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 351: The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called Options:
  A) subrogation
  B) contribution
  C) re-insurance
  D) indemnity
  Show Answer
  The correct answer is C .
• Question 352: In a common market, member countries agree basically to Options:
  A) place bans on the other countries’ product
  B) wage war against other countries’ product
  C) establish common barriers against countries outside the market
  D) negotiate with countries outside the market for favourable terms of trade .
  Show Answer
  The correct answer is C .
• Question 353: Payment made to the insured by the insurer outside its legal obligation is? Options:
  A) premium paid
  B) ex gratia payment
  C) surrender value
  D) sum assured
  Show Answer
  The correct answer is B .
• Question 354: A demonstration of social responsibility by a business is the payment of _______ Options:
  A) taxes to government
  B) dividends to shareholder
  C) interest on loans
  D) premium on insurance
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  The correct answer is A .
• Question 355: One of the duties of the employer to his employee is to Options:
  A) delegate his duties to others staff
  B) charge the employee on the use of equipment
  C) serve faithfully and honestly
  D) provide job security
  Show Answer
  The correct answer is D .
• Question 356: Fluctuations in the supply of goods may be eliminated if the distribution system maintains? Options:
  A) modern technology
  B) a team of retailers
  C) warehouse services
  D) sufficient middlemen
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  The correct answer is A .
• Question 357:

  One of the disadvantages of rail transport is

  Options:
  A) It is not flexible
  B) It carries bulky goods
  C) It works at intervals
  D) Cost of transportation is high
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  The correct answer is A .
• Question 358: A business partner who provides capital but abstains from participation in administration of a firm is a Options:
  A) general partner
  B) nominal partner
  C) secret partner
  D) dormant partner
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  The correct answer is D .
• Question 359: The major parties to an agency relationship are the? Options:
  A) principal and the creditor
  B) bailee and the bailor
  C) principal and the agent
  D) shareholder and the creditor
  Show Answer
  The correct answer is C .
• Question 360: Invisible imports consist of? Options:
  A) cement, shipping and consultancy services
  B) banking, drinks , insurance and technical services
  C) consultant services, tourism and banking
  D) tourism, banking and canned food and cement
  Show Answer
  The correct answer is C .