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 111: An example of a trade association is? Options:
  A) ALGON
  B) NLC
  C) NURTW
  D) NULGE
  Show Answer
  The correct answer is A .
• Question 112: A person who is cheated in business transaction can seek legal remedy Options:
  A) even if the agreement is verbal and the amount involved is large
  B) only if the business is a sole proprietorship whose owner is known
  C) regardless of the form of business organization
  D) only if the transaction is documented in a contract
  Show Answer
  The correct answer is D .
• Question 113: A pro-forma invoice is sent to inform a buyer about the Options:
  A) quantity of goods
  B) prices of goods
  C) designation of goods
  D) quality of goods
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  The correct answer is B .
• Question 114: Which of the following makes other functions of business its appendages? Options:
  A) production
  B) marketing
  C) finance
  D) personnel
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  The correct answer is B .
• Question 115:

  $\begin{array}{cccc}\text{Name}& \text{Insure amount}& \text{Actual value}& \text{Actual loss}\\ \text{Mr A}& 30,000& 100,000& 40,000\\ \text{Mr B}& 40,000& 120,000& 50,000\\ \text{Mr C}& 50,000& 15,000& 70,000\end{array}$

  If Mr A takes a fire insurance policy with average clause, his compensation will be

  Options:
  A) N15,000
  B) N20,000
  C) N12,000
  D) N25, 000
  Show Answer
  The correct answer is C .
• Question 116: The vessels that operate on specific route on high seas and oceans are Options:
  A) Coastal Liners and Cargo Liners
  B) Cargo Liners and Tramp liners
  C) Passenger liners and Tramp liners
  D) Passenger Liners and Cargo Liners
  Show Answer
  The correct answer is D .
• Question 117:

  The four P's of marketing are also known as

  Options:
  A) marketing mix
  B) product mix
  C) promotion mix
  D) advertising mix
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  The correct answer is A .
• Question 118:

  A partner who contributes only his name to the formation of a partnership is

  Options:
  A) a nominal partner
  B) a limited partner
  C) a general partner
  D) an active partner
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  The correct answer is A .
• Question 119: The major problem encountered in international trade is that of Options:
  A) distance
  B) differences in culture
  C) politics
  D) differences in currency
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  The correct answer is D .
• Question 120:

  A commission charged on postal order is__________

  Options:
  A) postal zero
  B) postal orders
  C) poundage
  D) brokage
  Show Answer
  The correct answer is C .