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 2101: Sabo and Gambo entered into a contract for the sale of two baskets of tomatoes belonging to Gambo. Before the date the date of delivery and without any default by Gambo, the tomatoes were stolen. This is an example of termination of contract by Options:
  A) breach
  B) performance
  C) fault
  D) frustration
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  The correct answer is D .
• Question 2102: Unresolved disputes between the employer and employees are usually referred to the? Options:
  A) code of conduct bureau
  B) personnel unit
  C) disciplinary committee
  D) industrial arbitration tribunal
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  The correct answer is D .
• Question 2103: A risk that can be estimated and calculated to be compensation is? Options:
  A) a delivery risk
  B) an insurable risk
  C) a credit risk
  D) a systematic risk
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  The correct answer is B .
• Question 2104: The sum of money paid by a policy-holder to an insurer is referred to as? Options:
  A) interest
  B) premium
  C) gross profit
  D) sales revenue
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  The correct answer is B .
• Question 2105:

   communication process involves the transmission of a message over a selected channel to the?

  Options:
  A) encoder
  B) receiver
  C) audience
  D) sender
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  The correct answer is B .
• Question 2106: Securities on which the buyers are not issued with certificate are called? Options:
  A) authorized securities
  B) inscribed securities
  C) bearer securities
  D) registered securities
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  The correct answer is B .
• Question 2107: The process of bringing a company under exclusive state ownership and control is know as Options:
  A) nationalization
  B) commercialization
  C) indigenization
  D) privatization
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  The correct answer is A .
• Question 2108:

  The maximum number of shareholders in a public liability company is

  Options:
  A) One hundred
  B) Unlimited
  C) Fifty
  D) Twenty
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  The correct answer is B .
• Question 2109: A written partnership contract is known as? Options:
  A) an invoice
  B) a deed
  C) a prospectus
  D) a proposal
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  The correct answer is B .
• Question 2110: The major difference between insurance and assurance is that while insurance Options:
  A) takes care of uncertainty, assurance takes care of risks
  B) takes care of risks , assurance takes care of uncertainty
  C) hinges on probabilities, assurance is based on possibilities
  D) is about indemnity, assurance is about life in the future
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  The correct answer is C .