of activity which turns processed raw materials into consumer and industrial goods is described as
A. Extractive           B. Manufacturing
C. Constructive       D. Processing

2. Which of the following is the most important business resource
A. Money           B. Management
C. Materials        D. Manpower

3. Rights issue means the
A. Issue of shares to the directors of a company
B. Issue of shares by a company only to the founders of the company
C. Right of shareholders to vote on any issue
D. Issue of shares to shareholders on favourable terms

4. The breaking down of a market into separate and identifiable elements each with its own special product requirements is known as a market
A. Differentiation        B. Segmentation
C. Penetration             D. Identification

5. When an industry is nationalized, the state becomes
A. The majority shareholder
B. The only shareholder
C. The only shareholder
D. An equal shareholder with other individuals

6. The process of creating new market for a product is called
A. Advertising       B. Marketing
C. Promotion        D. Consumerism

7. Sudden technology changes can have the effect of making
A. A company’s management style ineffective
B. A company’s product obsolete
C. The control mechanism difficult to implement
D. The motivational factors in the company difficult to monitor

8. Services which are of absolute monopoly can best be provided by
A. Private companies
B. Limited liability companies
C. Public companies
D. Public enterprises

9. The main difference between nationalization and indigenization is in terms of
A. Shareholding        B. Profit
C. Technology           D. Efficiency

10. An aspect of the law which allows an exclusive right for a limited number of years is a
A. Copyright          B. Trade mark
C. Ratification        D. Patent

Answers to Commerce Question Number 1 – 10

1.B   2.D   3.D   4.B   5.C
6.C   7.B   8.D   9.B   10.D

Commerce JAMB Questions and Answers 2023 [Numbers 11 – 20]

11. Departmentalization is an aspect of
A. Planning         B. Organizing
C. Directing         D. Controlling

12. One of the obstacles to achieving the objectives of ECOWAS is
A. Lack of a common currency
B. Colonial linkages
C. Sovereignty of states
D. Language differences

13. A floating policy an example of
A. marine insurance
B. actuaries insurance
C. motor insurance
D. fire insurance

14. Which of the following industries is normally located near the source of its raw materials?
A. footwear
B. cement factory
C. textile industry
D. automobile assembly

15. The merger of two companies producing the same type of products is an example of
A. vertical integration
B. horizontal integration
C. lateral merger
D. an acquisition

16. A protection right which can be reviewed or renewed after seven (7) years is known as
A. trade mark               B. Design
C. registration name    D. patent

17. The conversion of raw materials into finished products creates
A. marginal utility      B. time utility
C. place utility            D. form utility

18. The role of a wholesaler in the channel of distribution is to
A. buy goods directly from the manufacturers
B. buy goods in large quantities and sell in small quantities
C. produce goods in large quantities and sell in small quantities
D. sell goods directly to the consumers

19. Capital to a business is technically
A. an asset           B. a profit
C. an expense      D. a liability

20. A major setback of international trade is
A. devaluation of currency
B. exchange rate appreciation
C. inadequate exports
D. economic sanctions

Answers to Commerce Question Number 11 – 20

11.B   12.D   13.B   14.B   15.B
16.D   17.D   18.B   19.A   20.D

Commerce JAMB Questions and Answers 2023 [Numbers 21 – 30]

21. The process of dividing tasks into jobs and departments and of delegating authority is known as
A. Leading          B. Directing
C. Organizing     D. Staffing

22. The market structure, business conditions and financial systems in Nigeria constitute the
A. political environment
B. economic environment
C. technological environment
D. cultural environment

23. A major benefit derivable from the privatization and commercialization of public enterprises in Nigeria is
A. revenue generation
B. information technology
C. employment generation
D. increase in wages

24. The most important function of Commerce is
A. assisting trade through banking and insurance
B. enhancing business relationships
C. helping people to improve their profits
D. facilitating exchanges among individuals

25. Communication enhances business activities by
A. Ensuring the movement of goods from producer to consumer
B. keeping the good safe until they are needed
C. facilitating interaction between producers and consumers
D. facilitating interaction among media houses

26. One important requirement for the membership of the ECOWAS is
A. Population          B. Integrity
C. Independence    D. landmass

27. In Nigeria, the body that ensures that its members operate according to their professional ethics is the
A. MAN           B. NAFDAC
C. SON            D. NPF

28. A floating policy an example of
A. marine insurance     B. actuaries insurance
C. motor insurance      D. fire insurance

29. The media used for inter-departmental communication include
A. circulars, advertisement and notice boards
B. memoranda, circulars and the telephone
C. memoranda, advertisement and face-to-face
D. memoranda, advertisement and the grape vine

30. One advantage of a crossed cheque is that it can
A. only be paid into a savings account
B. be cashed over the bank’s counter
C. only be paid into the owner’s account
D. be cashed by anyone

Answers to Commerce Question Number 21 – 30

21.C   22.B   23.A   24.D   25.C
26.C   27.C   28.B   29.B   30.C

Commerce JAMB Questions and Answers 2023 [Numbers 31 – 40]

31. Which of the following takes place when firms producing at different stages in the same industry combine?
A. Conglomeration
B. Vertical integration
C. Horizontal integration
D. Cartel

32. What are fixtures and fittings in a balance sheet?
A. Liquid capital       B. Current assets
C. Fixed assets          D. Working capital

33. The different between the total payments for imports and the receipts from exports within a given period is referred to as
A. balance of payments
B. balance of trade
C. Comparative cost advantage
D. comparative advantage

34. A sole proprietor insured his goods worth N200,000 for half the value. There was a fire incident in which goods valued at N80, 000 were destroyed. The value of compensation expected from the insurer is
A. N40,000           B. N80,000
C. N100,000         D. N200,000

35. Which of the following items has the shortest effect on the consumer?
A. Fashion           B. Innovation
C. Fad                  D. Attribute

36. Which of the following makes other functions of business its appendages?
A. Production      B. Marketing
C. Finance            D. Personnel

37. The West African Clearing House became legally operational on
A. 1st July, 1976            B. 25th June, 1975
C. 14th March, 1975     D. 3rd May, 1974

38. In which of the following sets of occupations can an industrial worker be found?
A. Extraction, commerce and construction
B. Manufacturing, extraction and banking
C. Construction, quarrying and insurance
D. Manufacturing, extraction and construction

39. The merger of two companies producing the same type of products is an example of
A. vertical integration
B. horizontal integration
C. lateral merger
D. an acquisition

40. In the case of voluntary liquidation of a business, the receiver is appointed by the
A. creditors            B. debtors
C. directors            D. shareholders

Answers to Commerce Question Number 31 – 40

31.B   32.C   33.A   34.C   35.B
36.B   37.A   38.C   39.B   40.A

Read Also: 20 JAMB Most Repeated Topics in Commerce Exams 2023

Conclusion

So here you have the 40 Commerce Questions you can expect in your 2023 JAMB examination. Read them again and again. Ensure that you get very familiar with each of them such that you can readily recognize them any time.

Remember that you can ask for more detailed explanation to any of the above questions in case you don’t fully understand it. Don’t be shy, just scroll down and use the comments section. Drop your questions and expect comprehensive answers as soon as possible.

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