JAMB Commerce Past Questions & Answers - Page 30

146.

A bill of exchange already accepted can be discounted by the holder in ______?

A.

the central bank

B.

at least two banks

C.

his bank

D.

any bank

Correct answer is D

Is an unconditional written order from one person to another to pay a specified sum of money to a designated person.

147.

Which of the following legislation aims primarily at the protection of consumers?

A.

Law of contract

B.

Trade description Act

C.

Company's Act

D.

Partnership Act

Correct answer is B

This protects the consumers from false description of goods in terms of quality, quantity, size, place and date of manufacture

148.

A Major funtion of commerce is to

A.

facilitiate human satisfaction through exchange

B.

eliminate trade barriers

C.

provide raw materials for manufacturers

D.

influence government policies

Correct answer is A

Commerce provides the advantages of specialisation. It helps to better satisfy human wants by collecting and distributing goods. Commerce provides the necessary link between the producers and consumers of goods.

149.

One of the major reasons for merger is to

A.

reduce the number of unskilled manpower

B.

increase the number of skilled manpower

C.

prevent liquidation

D.

liberalize the market

Correct answer is C

Synergy: One of the main reasons why companies merge or acquire other companies is to create a synergy. Synergy is the concept that, the value of the combined companies will be greater than the joint value of the two individual companies. This will inturn prevent liquidation or folding up of a company

150.

Petrol voucher is an example of a

A.

bankdraft

B.

legal tender

C.

token money

D.

partial money

E.

Partial payment refers to the offering of a payment by check for less than the full amount claimed by the creditor.

Correct answer is D

No explanation has been provided for this answer.