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 2211: An agreement that is enforceable in law is ________? Options:
  A) a contract
  B) an offer
  C) an acceptance
  D) a consideration
  Show Answer
  The correct answer is A .
• Question 2212:

  An agency contract must involve

  Options:
  A) a principal and a consumer
  B) a principal and an agent
  C) a principal and a producer
  D) a principal and a third party
  Show Answer
  The correct answer is B .
• Question 2213: A form of money that has gone out of use is? Options:
  A) paper money
  B) bank money
  C) commodity money
  D) foreign money
  Show Answer
  The correct answer is C .
• Question 2214: The body that organizes, promotes and participates in local and foreign trade fairs is the Options:
  A) Ministry of Commerce and Tourism
  B) Ministry of finance
  C) Chambers of Commerce
  D) Export Promotion Council
  Show Answer
  The correct answer is C .
• Question 2215: The most suitable organizational structure for small or medium sized enterprises is Options:
  A) line structure
  B) staff structure
  C) committee structure
  D) functional structure
  Show Answer
  The correct answer is A .
• Question 2216: A firm's organizational structure would change if Options:
  A) one of the major partner dies
  B) there is excessive competition
  C) there is seasonal variation in demand
  D) the scope of business operation changes
  Show Answer
  The correct answer is D .
• Question 2217: Which of the following is NOT backed by gold but by government securites? Options:
  A) Fiduciary note
  B) Token money
  C) Commodity money
  D) Fiat money
  Show Answer
  The correct answer is A .
• Question 2218:

  On liquidation of a public limited liability company, the residual owners are the?

  Options:
  A) creditors
  B) debenture shareholders
  C) preference shareholders
  D) ordinary shareholder
  Show Answer
  The correct answer is D .
• Question 2219: Enter pot trade is said to have taken place when goods are? Options:
  A) held at the port payment of custom duty
  B) sold in the ship under special regulation
  C) imported and then re-export
  D) kept for further processing before sales
  Show Answer
  The correct answer is C .
• Question 2220:

  One major characteristic of credit unions and thrift societies is that

  Options:
  A) the contribution of every member depends on the member's ability
  B) the legal processes involved in their formation are rigid
  C) membership is compulsory to people in the same line of business
  D) a minimum of ten people in the same line of business can form the union
  Show Answer
  The correct answer is A .