Commerce Exam Past Questions and Answers | JAMB, WAEC and NECO

Commerce is a structured system for exchanging goods between buyers and sellers. It involves studying the processes and activities related to buying and selling goods and services, particularly on a large scale.

• Question 1: The most important function of commerce is? Options:
  A) helping people to improve thir profits
  B) facilitaing exchanges among indiviuals and firms
  C) assisting trade through banking and insurance
  D) enhancing business relationships
  Show Answer
  The correct answer is B .
• Question 2: What document is required when a country imposes ad valorem import duties on goods? Options:
  A) A mail transfer
  B) A shipping note
  C) A billb of lading
  D) A consular invoice
  Show Answer
  The correct answer is B .
• Question 3: One of the major function of a chamber of commerce is to Options:
  A) promotes and protect trade, industry and agriculture
  B) advise members on regulations of other countries
  C) settle disputes that arise out of trade
  D) publish books and periodical desired by members
  Show Answer
  The correct answer is A .
• Question 4: A document that serves as an instument for perferential tariff is referred to as Options:
  A) an indent
  B) a certificate of origin
  C) a consular invoice
  D) an advice note
  Show Answer
  The correct answer is B .
• Question 5:

  The Central Bank Monetary policy instrument by which it buys and sells securities is called

  Options:
  A) open market operation
  B) bank credit
  C) cash reserve ratio
  D) bank rate
  Show Answer
  The correct answer is A .
• Question 6: The stock Exchange helps to provide capital for of industrial project because it Options:
  A) determines value of shares, stocks and other securities
  B) assist government in implementing its monetary plicies
  C) assist companies to exchange their securities into cash
  D) renders agency services to organizations and government
  Show Answer
  The correct answer is C .
• Question 7: Entrepreneurship mainly involves? Options:
  A) risk-taking
  B) initiating
  C) skilled manpower
  D) knowledge
  Show Answer
  The correct answer is A .
• Question 8: Yahaya bought a piece of furniture on a credit sale agreement from Ahmed and resold it to Ali before all installments were made .The court upheld that Ahmed could not recover possession of the items from Ali. The reason for the judgement was because Options:
  A) ownership was transfered on completeion of installment
  B) ownership was transfered on delivery
  C) Yahaya could not pass title to a third party
  D) Ali was still indebted to Yahaya
  Show Answer
  The correct answer is B .
• Question 9: The type of partnership in which all partners are jointly liable in bearing risk is? Options:
  A) limited partnership
  B) partnership-at-will
  C) ordinary partnership
  D) industral partnership
  Show Answer
  The correct answer is C .
• Question 10:

  (i)Money and machines (ii) Materials and Money (iii)Market and Man.

  Which combination of the above are basic requirement as business resource?

  Options:
  A) i and ii
  B) ii and iii
  C) i and iv
  D) ii and iv
  Show Answer
  The correct answer is B .