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 21: The most important benefit of insurance is that it provides? Options:
  A) control over activities
  B) the insured with a right to premium
  C) the insured with a right to full compensation
  D) protection against risks
  Show Answer
  The correct answer is D .
• Question 22: The major aim of establishing a public corporation is to Options:
  A) establish a monopoly
  B) provide essential services
  C) provide employment opportunities
  D) encourage specialization
  Show Answer
  The correct answer is B .
• Question 23:

  Someone traveling abroad for at least "twenty - four hours" and a maximum stay of six months is known as

  Options:
  A) Transportation
  B) Tourism
  C) International trade
  D) Domestic tourism
  Show Answer
  The correct answer is B .
• Question 24:

  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 25:

  The Central Bank Monetary policy instrument by which it buys and sells securities is called

  Options:
  A) open market operation
  B) bank credit
  C) cash reserve ratio
  D) bank rate
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  The correct answer is A .
• Question 26: A supplier of flour who intends to sign a contract with a baker through post can establish a binding agreement only Options:
  A) after the offeror has made an offer
  B) when the offeror's letter has reached the offeree
  C) when the offeree's letter has been posted
  D) after the offeree's letter has been recieved by the offeror
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  The correct answer is D .
• Question 27:

  The conversion of raw materials into finished products creates

  Options:
  A) form utility
  B) time utility
  C) marginal utility
  D) place utility
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  The correct answer is A .
• Question 28:

  Inbound tourism occurs when

  Options:
  A) residents of a country travel within it
  B) non-residents of a country travel to other countries
  C) residents of a country travel to other countries
  D) non-residents of a country travel within it
  Show Answer
  The correct answer is C .
• Question 29: In the permanent storage device, DASD means Options:
  A) Data Access Systems Device
  B) Direct Access Systems Device
  C) Data Access Storage Device
  D) Direct Access Storage Device
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  The correct answer is C .
• Question 30: The economic environment of a business is concerned with? Options:
  A) climate conditions
  B) changing values
  C) the growth rate
  D) the interest rate
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  The correct answer is C .