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Commerce 2020 JAMB Past Questions

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6

Mr. Olatunde took up a fire insurance on a property valued at ₦1000 and the amount insured is ₦80. Thee ₦400. If the property caught fire causing a loss of insurance was taken with the clause with average what is the amount to be paid bý the insurance company?

  • A. ₦420
  • B. ₦320
  • C. ₦460
  • D. ₦560
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7

One major characteristic of credit unions and thrift societies is that

  • A. the contribution of every member depends on the member's ability
  • B. the legal processes involved in their formation are rigid
  • C. membership is compulsory to people in the same line of business
  • D. a minimum of ten people in the same line of business can form the union
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8

An author's exclusive right to his published and unpublished works is known as

  • A. constitutional right
  • B. author's right
  • C. copyright
  • D. patent right
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9

The management function that makes the difference in intensity of behavior is

  • A. controlling
  • B. motivation
  • C. coordinating
  • D. planning
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10

Charges for loans paid by commercial banks to the Central Bank of Nigeria are called

  • A. credit charges
  • B. interest rates
  • C. bank charges
  • D. bank rates
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