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: 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.
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  The correct answer is D .
• Question 12: Mr. Lawal insured his warehouse against burglary but it was later gutted by fire. this implies that? Options:
  A) the loss should be borne by the insurer
  B) Mr. Lawal is liable only for half of the estimated loss
  C) the insurer should make a consolation payment for the loss
  D) the loss should be borne by Mr. Lawal
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  The correct answer is D .
• Question 13: The overriding advantage of home trade over foreign trade is Options:
  A) accessibility of seller to buyer
  B) absence of many documents
  C) ease in language of transaction
  D) ease in form of payment
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  The correct answer is A .
• Question 14: The existing system of government and the administrative sub-division of a country which affect the operation of business in the country is described as Options:
  A) economic environment
  B) legal environment
  C) polictical environment
  D) social environment
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  The correct answer is C .
• Question 15: The deliberate and sustained efforts of an organization towards the creation of goodwill for its products and services is through? Options:
  A) public relations
  B) advertising
  C) sales promotion
  D) rebranding
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  The correct answer is A .
• Question 16: A distinguishing characteristic of labour is that it is Options:
  A) constant
  B) expensive
  C) mobile
  D) cost
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  The correct answer is C .
• Question 17: Which part of the computer system does the keyboard device belong to? Options:
  A) Output unit
  B) Logic unit
  C) Input unit
  D) Control unit
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  The correct answer is C .
• Question 18: The three main classification of occupation are? Options:
  A) construction, trade and services
  B) manufacturing, industry and services
  C) farming, banking and trading
  D) industry, commerce and services
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  The correct answer is D .
• Question 19: The most important business objective is to Options:
  A) improve investments
  B) provide quality products
  C) target consumers for satisfaction
  D) carve a niche for the business
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  The correct answer is C .
• Question 20: Q,act as an agent of P, lawfully and reasonably incur the amount of N350 as expenses.If Q comes to P, for payment , this is an instance of P'S duty to Options:
  A) remunerate Q
  B) reply Q
  C) indemnify Q
  D) settle Q
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  The correct answer is C .