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 181: Citizens are against privatization mainly because of? Options:
  A) the rationalization of organizations
  B) increased prices of goods and services
  C) the likelihood of monopoly
  D) ineffective management
  Show Answer
  The correct answer is B .
• Question 182:

  The payment made periodically in respect of an insurance policy entered into is known as

  Options:
  A) surrender
  B) bond
  C) premium
  D) commission
  Show Answer
  The correct answer is C .
• Question 183: Under the endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the? Options:
  A) indemnity
  B) surrender value
  C) lump sum benefit
  D) insurance premium
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  The correct answer is C .
• Question 184: Sole enterprise may flourish best in Options:
  A) a mining business
  B) a retailing business
  C) an oil exploration business
  D) a car assembly business
  Show Answer
  The correct answer is B .
• Question 185: The most commonly used commercial documents are? Options:
  A) order notes, debit notes, invoices and quotations
  B) letters of enquiry, consignment notes, receipts and invoices
  C) credit notes, statement of accounts, depatch order and bills
  D) balance sheet, receipts, invoices and manifest
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  The correct answer is A .
• Question 186:

  Use the information below to answer question 20 and 21

  Mr Awala is a retailer of a single product. he sells at the standard price. He gives a trade discount of 5%, quantity discount of 3% for a volume above 1000 units and a cash of discount of 2/10 net 30. the existing selling price of the product is N100 per units. Mr Bacus purchased 1500 units of the product on credit and promised to pay Mr. Awala in cash in the first 10 days after purchase.

  The trade discount receivable by Mr Bacus is

  Options:
  A) N4,500
  B) N7,500
  C) N10,500
  D) N12,000
  Show Answer
  The correct answer is B .
• Question 187: Bank giro is a system where? Options:
  A) commercial banks can give loan to all customers
  B) a central bank opens account for commercial banks
  C) a customer uses cheque to pay serveral bills
  D) a customer closes his account by writting cheque
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  The correct answer is D .
• Question 188: Which of the following is a type of system software Options:
  A) utility programmes
  B) registers
  C) hard drives
  D) packages
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  The correct answer is A .
• Question 189: After-sales service is a function usually rendered by? Options:
  A) a retailer
  B) a wholesaler
  C) an agent
  D) an enterpreneur
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  The correct answer is A .
• Question 190: An opportunity to reject a binding contract at will by a third party is said to be a? Options:
  A) valid contract
  B) quasi contract
  C) voidable contract
  D) conditional contract
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  The correct answer is C .