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 2631:

  The main advantage of a sole trader is the freedom to?

  Options:
  A) employ anyone he likes
  B) take quick decision
  C) seek advise from any source
  D) plough all the profits
  Show Answer
  The correct answer is B .
• Question 2632:

  The basic characteristics of co-operative society include all except one

  Options:
  A) It is managed democratically
  B) It follows the principle of one man
  C) Amateur Management
  D) Extra capital is raised through loan
  Show Answer
  The correct answer is C .
• Question 2633:
  

  Use the information above to answer the question below.

  What is the owners' equity?

  Options:
  A) N 250 000
  B) N 300 000
  C) N 420 000
  D) N 200 000
  Show Answer
  The correct answer is A .
• Question 2634:

  A major function of trade association is to

  Options:
  A) foster cooperation among members
  B) establish a link among member
  C) assist members to buy cars
  D) help individuals to set up small business
  Show Answer
  The correct answer is A .
• Question 2635: Which of the following is an item in the marketing mix? Options:
  A) Demand
  B) promotion
  C) market
  D) consumer
  Show Answer
  The correct answer is B .
• Question 2636:

  A partnership is dissolved due to

  Options:
  A) resignation of an employee
  B) liquidity of the firm
  C) death of the employee
  D) insanity of a partner
  Show Answer
  The correct answer is D .
• Question 2637: The management function that makes the difference in intensity of behavior is? Options:
  A) coordinating
  B) controlling
  C) motivation
  D) planning
  Show Answer
  The correct answer is C .
• Question 2638: The most suitable organizational structure for small or medium sized enterprises is Options:
  A) line structure
  B) staff structure
  C) committee structure
  D) functional structure
  Show Answer
  The correct answer is A .
• Question 2639: Which of the following is an example of trade associations? Options:
  A) European Union
  B) National Marketing Board
  C) Organization of African Unity
  D) National Farmers' Council
  Show Answer
  The correct answer is B .
• Question 2640: International trade takes place as a result of? Options:
  A) uniformity in costs of production
  B) inequitable distribution of natural resources
  C) parity in the level of industrialization
  D) similarities in climate conditions
  Show Answer
  The correct answer is B .