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 2891:

  The payment made periodically in respect of an insurance policy entered into is known as

  Options:
  A) surrender
  B) bond
  C) premium
  D) commission
  Show Answer
  The correct answer is C .
• Question 2892: An example of a cartel is? Options:
  A) OPEC
  B) ECOWAS
  C) AU
  D) EU
  Show Answer
  The correct answer is A .
• Question 2893:

  The commission on a postal order is

  Options:
  A) postal zero
  B) postal orders
  C) poundage
  D) brokage
  Show Answer
  The correct answer is C .
• Question 2894: The difference between a factor and a broker is that the former Options:
  A) is licensed to sell goods on auction
  B) has a lien on the goods he possesses
  C) is not in possession of the goods
  D) cannot sell in his own name
  Show Answer
  The correct answer is B .
• Question 2895: The business environment that takes into cognizance the age distribution, ethnic mix and educational level of the consumer is? Options:
  A) demographic evironment
  B) economic evironment
  C) cultural environment
  D) natural environment
  Show Answer
  The correct answer is A .
• Question 2896: One of the criteria for differentiating consumers markets from industrial ones is the Options:
  A) type of demand
  B) type of supply
  C) nature of the services rendered
  D) price of the goods
  Show Answer
  The correct answer is A .
• Question 2897: A step-by-step method of carrying out functions in an office is known as? Options:
  A) procedure
  B) organizing
  C) policy
  D) programme
  Show Answer
  The correct answer is A .
• Question 2898: Drawing two parallel lines across a cheque means that it has to be paid into the account of the Options:
  A) payee
  B) drawer
  C) drawee
  D) payer
  Show Answer
  The correct answer is A .
• Question 2899: The circulating capital of a business enterprise is classified into Options:
  A) Cash, work-in-progress and debtors
  B) Cash, Vehicles, land and building
  C) debtors, stocks of raw materials and fitting
  D) Prepayments, debtors and equipment
  Show Answer
  The correct answer is A .
• Question 2900: Insurance companies operate on the principal of indemnity. This means that an insured person or firm collector Options:
  A) Only half of the loss suffered
  B) double the value of the losses suffered
  C) the total sum of the premium paid prior to the loss
  D) damage claims equal to the loss suffered.
  Show Answer
  The correct answer is D .