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 1541: A current account holder pays fees for services in form of Options:
  A) bank charges
  B) interest rates
  C) commission on turnover
  D) minimum lending rate
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  The correct answer is A .
• Question 1542: Production ends when goods and services ________ Options:
  A) reach the final consumer
  B) are used for manufacturing
  C) are packaged and labelled
  D) are sold to the middlemen
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  The correct answer is A .
• Question 1543: Good and services are made available to consumers through Options:
  A) the channnel of distribution
  B) sales promotion
  C) the advertising agency
  D) the middle men
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  The correct answer is A .
• Question 1544: Entrepot trade usually occurs in? Options:
  A) exchanging goods within a nation
  B) exchanging goods among countries
  C) importing goods to be re-exproted
  D) exproting goods to be re-imported
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  The correct answer is C .
• Question 1545: What document is required when a country imposes ad valorem import duties on goods? Options:
  A) A mail transfer
  B) A shipping note
  C) A billb of lading
  D) A consular invoice
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  The correct answer is B .
• Question 1546: The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is Options:
  A) subrogation
  B) proximate cause
  C) uberrimae fidei
  D) contribution
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  The correct answer is C .
• Question 1547: The two main categories under which marine losses fall into are? Options:
  A) particular loss and average loss
  B) actual loss and average loss
  C) total loss and partial loss
  D) voyage policy loss and time policy loss
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  The correct answer is C .
• Question 1548: A partnership is dissolved when? Options:
  A) the business suffers a loss
  B) there is bankruptcy
  C) there is consistent theft
  D) there is misunderstanding between partners
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  The correct answer is B .
• Question 1549: 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
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  The correct answer is C .
• Question 1550: When a price is quoted at F.O.B. it means that the price? Options:
  A) excludes loading charges incurred in bringing the goods to port of destinction
  B) exclude all necessary shipping charges payable for insurrance
  C) includes all charges payable on shipping a consignment to the port destination
  D) includes charges payable for for loading goods onto the ship
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  The correct answer is C .