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 2951: A document that serves as an instument for perferential tariff is referred to as Options:
  A) an indent
  B) a certificate of origin
  C) a consular invoice
  D) an advice note
  Show Answer
  The correct answer is B .
• Question 2952: The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called Options:
  A) subrogation
  B) contribution
  C) re-insurance
  D) indemnity
  Show Answer
  The correct answer is C .
• Question 2953:

  A transporter who had to sell some perishable goods without the prior authority of the owner becomes an agent by?

  Options:
  A) conduct
  B) necessity
  C) ratification
  D) estoppel
  Show Answer
  The correct answer is B .
• Question 2954: A type of long-term loan granted to companies with fixed interest rate as well as with redeemable and irredeemable features is referred to as projects. Options:
  A) debenture
  B) a bond
  C) a term loan
  D) an overdraft
  Show Answer
  The correct answer is A .
• Question 2955: The major problem encountered in international trade is that of Options:
  A) distance
  B) differences in culture
  C) politics
  D) differences in currency
  Show Answer
  The correct answer is D .
• Question 2956: The price quoted which includes the cost of insurance, freight and all delivery charges to the importer's warehouse is? Options:
  A) Free Alongside Ship
  B) Franco
  C) Free On Board
  D) Free On Rail
  Show Answer
  The correct answer is C .
• Question 2957:

  One of the criteria for differenciating consumer markets from industrial ones is the?

  Options:
  A) type of demand
  B) type of supply
  C) nature of service rendered
  D) price of the goods
  Show Answer
  The correct answer is C .
• Question 2958: A bank form used to transfer money from personal to creditor's account is called? Options:
  A) debits transfer form
  B) credit transfer form
  C) customers transfer form
  D) banks transfer form
  Show Answer
  The correct answer is A .
• Question 2959:

  A retail store that sells a single product from a particular manufacturer is a

  Options:
  A) tied shop
  B) shopping mail
  C) hypermarket
  D) chain store
  Show Answer
  The correct answer is D .
• Question 2960: The agency in Nigeria which ensures that products conform to government quality specifications is the? Options:
  A) Standards Organization of Nigeria
  B) Nigerian Consumers’ Association
  C) Manufacturers’ Association of Nigeria
  D) Nigerian Chamber of commerce
  Show Answer
  The correct answer is A .