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 3001: The cost which is incurred asa result of failure to load or unload a ship at the ports within a specified period is referred to as Options:
  A) demurrage charges
  B) premium charges
  C) excess charges
  D) trade charges
  Show Answer
  The correct answer is A .
• Question 3002: A public limited company can raise long-term loans through Options:
  A) the capital market
  B) the money market
  C) bank overdrafts
  D) discount houses
  Show Answer
  The correct answer is A .
• Question 3003:

  

  Use the above table to answer this question.

  What insurance principle has Mr P Violated if he decides to overstate the actual value of his property?

  Options:
  A) Indemnity
  B) Insurable interest
  C) Uberrimae fidei
  D) Subrogation
  Show Answer
  The correct answer is C .
• Question 3004: 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) their annual account are made available to the Corporate Affairs Commision
  C) shares can be offered for sale on the stock exchange
  D) shares can be offered for sale through an issuing house
  Show Answer
  The correct answer is B .
• Question 3005: Risk bearing in business organisation is a function of the _____ Options:
  A) employees
  B) customers
  C) entrepreneur
  D) manager
  Show Answer
  The correct answer is C .
• Question 3006: The coming together of a manufacturing business with a firm that markets its products is Options:
  A) backward integration
  B) a consortium
  C) forward integration
  D) a syndicate
  Show Answer
  The correct answer is C .
• Question 3007: Stevedores as a term in foreign trade means men who Options:
  A) inspect goods in ships
  B) import goods by ships
  C) collect duties in ships
  D) load and unload ships
  Show Answer
  The correct answer is D .
• Question 3008: Nationalization of an industry means that its ownership becomes that of Options:
  A) government
  B) shareholders
  C) taxpayers
  D) indigenes
  Show Answer
  The correct answer is A .
• Question 3009:

  Parts payments made on alloted shares by subscribers is usually the

  Options:
  A) authorized capital
  B) subscribed capital
  C) called -up capital
  D) issued capital
  Show Answer
  The correct answer is C .
• Question 3010: Pooling of risk in insurance means that? Options:
  A) compensations are paid out of a common fund
  B) two people can pool their risks to be insured
  C) two insurance companies can buy two policies
  D) insurance companies should encourage taking risks.
  Show Answer
  The correct answer is A .