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 2231: The basic distinction between cash discount and trade discount is that while trade discount is Options:
  A) for a period of 30 days, cash discount is for a period of 3 months
  B) given by a wholesaler, cash discount is given by a bank
  C) a reduction in the catalogue pirce f an article, cash dis count is a reduction in the invoice value
  D) a reduction in the value of sales, cash discount is a reduction in price of goods
  Show Answer
  The correct answer is D .
• Question 2232: The temporary insurance certificate issued to the insured before drawing up a policy is a? Options:
  A) cover note
  B) testimonial
  C) time policy
  D) proposal form
  Show Answer
  The correct answer is A .
• Question 2233:

  The two main categories under which marine losses fall into are

  Options:
  A) Total loss and partial loss
  B) Voyage policy loss and time policy loss
  C) Particular loss and average loss
  D) Actual loss and general loss
  Show Answer
  The correct answer is A .
• Question 2234: The primary objective of a business organization is to Options:
  A) cater for the neds of its owners
  B) work towards making returns
  C) assist the government to serve the citizens
  D) improve the standard of living of its proprietors
  Show Answer
  The correct answer is B .
• Question 2235: The label on a product such as 'pampers' is atype of? Options:
  A) trademark
  B) branding
  C) packaging
  D) patent right
  Show Answer
  The correct answer is A .
• Question 2236:

  

  Use the diagram above to answer this question

  X represents

  Options:
  A) action
  B) receiver
  C) transmission
  D) ideation
  Show Answer
  The correct answer is B .
• Question 2237:

  A document that instructs an agent to buy goods from a named firm is

  Options:
  A) proforma invoice
  B) open indent
  C) consular invoice
  D) closed indent
  Show Answer
  The correct answer is D .
• Question 2238: A protection right which can be reviewed or renewed after seven years is known as? Options:
  A) patent
  B) design
  C) registration name
  D) trade mark
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  The correct answer is A .
• Question 2239: 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 2240: Intranet differs from extranet in that the former? Options:
  A) requires a modem before it could be used
  B) can generally be accessed by the public
  C) is restricted to employees of an organization
  D) requires internet protocols
  Show Answer
  The correct answer is A .