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 1881:

  The difference between Articles of association and memorandum of Association is that the latter deals

  Options:
  A) with the Internal working relationship of the company and its members
  B) with the powers and relationships of the company with outsiders
  C) The method of issue, transfer and future of the company's shares
  D) The rights and responsibilities of shareholders
  Show Answer
  The correct answer is B .
• Question 1882: The term 4 net 7 on an invoice means that Options:
  A) 4% surcharge will be made unless payment is made within seven days
  B) 4% discount will be allowed on the price charged only if the good are bought within seven days
  C) 4% discount will be allowed on the price charge if payment is made after seven days
  D) 4% discount will be allowed on the price charged if payment is made price charged if payment is made price charged if payment is made within seven days.
  Show Answer
  The correct answer is D .
• Question 1883: The difference between the total payments for imports and the receipts from exports within a given period is referred to as Options:
  A) balance of payments
  B) balance of trade
  C) comparative cost advantage
  D) comparative advantage
  Show Answer
  The correct answer is A .
• Question 1884:

  Why is clear bill of lading called so?

  Options:
  A) It shows records of damaged goods
  B) It shows no records of damaged goods
  C) It is a clear bill
  D) It signifies no debt is owed
  Show Answer
  The correct answer is B .
• Question 1885: Endowment policy in insurance business is an aspect of Options:
  A) accident insurance policy
  B) fidelity guarantee insurance policy
  C) motor vehicle insurance policy
  D) life assurance policy
  Show Answer
  The correct answer is D .
• Question 1886: The letters E and OE stand for? Options:
  A) errors of exception
  B) errors and omissions expected
  C) estimate and order error
  D) end of error
  Show Answer
  The correct answer is B .
• Question 1887:

  When a vendor supplies news papers from house to house and across the streets, the element of marketing mix involved is? 

  Options:
  A) product
  B) price
  C) promoting
  D) place
  Show Answer
  The correct answer is D .
• Question 1888: Which of the following are forms of sales promotion? Options:
  A) advertising, personal selling and publicity
  B) advertising, market skimming and publicity
  C) personal selling, packaging and publicity
  D) advertising, packaging and publicity
  Show Answer
  The correct answer is A .
• Question 1889:

  The business unit that applies the principle of one man vote is

  Options:
  A) public company
  B) partnership
  C) co-operative society
  D) sole properitorship
  Show Answer
  The correct answer is C .
• Question 1890:

  The factors to be considered in setting up retail trade include all except_____

  Options:
  A) Capital
  B) Experience
  C) Location
  D) Age
  Show Answer
  The correct answer is D .