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 291: 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 292: A cheque that has been drawn but not presented for payment can still be honored? Options:
  A) wintin 6 months
  B) after 9 months
  C) within 9 months
  D) after 6 months
  Show Answer
  The correct answer is A .
• Question 293: The Continental West African Conference is a Options:
  A) group of all West African countries trading in the same products
  B) conference to foster unity among the West African countries
  C) gorups of shipping lines operating on the same West African route
  D) trust with shareholders fromall West African countries
  Show Answer
  The correct answer is D .
• Question 294: Which of the following advertising medium appeals to only the literate in the society Options:
  A) radio advertising
  B) print media advertising
  C) television advertising
  D) cinema advertising
  Show Answer
  The correct answer is B .
• Question 295: Most foreign trade transaction are paid for through the use of Options:
  A) central bank cheques
  B) bank drafts drawn by commercial banks on their foreign branches
  C) irrevocable and confirmed letters of credit
  D) letters of credit authenticated by the embassies of the respective countries
  Show Answer
  The correct answer is C .
• Question 296: 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 297:

  When a vendor supplies news papers from house to house and across the streets, the element of marketing mix involved is? 

  Options:
  A) product
  B) price
  C) promoting
  D) place
  Show Answer
  The correct answer is D .
• Question 298: One of the products of an extractive industry is Options:
  A) an airplane
  B) an iron ore
  C) a shoe
  D) a textile material
  Show Answer
  The correct answer is B .
• Question 299: The term 4 net 7 on an invoice means that? Options:
  A) 4% surcharge will be made unless payment iss made within seven days
  B) 4% discount will be allowed on the price charged only if the goods are bought within seven days
  C) 4% discount will be allowed on the price charged only if payment is made after seven days
  D) 4% discount will be allowed on the price charge if payment is made within seven days
  Show Answer
  The correct answer is D .
• Question 300:

  A common requirement for public and private limited companies in Nigeria is that

  Options:
  A) a shareholder cannot transfer his shares to someone else without permission from other shareholders
  B) shares cannot be offered or sale on the stock exchange
  C) their annual accounts are made available to the corporate affairs commission
  D) shares can be offered for sale through an issuing house
  Show Answer
  The correct answer is C .