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 1071: The partner that only contributes part of the capital used in the formation and running of a business is known as? Options:
  A) a passive partner
  B) an active partner
  C) a dormant partner
  D) a nominal partner
  Show Answer
  The correct answer is C .
• Question 1072: The deliberate effort geared towards discarding some cargoes in order to lighten the vessel is Options:
  A) caveat emptor
  B) uberrimae fidei
  C) demurrage
  D) jettison
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  The correct answer is D .
• Question 1073:

  Examples of current assets are

  Options:
  A) cash and trade debtors
  B) cash and trade creditors
  C) trade debtors, trade creditors and cash
  D) trade creditors and trade debtors
  Show Answer
  The correct answer is A .
• Question 1074: 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
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  The correct answer is A .
• Question 1075: One of the requirements necessary for setting up a business is? Options:
  A) registration
  B) advertisement
  C) knowledge of the business
  D) documentation
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  The correct answer is C .
• Question 1076: The major determinant of fire insurance premium is the Options:
  A) Owner of the property
  B) usefulness of the property to the owner
  C) Type and structure of the property to be insured
  D) extent of fire damaged anticipated.
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  The correct answer is C .
• Question 1077:

  A contract will not be discharge through

  Options:
  A) acceptance
  B) agreement
  C) breach
  D) performance
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  The correct answer is A .
• Question 1078: The use of vending machines in retailing is hindered in a developing economy owing to? Options:
  A) poor distribution network
  B) low level of education
  C) inffective communication system
  D) lack os steady power supply
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  The correct answer is D .
• Question 1079: Which of the following best describes inputs for any production activity? Options:
  A) Natural resources
  B) Buessiness resources
  C) Human resources
  D) Material resources
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  The correct answer is A .
• Question 1080: In international trade, documentary credit is also known as? Options:
  A) credit note
  B) letters of credit
  C) bankers' note
  D) letter of hypothecation
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  The correct answer is B .