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 2261: The rate at which a central bank discount first class bills is called the Options:
  A) fixed rate
  B) bill rate
  C) bank rate
  D) interest rate
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  The correct answer is C .
• Question 2262: The acronym PLC is used to identify a? Options:
  A) company limited by shares
  B) private company limited by shares
  C) public company limited by shares
  D) company limited by guarantee
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  The correct answer is C .
• Question 2263: If a customer pays within nine days of receiving goods and takes advantage of 3% off the invoice price, this is stated as Options:
  A) 3/9;net 30
  B) 9/27;net 30
  C) 30;net 9/3
  D) 9/30;net 3
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  The correct answer is D .
• Question 2264:

  Which of the following functions is not performed by warehousing?

  Options:
  A) Stabilization of price
  B) production ahead of demand
  C) creating scarcity of goods
  D) storage of goods
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  The correct answer is C .
• Question 2265: An underlined principle in the marketing of goods is that firms should Options:
  A) Train their personnel
  B) be consumers oriented
  C) advertise the goods
  D) sell through outlets
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  The correct answer is B .
• Question 2266:

  The incentive given to a buyer to encourage prompt payment is

  Options:
  A) cash discount
  B) seasonal discount
  C) quantity discount
  D) trade discount
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  The correct answer is A .
• Question 2267: The term ‘5 Net 7’ on an invoice means that? Options:
  A) 5% discount will be allowed on the price charged if payment is made within seven days
  B) 5% discount will be allowed on the price charged if payment is made after seven days
  C) 5% surcharge will be made unless payment is made within seven days
  D) 5% dicount will be allowed on the charged if the goods are bought within seven days
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  The correct answer is A .
• Question 2268:

  Consumer sovereignty means that the consumer is?

  Options:
  A) a citizen
  B) always independent
  C) always wrong
  D) always right
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  The correct answer is D .
• Question 2269: Goods discharged from ships on which import duties have not been paid are kept in the Options:
  A) ordinary warehouse
  B) public warehouse
  C) private warehouse
  D) bonded warehouse
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  The correct answer is D .
• Question 2270: A bond which attracts interest but leaves the capital repaid is referred to as Options:
  A) A redeemable bond
  B) An irredeemable bond
  C) A development bond
  D) A long-term loan
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  The correct answer is B .