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 2501: The insurance principle that requires full disclosure of information on the insured is known as Options:
  A) indemnity
  B) uberrimae fidei
  C) subrogation
  D) caveat emptor
  Show Answer
  The correct answer is B .
• Question 2502:

  

  Use the above table to answer this question.

  What insurance principle has Mr P Violated if he decides to overstate the actual value of his property?

  Options:
  A) Indemnity
  B) Insurable interest
  C) Uberrimae fidei
  D) Subrogation
  Show Answer
  The correct answer is C .
• Question 2503: Warehousing is a productive function because it increase the Options:
  A) quantity of goods
  B) utility of goods
  C) quality of goods
  D) price of goods
  Show Answer
  The correct answer is A .
• Question 2504: A basic concept of advertising that reveals the essential message an advertiser wishes to communicate is referred to as the Options:
  A) medium
  B) theme
  C) targer
  D) reach
  Show Answer
  The correct answer is A .
• Question 2505: A warehouse which is used to store goods whose customs duty is not yet paid is a? Options:
  A) wholesale warehouse
  B) bonded warehouse
  C) public warehouse
  D) branded warehouse
  Show Answer
  The correct answer is B .
• Question 2506: The financial index which compares current assets directly with current liabilities is known as current Options:
  A) turnover
  B) capital
  C) ratio
  D) balance
  Show Answer
  The correct answer is C .
• Question 2507:

  The type of activity which turns processed raw materials into consumer and industrial goods is described as

  Options:
  A) extractive
  B) processing
  C) constructive
  D) manufacturing
  Show Answer
  The correct answer is D .
• Question 2508:

  A request for goods from another country by an importer would be made using

  Options:
  A) an invoice
  B) an indent
  C) an order
  D) a quotation
  Show Answer
  The correct answer is B .
• Question 2509: The controllable variables that a firm uses to achieve its marketing objectives are called? Options:
  A) marketing principles
  B) marketing mix
  C) marketing concepts
  D) marketing functions
  Show Answer
  The correct answer is C .
• Question 2510: 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 .