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 1381:

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

  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 1382: The practice of assessing employees for payment or advancement according to their observed achievement is called Options:
  A) employee ranking
  B) merit rating
  C) job grading
  D) employee education
  Show Answer
  The correct answer is C .
• Question 1383: The organizational structure that relates the positions of specialist to the line mangers is called? Options:
  A) line structure
  B) staff structure
  C) line and staff structure
  D) functional structure
  Show Answer
  The correct answer is B .
• Question 1384: A document sent by a seller to inform a buyer about the prices of goods is the? Options:
  A) catalogue
  B) price list
  C) credit note
  D) proforma invoice
  Show Answer
  The correct answer is B .
• Question 1385: The promotion of team spirit in an organization is referred to as Options:
  A) unity of direction
  B) espirit de corps
  C) unity of purpose
  D) discipline
  Show Answer
  The correct answer is B .
• Question 1386: A disadvantage of personal selling is that it Options:
  A) increase a company's operating cost
  B) decreases acompany's operating cost
  C) increase a company's number of customers
  D) reduces a company's area of patronage
  Show Answer
  The correct answer is D .
• Question 1387: The business with the best business objectives is Options:
  A) Okon
  B) Taiwo
  C) Kalu
  D) Musa
  Show Answer
  The correct answer is A .
• Question 1388: Recognized members of the Stock Exchange who buy and sell securities on their own behalf are known as ? Options:
  A) bulls
  B) jobbers
  C) brokers
  D) stags
  Show Answer
  The correct answer is B .
• Question 1389: The basic distinction between cash discount and trade discount is that while trade discount is Options:
  A) for a period of 30 days, cash discount is for a period of 3 months
  B) given by a wholesaler, cash discount is given by a bank
  C) a reduction in the catalogue pirce f an article, cash dis count is a reduction in the invoice value
  D) a reduction in the value of sales, cash discount is a reduction in price of goods
  Show Answer
  The correct answer is D .
• Question 1390:

  An agreement that is enforceable in law is

  Options:
  A) an offer
  B) a consideration
  C) a contract
  D) an acceptance
  Show Answer
  The correct answer is C .