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:

  Bank overdraft as a short term source of fund is

  Options:
  A) A current liability
  B) An overdrawn account
  C) Grade to a newly opened account
  D) Repayable after more than a year
  Show Answer
  The correct answer is A .
• Question 342: When a business enterprise provides free service to its environment, the service is said to be a Options:
  A) civic responsibility
  B) philanthropic consideration
  C) social responsibility
  D) political consideration
  Show Answer
  The correct answer is C .
• Question 343: Which of the following sets of items was used for exchange in Nigeria before money was introduced? Options:
  A) cowries, iron rods, brass rods and copper rods
  B) iron rods, copper rods, manilla and cowries
  C) cowries, manilla, brass rod andcopper wires
  D) copper wires, brass wires, cowries and iron rod
  Show Answer
  The correct answer is C .
• Question 344: Tourists with no fixed address in a town may receive their letters from post office through a Options:
  A) poste restante
  B) parcel post
  C) private mail bag
  D) recorded delivery
  Show Answer
  The correct answer is A .
• Question 345:

  A feature of supermarkets which distinguishes it from other large scale retail outlets is that items sold are

  Options:
  A) mainly household goods
  B) mainly industrial goods
  C) delivered by post
  D) one line of products
  Show Answer
  The correct answer is A .
• Question 346:

  (i)Money and machines (ii) Materials and Money (iii)Market and Man.

  Which combination of the above are basic requirement as business resource?

  Options:
  A) i and ii
  B) ii and iii
  C) i and iv
  D) ii and iv
  Show Answer
  The correct answer is B .
• Question 347: A person who is cheated in business transaction can seek legal remedy Options:
  A) even if the agreement is verbal and the amount involved is large
  B) only if the business is a sole proprietorship whose owner is known
  C) regardless of the form of business organization
  D) only if the transaction is documented in a contract
  Show Answer
  The correct answer is D .
• Question 348: Public debt management is one of the functions of a? Options:
  A) merchant bank
  B) central bank
  C) commercial bank
  D) development bank
  Show Answer
  The correct answer is B .
• Question 349: Which of the following is an example of trade associations? Options:
  A) European Union
  B) National Marketing Board
  C) Organization of African Unity
  D) National Farmers' Council
  Show Answer
  The correct answer is B .
• Question 350: Which of the following is an item in the marketing mix? Options:
  A) Demand
  B) promotion
  C) market
  D) consumer
  Show Answer
  The correct answer is B .