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 201: An action taken by a company outside its object clause is regarded as? Options:
  A) ultra vires
  B) a trespass
  C) uberrima fides
  D) caveat emptor
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  The correct answer is A .
• Question 202: The insurance principle that allows an insurance an insurance company to take over the rights of the insured once he has been compensated is Options:
  A) indemnity
  B) proximate cause
  C) utmost good faith
  D) subrogation
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  The correct answer is D .
• Question 203: 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
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  The correct answer is B .
• Question 204: Communication is relevant to business activities because it Options:
  A) creates wealth for people
  B) reduces the cost and risk of travelling
  C) connects people
  D) enhances delivery of goods and servicess
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  The correct answer is B .
• Question 205: An activity that involves derivation of raw materials from land and sea is? Options:
  A) construction
  B) farming
  C) agriculture
  D) extraction
  Show Answer
  The correct answer is D .
• Question 206: One of the advantages of commercialization is that it? Options:
  A) encourages entrepreneuership
  B) increases the salaries of workers
  C) motivates governement to establish more business
  D) gives wortkers on-the-job training
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  The correct answer is A .
• Question 207: Which software program can be used to generate financial reports from a company's client list? Options:
  A) MS Word
  B) Database
  C) MS Excel
  D) Adobe
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  The correct answer is C .
• Question 208:

  A document that embody the conditions and exceptions attached to the contract is

  Options:
  A) proposal form
  B) cover note
  C) the policy
  D) insurance certificate
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  The correct answer is C .
• Question 209: The most important function of commerce is in? Options:
  A) enhancing business relationships
  B) helping people to improve their profits
  C) facilitating exchange among individuals and firms
  D) assisting trade through banking and insurance
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  The correct answer is C .
• Question 210: Ships used for international transport are? Options:
  A) trawelers
  B) yachets
  C) ocean liners
  D) launchers
  Show Answer
  The correct answer is C .