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 11: Manufacturing and constructive activities are classified under? Options:
  A) primary production
  B) tertiary production
  C) secondary production
  D) direct service
  Show Answer
  The correct answer is C .
• Question 12: The pivot on the wheel of commerce rotates is Options:
  A) tariff
  B) trade
  C) taxation
  D) price
  Show Answer
  The correct answer is B .
• Question 13: A contract which is devoid of legal effect is Options:
  A) void contract
  B) unenforceable contract
  C) voidable contract
  D) valid contract
  Show Answer
  The correct answer is C .
• Question 14: The main difference between nationalization and indigenization is in terms of Options:
  A) shareholding
  B) profit
  C) technology
  D) efficiency
  Show Answer
  The correct answer is C .
• Question 15: The production of goods and services in anticipation of demand is made possible by _______ Options:
  A) packaging
  B) warehousing
  C) branding
  D) advertising
  Show Answer
  The correct answer is B .
• Question 16: An organization which focuses on consumer satisfaction is practicing Options:
  A) consumerism
  B) market segmentation
  C) selling concept
  D) marketing concept
  Show Answer
  The correct answer is D .
• Question 17:

  

  Use the above table to answer this question.

  What insurance principle has Mr P Violated if he decides to overstate the actual value of his property?

  Options:
  A) Indemnity
  B) Insurable interest
  C) Uberrimae fidei
  D) Subrogation
  Show Answer
  The correct answer is C .
• Question 18: One of the main objectives of the Second-tier Securities Market in Nigeria is to Options:
  A) achieved a realistic exchange rate for the naira
  B) eliminate currency dealings in the black market
  C) assist companies to raise capital
  D) attract investment flow
  Show Answer
  The correct answer is D .
• Question 19: The central bank controls the quantity of money in circulation through? Options:
  A) open-market operations
  B) decreasing the tax rate
  C) issuing new currencies
  D) increasing the tax rate
  Show Answer
  The correct answer is A .
• Question 20: If a firm has a turnover of N50 000 and the cost of goods sold is N40 000, what is the percentage of gross profit on sale? Options:
  A) 30.5%
  B) 20.5%
  C) 20.0%
  D) 10.0%
  Show Answer
  The correct answer is C .