Is there a way to read all key-value pairs in the JSON file and then initialize all variables accordingly in shell?

Given a JSON file, arguments.json:

{"dagger": true, "version": false, "nether_strike": true, 
 "greater_bash": "5", "FILE": "ancientscroll.txt", 
 "empower_haste": "1", "help": false}

I can read using jq in shell and initialize the variables individually:

dagger=$(cat arguments.json | jq '.["dagger"]')
greater_bash =$(cat arguments.json | jq '.["greater_bash"]')    

echo $dagger
echo $greater_bash

Is there a way to read all key-value pairs in the JSON file and then initialize all variables accordingly in shell?