2020 JAMB SURE QUESTIONS

JAMB SURE CONER

BEST PREPARATION,SURE 2020 EXPECTED QUESTONS

Economics

1.Mfon has the choice of buying either a house or a benz car for N1.5 plus N0.05m running cost.If he decides to buy benz car his real cost is? (a) N1.50m (b)N1.55m (c)N1.5m

	Period 1	Period 2
Family income	N1000	N1,500
Expenditure on clothing	N100	N200

2. In the table above, the income elasticity of clothing is? (a) 2.5 (b)2.0 (c) 5.0

3. A capitalist economy is one characterized by the (a) Ownership of means of production by the Gov’t (b)Private ownership of factors of production (c)Joint ownership by Gov’t and Private

4. Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 units. Find the cost per unit (a) N53 (b)N45 (c)N35

5. Concentrating industries in one place is advantageous because there is gains in terms of  (a)cost economies (b)external economies (c)internal economies

6.The reduction in the value of a country currency is known as? (a)depreciation (b)devaluation (c)appreciation

7. If the arithmetic mean of 1,2,5,6,x,16 and 18 is 8, find the value of x  (a)8 (b)6 (c)7

8. A tax that increases at a higher percentage as income increases is called (a)A proportional tax (b)A regressive tax (c)A progressive tax

9. The price paid for labour services is the (a)Wage rate (b)Income rate (c)Salary rate

10.In national income accounting, NNP is derived by subtracting from the GNP? (a) transfer payments (b)Allowance for wastage (c)capital consumption

11. The distribution channel that contributes most to the cost of production is? (a)Producer-wholesaler-retailer-consumer (b)Producer-wholesaler-retailer (c)Producer-consumer

12. In accounting for national income NNP is GDP minus…. (a)Capital consumption (b)Income from abroad (c)NI

13. Money may not be accepted as a store of value if (a)Its value is unstable (b)Its value is stable (c) It is easily divisible

14. The fixing of the price of an item above the equilibrium price is most likely to take place in (a)free market economy (b)Centrally planned economy (c)Developed economy

15. The highest employment sector of the economy in Nigeria is ? (a)Agricultural sector (b)Oil and gas industry (c) Banking sector

16. A reduction in consumption will leads to increase in? (a)Saving (b)Investment (c)Consumption

17. Given that the elasticity of for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10% in price is? (a) 25 (b)4 (c)0.04

18. When government decide what to produce is term? (a)Command economy (b)Free market economy (c)Mixed economy

19. An account that is more favourable to a businessmen is? (a)Savings account (b)Fixed deposit accounts (c)Current account

20. The level of comfort available to individual I  a given country is term? (a)Standard of living (b)cost of living (c)Per capita income

Principles of Accounts

1.       The periodic contribution of members of an association is term? (a) Subscription (b)Contribution (c)Levy

2.       A written order upon a bank to pay a specific amount to the person whose name is on it? (a)Standing order (b)Cheque (c)Current account

3.       Which of the following affect bank statement (a)Dishonouredcheque (b)Mobile transfer (c)Bill of Landing

4.       Use this information to calculate ACID TEST RATIO. Inventory N5,000, current assets N20,000 and current liabilities N10,000 ? (a) 3:2 (b) 2:3 (c) 5:2

5.       Calculate cost of goods available for sales using the following information opening inventory N6,500,carriage inwards N1,000, purchases N21,000, carriage outwards N700 ? (a) N28,500 (b)N21,000 (c) N29,200

6.       All cost that can be traced to a particular production unit is known as? (a) Prime cost (b) Indirect cost (c)Overhead factory expense

7.       Cost of production b/d is on which side of the manufacturing account? (a)Dr (b)Cr (c)b/d

8.       In the state f financial position Non-current assets is located at? (a) Dr  (b) Cr (d) Dr& Cr

9.       Carriage inwards is added back to? (a) Sales (b) Purchase (c) Closing inventory

10.   The most recommendable method of calculating depreciation is (a) Straight line method (b) sum of the year digit (c) sinking fund method.

11.   The basic role of accounting is to? (a) Detect fraud (b) Attest to fun statement (c) Measure performance.

12.   The document that state the internal rules and regulations of an organization is known (a)Article of association (b)Memorandum of association (c)Laws

13.   A book keeping error occurs when there is? (a) A deliberate manipulation of records (b) Un international correct posting in the ledger (c) Incorrect records and oversights that are not intended

14.   A debt which cannot be recovered after 90 days is term? (a) Bad debt (b) Debt (c)Expenses

15.   The core job function of an auditor is? (a)Present an opinion of a financial statement (b)fraud (c)Post

                                                 COMMERCE

1.       The major factors that facilitate merchandising are ; (a) Banking, Insurance, and Transportation (b) Management, Insurance , and Advertising (c) communication, advertising, banking

2.       The application of division of labour should generally bring about? (a)increase in the quantity of goods and service (b)Increase in variety of goods service (c)Cheapness of goods and services

3.       The term PLC implies that the company is available on (a)Publicly on the stock exchange (b)Publicly in commercial bank (c)Owned by foreigners

4.       Which of these is both merit and demerit in partnership? (a0The number of partners (b)It is unlimited in nature (c)The bearing of risk

5.       --- Are the types of risk which the insurer can make provision for against because it can be calculated and estimated likely future losses (a)Insurable risk (b)Non-insurable risk (c)Assurance

6.       Which of the following is a non-insuarble risks (a)Gambling (b)fire insurance (c)Burglary

7.       –Is a form of insurance taken as a protection against loss caused by the death of a person (a)Fire insurance (b) Life assurance (c)Insurance

8.       The Re-exporting of goods that have previously imported into a country is term? (a)Export (b)Entre-pot (c)Import

9.       ---- Is an agent who professionally engaged in the purchase and sales of securities in the stock exchange on behalf of a clients is known as? (a)Broker (b)Jobber (c)jobber’s turn

10.   A fee, commission paid to a broker is term? (a) Brokerage (b)jobber’s turn (c)Salary

11.   A profit arrived at after deduction of total expenses is term? (a)gross profit (b)Net profit (b)PBTI

12.   Given that the net profit is N15,000 and turnover is N4500. Calculate net profit as a percentage of turnover (a)3.3333% (b)0.3333% (c)33.3333%

13.   Trading account shows the following except (a)Net profit (b)Gross profit (c)Cost of goods sold

14.   When Return inwards is deducted from sales is known as? (a) sales figure (b)cost of goods sold (c)Turn over

15.   A bank that serve as government bank is? (a)Mortgage bank (b)Central bank (c) Commercial bank