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 2461: The components of capital employed in a business are? Options:
  A) owners' equity and long-term debts
  B) total assets and current liabilities
  C) share capital and long-term debts
  D) share capital and current liabilities
  Show Answer
  The correct answer is B .
• Question 2462: The financial instrument for borrowing in which the collateral is usually more than the amount borrowed is? Options:
  A) trust certificate
  B) detachable warrant
  C) mortage bond
  D) converttible securities
  Show Answer
  The correct answer is C .
• Question 2463: The major parties to an agency relationship are the? Options:
  A) principal and the creditor
  B) bailee and the bailor
  C) principal and the agent
  D) shareholder and the creditor
  Show Answer
  The correct answer is C .
• Question 2464:

  A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a

  Options:
  A) commission agent
  B) factor
  C) broker
  D) del credere agent
  Show Answer
  The correct answer is D .
• Question 2465: Ordianry warehouse is usually owned and used by Options:
  A) government
  B) agents
  C) retailers
  D) wholesalers
  Show Answer
  The correct answer is D .
• Question 2466: The major responsibility of an entrepreneur is? Options:
  A) Employing all factors of production in the business
  B) coordinating and determining the proportion of what to produce
  C) planning and organizing all activities in the business
  D) directing and controlling all the affairs of the business
  Show Answer
  The correct answer is A .
• Question 2467:

  Which of the following is an item in the marketing mix?

  Options:
  A) market
  B) consumer
  C) demand
  D) promotion
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  The correct answer is D .
• Question 2468: Payment made to the insured by the insurer outside its legal obligation is? Options:
  A) premium paid
  B) ex gratia payment
  C) surrender value
  D) sum assured
  Show Answer
  The correct answer is B .
• Question 2469: The amount of authorized capital that shareholders have subscribed to is Options:
  A) issued share capital
  B) authorized share capital
  C) owner's equity
  D) working capital
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  The correct answer is B .
• Question 2470: Personal selling is most effective in marketing industrial goods because it involves? Options:
  A) recongnition and attachment to customers
  B) personal interaction and information gathering
  C) demonstrations and product acceptability
  D) after-sales services and product demonstrations
  Show Answer
  The correct answer is B .