JAMB Commerce Past Questions & Answers - Page 24

116.

The organised effort of consumers to protect themselves against the unfair practices of businessmen is known as __

A.

Stroke

B.

Consumerism

C.

Picketing

D.

Demonstration

Correct answer is B

Consumerism is defined as an organised efforts by individuals, groups and government to help protect consumers from policies that infringes consumers' right to fair business right.

117.

The differences between the central bank and commercial bank is that the former ______

A.

discount treasury bills

B.

give loans to the public

C.

saves valuable of individual

D.

serves as lender of last resort

Correct answer is D

Options A, B,C are duties carried out by the commercial banks. Central bank is the apex bank. They offer loans to banks or other eligible institutions that are experiencing financial difficulties and have no other means of borrowing and fails to obtain credit.

118.

The process of buying and selling and distribution of goods and services is ______

A.

retail trade

B.

commerce

C.

marketing concept

D.

marketing

Correct answer is B

It is the study of production, distribution and exchange of goods and services aimed at satisfying human wants.

119.

Goods and services transferred from seller to buyer without immediate payment is referred to as ______

A.

hire purchase

B.

mutual understanding

C.

credit sale

D.

leasing

Correct answer is C

This is the transfer of goods and services from seller to a buyer without any value being given immediately in return

120.

A major merit of the retaining middlemen is to _______

A.

pay cash to the bank: for manufacturers

B.

stock perishable goods

C.

regulate price for manufacturers

D.

stock goods produced by different manufacturer

Correct answer is D

No explanation has been provided for this answer.