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 1711: One of the functions of the wholesaler is to? Options:
  A) forecast prices
  B) reduce prices of goods
  C) promote sales
  D) analyse sales periodically
  Show Answer
  The correct answer is C .
• Question 1712: The main document sent to an importer of goods by the exporter are? Options:
  A) invoice, consular invoice, certificate of orign, fright note, indent and insurance policy
  B) indent, bill of lading, certificate of orign, invoice and bill of exchange
  C) certificate of orign, bill of exchange, insurance policy, indent and bill of lading
  D) bill of lading, invoice insurance policy, consular invoice, certificate of orign and bill of exchange
  Show Answer
  The correct answer is D .
• Question 1713: A close indent is an instrument to an agent to Options:
  A) order goods from a particular manufacturer
  B) order goods from any manufacturer
  C) sell gods to any firm
  D) sell goods to a certain firm
  Show Answer
  The correct answer is A .
• Question 1714: Chinyere agree to make a dress for Halima with September 20, 1995 as the delivery date. If the dress was not ready on that date, Halima could Options:
  A) sue Chinyere for damages
  B) sue Chinyere for specific performance
  C) seize another gown from Chinyere's shop
  D) regard the contract between them as terminated
  Show Answer
  The correct answer is B .
• Question 1715: The media media used for inter-departmental communication include? Options:
  A) circulars, advertisement and notice boards
  B) memoranda, circulars and the telephone
  C) memoranda, advertising and face-to-face
  D) momoranda, advertising and the grapevine
  Show Answer
  The correct answer is B .
• Question 1716: When 'FOB' is written on a document, it implies that the buyer bears the? Options:
  A) cost of goods and advert
  B) loading costs and insurance
  C) insurance and transport costs
  D) transport and communication costs
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  The correct answer is C .
• Question 1717: The type of partnership in which all partners are jointly liable in bearing risk is? Options:
  A) limited partnership
  B) partnership-at-will
  C) ordinary partnership
  D) industral partnership
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  The correct answer is C .
• Question 1718: The difference between a private and public limited liability company is that the former? Options:
  A) is unable to offer shares to the public
  B) is unable to declare and pay dividend
  C) has a higher number of shareholders
  D) pays higher salaries to its managers
  Show Answer
  The correct answer is A .
• Question 1719: The fees charged on postal order by the post office is _____? Options:
  A) interest
  B) brokerage
  C) poundage
  D) premium
  Show Answer
  The correct answer is C .
• Question 1720:

  The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is

  Options:
  A) uberrimae fidei
  B) subrogation
  C) contribution
  D) proximate cause
  Show Answer
  The correct answer is A .