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 341: In which of the following circumstances is a court order NOT necessary for the winding up of a company? Options:
  A) supension of businesss for one year
  B) special resolution of members
  C) reduction in the number of members below the legal minimum
  D) inability to pay it debts
  Show Answer
  The correct answer is B .
• Question 342: A partnership is dissolved when? Options:
  A) the business suffers a loss
  B) there is bankruptcy
  C) there is consistent theft
  D) there is misunderstanding between partners
  Show Answer
  The correct answer is B .
• Question 343: Th overriding objective of the food and drug act in Nigeria is too prevent the Options:
  A) importation of food and drug that can be locally manufactured
  B) consumption of food and drug not tested by the minitries of health
  C) adulteration of food and drug sold in the country
  D) manufactures of food and drug from charging excessive prices
  Show Answer
  The correct answer is D .
• Question 344: A key advantage of delegation is that Options:
  A) workers are prepared for hgher responsibilites
  B) the manager has less work to do
  C) the manager spends less time on planning
  D) the organization grows larger in size
  Show Answer
  The correct answer is A .
• Question 345:

  Which of the following is an item in the marketing mix?

  Options:
  A) market
  B) consumer
  C) demand
  D) promotion
  Show Answer
  The correct answer is D .
• Question 346:

  One major characteristic of credit unions and thrift societies is that

  Options:
  A) the contribution of every member depends on the member's ability
  B) the legal processes involved in their formation are rigid
  C) membership is compulsory to people in the same line of business
  D) a minimum of ten people in the same line of business can form the union
  Show Answer
  The correct answer is A .
• Question 347: The most important attributes in a sale of goods contract are? Options:
  A) offer and consideration
  B) price and goods
  C) offer and acceptance
  D) demand and supply
  Show Answer
  The correct answer is C .
• Question 348: A trade association consists of members engaged in the same trade while a chamber of commerce is? Options:
  A) highly regulated by agovernent agency
  B) not restricted on a particular industry
  C) made up of members that are registered
  D) made up of firms in the banking industry
  Show Answer
  The correct answer is B .
• Question 349: Which of the following statement is true of preferred stockholders? Options:
  A) They have no voting rights at annual general meetings
  B) They first claim company asset before creditors
  C) The have first claim to company asset after all debts have been settled
  D) They share dividends equally with common shareholders
  Show Answer
  The correct answer is A .
• Question 350:

  Any activity directed at conveying commodities to buyers is an aspect of

  Options:
  A) delivering
  B) advertising
  C) selling
  D) marketing
  Show Answer
  The correct answer is D .