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 2071:

  Commerce is defined as

  Options:
  A) buying and selling of goods and services only
  B) all activities in the distribution and exchange of goods and services
  C) all activities involved in the production of goods and services
  D) transporting and warehousing of goods only
  Show Answer
  The correct answer is B .
• Question 2072: The major determinant of fire insurance premium is the Options:
  A) Owner of the property
  B) usefulness of the property to the owner
  C) Type and structure of the property to be insured
  D) extent of fire damaged anticipated.
  Show Answer
  The correct answer is C .
• Question 2073: The payment made by a speculator to the buyer when he is unable to deliver stocks on the agreed date is Options:
  A) arbitage
  B) franco
  C) contango
  D) backwardation
  Show Answer
  The correct answer is D .
• Question 2074:

  A pro forma invoice is sent to inform a buyer about the?

  Options:
  A) quantity of goods
  B) price of goods
  C) designation of goods
  D) quality of goods
  Show Answer
  The correct answer is B .
• Question 2075: The sole legal right held by the author to publish his book is Options:
  A) trademark
  B) copyright
  C) patent right
  D) bookmark
  Show Answer
  The correct answer is B .
• Question 2076: An organizational structure that is military in nature is the? Options:
  A) line structure
  B) staff structure
  C) line and staff structure
  D) fnctional structure
  Show Answer
  The correct answer is D .
• Question 2077: Another name or term for a dishonoured cheque is ______ Options:
  A) an order cheque
  B) a bounced cheque
  C) a bearer cheque
  D) an open cheque
  Show Answer
  The correct answer is B .
• Question 2078:

  I. Wholesaler

  Ii. Fishing

  Iii. Canning

  Iv. Retailing

  The sequence in which the occupational activities above are performed is?

  Options:
  A) iii, ii, i and iv
  B) iii, i, iv and ii
  C) i, ii, iii and iv
  D) ii, iii, i and iv
  Show Answer
  The correct answer is D .
• Question 2079:

  

  Use the table above to answer this question.

  If Mr. N takes a fire insurance policy with average clause, his compensation will be

  Options:
  A) N 5000
  B) N 7, 500
  C) N 70, 000
  D) N 75, 000
  Show Answer
  The correct answer is B .
• Question 2080:

  A document used to ensure correct payment of duty at the importing country is

  Options:
  A) documentary credit
  B) consular invoice
  C) certificate of origin
  D) bill of lading
  Show Answer
  The correct answer is D .