JAMB Commerce Past Questions & Answers - Page 11

51.

What’s the first form an applicant must complete before taking an insurance policy?

A.

Cover note

B.

advice note

C.

proposal form

D.

certificate of insurance

Correct answer is C

A proposal form is the form completed by the proposer when applying for insurance, proposal forms are completed online or over the phone.

this is the first form to be filled by intending insured

52.

Goods and services are made available to consumers through

A.

The advertising agency

B.

Sales promotion

C.

The channel of distribution

D.

The middle men

Correct answer is C

Channel of distribution is a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors, and even the internet

A distribution channel is the path through which products pass to get from the producer to the consumer

53.

The internet is a system of telecommunication used for

A.

The internet is a system of telecommunication used for providing a variety of information and communication facilities,

B.

Communicating long distance messages

C.

Sending and receiving text messages

D.

Communicating messages through telegrams

Correct answer is A

The internet is a globally connected network system that uses TCP/IP to transmit data via various types of media, a global computer network providing a variety of information and communication facilities, consisting of interconnected networks using standardized communication protocols.

54.

The satisfaction of consumer is best explained by

A.

Product mix

B.

Marketing concept

C.

marketing mix

D.

market segmentation

Correct answer is B

The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.

The marketing concept is the strategy that firms implement to satisfy customer’s needs, increase sales, maximize profit and beat the competition.

55.

Balance of payment consist of ----------- and ---------- items

A.

Credit and loss

B.

visible and non-visible

C.

valid and invalid

D.

income and expenditure

Correct answer is B

The balance of payments is a summary of all monetary transactions between a country and rest of the world. These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country.