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 1021: The major procedures in the purchase and sale of goods are enquiry Options:
  A) quotation, order and invoice
  B) placement, order and invoice
  C) bargin, order and invoice
  D) order, sale, and invoice
  Show Answer
  The correct answer is A .
• Question 1022: In Nigeria, the ministry in charge of registering trade associations is that of? Options:
  A) industries
  B) commerce
  C) culture and tourism
  D) finance
  Show Answer
  The correct answer is B .
• Question 1023:

  Use the following information to answer this question.

  Oladosu Bookshop

  54, Ahmadu Bello Way

  Kaduna

  P.O.BOOX 336

  6 January 1989

  Olu Stationery ltd

  17, Kakawa Street

  Lagos

  Dear Sir,

  We require 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books.

  Please give us quotes for the respective articles for immediate delivery and a statement of your terms of trade.

  Yours Faithfully

  Manager.

  The above represents?

  Options:
  A) A quotation
  B) Consignment notes
  C) Letters of Inquiry
  D) An order form
  Show Answer
  The correct answer is C .
• Question 1024: A group of specialized functions of marketing is Options:
  A) buying, selling, storing and information
  B) buyimg, selling, advertising and packaging
  C) buying, selling, labelling and promotion
  D) buying , selling, skimmimg and pricing
  Show Answer
  The correct answer is C .
• Question 1025: An ancillary to trade which promotes socio - cultural development all over the world is Options:
  A) transportation
  B) communication
  C) tourism
  D) insurance
  Show Answer
  The correct answer is C .
• Question 1026: Musa obtains wool from his sheep, spins and transform it into cloth which he sells to consumers, this is a form of Options:
  A) Vertical integration
  B) Horizontal integration
  C) Forward Integration
  D) Background integration
  Show Answer
  The correct answer is A .
• Question 1027: Bank Giro is a method of settling debt from a Options:
  A) customer to a bank
  B) bank to customer
  C) customer to another
  D) bank to another
  Show Answer
  The correct answer is A .
• Question 1028: The main purpose of insurance is to Options:
  A) encourage business to surviveand grow
  B) ensures that facilities are available for operators
  C) accepts risk s and extend credit to policy holders
  D) spread individual losses ove all covered participants
  Show Answer
  The correct answer is D .
• Question 1029: Factoring is a trade debt term used when the agent buys all the trade debts of the Options:
  A) importers
  B) exporters
  C) nation
  D) customers
  Show Answer
  The correct answer is B .
• Question 1030:

  One of the objectives of the Niger Basin Commission is to

  Options:
  A) regulate the movement of citizens across borders
  B) improve tariff and quota on non-members
  C) regulate the movement of cargo along the river
  D) streaming the construction of dams on the river
  Show Answer
  The correct answer is D .