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 371: The document that gives an importer a freehand to obtain goods from any manufacturer is? Options:
  A) a consular invoice
  B) a closed indents
  C) an open indent
  D) a freight note
  Show Answer
  The correct answer is C .
• Question 372: The conversion of raw material into finished products creates Options:
  A) Marginal utility
  B) Place utility
  C) form utility
  D) time utility
  Show Answer
  The correct answer is C .
• Question 373: The label on a product such as 'pampers' is atype of? Options:
  A) trademark
  B) branding
  C) packaging
  D) patent right
  Show Answer
  The correct answer is A .
• Question 374: The development of commerce resulted from? Options:
  A) trading
  B) competition
  C) importation
  D) specialization
  Show Answer
  The correct answer is A .
• Question 375: The act of a person employing another to enter into a contract on his behalf is known as? Options:
  A) business
  B) sale of goods
  C) bilateral agreement
  D) agency
  Show Answer
  The correct answer is D .
• Question 376: One of the factors which critically determines the choice of occupation is Options:
  A) traning
  B) skills
  C) aptitude
  D) interest
  Show Answer
  The correct answer is B .
• Question 377: Cum div differs from ex div in that, the later Options:
  A) entitles the purchaser to recieve a company's current dividend
  B) entitles the vendor to recieve a company's current dividend
  C) confirms a purchase or sale made on behalf of a share holder
  D) is a document used to transfer ownership of shares
  Show Answer
  The correct answer is A .
• Question 378: What is the major function of the wholesaler? Options:
  A) buying from small-scale producers and selling to exporters
  B) buying in bulk and selling in small quantities
  C) granting of credit facilities to retailers
  D) providing information to manufacturers on market situation
  Show Answer
  The correct answer is B .
• Question 379: The sum of money paid by a policy-holder to an insurer is referred to as? Options:
  A) interest
  B) premium
  C) gross profit
  D) sales revenue
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  The correct answer is B .
• Question 380:

  A retail business that sells goods by post, using catalogue is a

  Options:
  A) chain store
  B) department store
  C) mail order firm
  D) shopping mail
  Show Answer
  The correct answer is C .