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 1051: Goods are of merchantable quality if they? Options:
  A) conform to description
  B) are of equal weight
  C) are of the same quality
  D) conform to buyers' purpose
  Show Answer
  The correct answer is A .
• Question 1052:

  Which of the following countries are members of the Lake Chad Basin Commission?

  Options:
  A) Niger and Cameroon
  B) Benin and Nigeria
  C) Nigeria and Mali
  D) Chad and Benin
  Show Answer
  The correct answer is A .
• Question 1053:

  The fees charged on postal order by the post office is

  Options:
  A) premium
  B) poundage
  C) interest
  D) brokerage
  Show Answer
  The correct answer is B .
• Question 1054: The term ‘5 Net 7’ on an invoice means that? Options:
  A) 5% discount will be allowed on the price charged if payment is made within seven days
  B) 5% discount will be allowed on the price charged if payment is made after seven days
  C) 5% surcharge will be made unless payment is made within seven days
  D) 5% dicount will be allowed on the charged if the goods are bought within seven days
  Show Answer
  The correct answer is A .
• Question 1055:

  A country is said to be experiencing an unfavourable balance of trade if her

  Options:
  A) exports exceed imports
  B) visible imports exceeds Visible exports
  C) visible exports exceed visible imports
  D) imports and exports are equal
  Show Answer
  The correct answer is B .
• Question 1056: Debentures differ from shares in that Options:
  A) they are secured on the company's assets
  B) ownership is open to the public
  C) they form part of the capital of the business
  D) rewards are usually paid out of profits
  Show Answer
  The correct answer is A .
• Question 1057: Which of the following is an determines the quality of goods and that a retailer sells? Options:
  A) the mode of contract of sales
  B) the type of manufacturer
  C) the regulations regarding sales in the area
  D) the location of his shop
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  The correct answer is B .
• Question 1058: The main advantage of road transport is that it is Options:
  A) convenient and flexible
  B) cheap and direct
  C) common and fast
  D) safe and available
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  The correct answer is A .
• Question 1059: A good financial instrument which serves as a hedge against inflation is? Options:
  A) a bond
  B) a share
  C) an opion
  D) a warrant
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  The correct answer is A .
• Question 1060:

  An offer extended to several people at once is called

  Options:
  A) Acceptance
  B) Offeror
  C) Invitation to threat
  D) Consideration
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  The correct answer is C .