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Commerce JAMB Questions and Answers 2023 [Free Download]

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 set. Your duty now is to read through them as many times as possible and get ready to smash your own Commerce paper.

Commerce JAMB Questions and Answers 2023

What are Commerce JAMB Questions and Answers 2023

Commerce JAMB Questions and Answers 2023 are the past questions of Commerce paper for 2023 UTME, together with their answers.

If you are a candidate preparing to sit for Commerce in the forthcoming JAMB examination, it is very important that you revise with these past questions.

In so doing, you will know what the set before them saw in the JAMB CBT hall. That would give you an idea of what to expect in your own set because JAMB follows the same pattern in setting their questions. More so, revising these questions several times will boost your confidence and guarantee you a very high score.

Commerce JAMB Questions and Answers 2023 for Your Revision

On this page, we shall show you the real Commerce JAMB Questions and Answers taken by the 2023 candidates.

The correct answers to the questions are also provided alongside.

We are providing these past questions to ensure that you have sufficient materials available for your revision. JAMB is a very serious examination. And we understand the role adequate preparation plays for candidates who get very high score in JAMB.

Of course, you know that JAMB gives you 40 questions in Commerce, to answer within 26 minutes. So it’s important that you prepare very well by reading the content of this page over and over.

In the following sections, you will read the 2023 JAMB Commerce past questions and 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.

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: JAMB’s Most Repeated Topics in All Subjects


So here you have the 40 Commerce JAMB Past Questions for 2023. Read them again and again. Ensure that you get very familiar with each of them such that you can readily recognize them any time. That’s what revision is all about.

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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About Henry Divine

Henry Divine is a passionate educator and seasoned blogger with a strong commitment to providing valuable insights and resources to the education community. With over 6 years of experience in the field, Henry's articles are well-researched, authoritative, and tailored to meet the needs of teachers, students, and parents alike. Through his blog, Henry aims to empower readers with practical tips, innovative strategies, and evidence-based practices to foster lifelong learning and academic success. Follow Henry for the latest updates and expert advice on all things education.

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One comment

  1. Very good thank you so much this was useful for my study

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