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 2361: 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
  Show Answer
  The correct answer is C .
• Question 2362: One of the functions of NACCIMA is? Options:
  A) negotiating with labour unions in matters of wages and conditions of service
  B) pooling of members' resources for long-term investment
  C) disseminating information to members on matters relating to tariffs
  D) ensuring uniformity in labour matters and industrial relations
  Show Answer
  The correct answer is D .
• Question 2363: The principle of span of control stipulates that Options:
  A) an employee should report to only one superior
  B) manager must demand accountability from their surbordinates
  C) resources have to be economized within the various division
  D) the number of employee reporting to one superior should be kept to workable maximum
  Show Answer
  The correct answer is D .
• Question 2364: One way by which a business can discharge its social responsibility to its community is to? Options:
  A) hold monthly meetings of its customers
  B) building houses for its executives
  C) award scholarship to staff children
  D) build public health centres
  Show Answer
  The correct answer is D .
• Question 2365:

  A two-way process which involves sending and receiving of messages is referred to as__________

  Options:
  A) Advertisement
  B) Communication
  C) Marketing
  D) Transportation
  Show Answer
  The correct answer is B .
• Question 2366: The managerial ability of a supervisor in an organization may be underutilized if the? Options:
  A) morale of the supervisedis high
  B) span of control is wide
  C) span of control is narrow
  D) morale of thr supervisor is low
  Show Answer
  The correct answer is C .
• Question 2367: The differences between the central bank and commercial bank is that the former ______ Options:
  A) discount treasury bills
  B) give loans to the public
  C) saves valuable of individual
  D) serves as lender of last resort
  Show Answer
  The correct answer is D .
• Question 2368: Which of the following is classified as an immaterial want? Options:
  A) Protection
  B) Raw materials
  C) Machines
  D) Goods and Services
  Show Answer
  The correct answer is A .
• Question 2369: A source of business financing which involves pledging of a specific assets is? Options:
  A) bond
  B) mortage
  C) debentures
  D) loan
  Show Answer
  The correct answer is B .
• Question 2370:

  In the law of contact, a counter offer operates as

  Options:
  A) A contact
  B) an acceptance
  C) a rejection
  D) a rejection
  Show Answer
  The correct answer is D .