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 391: 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 392: A basic concept of advertising that reveals the essential message an advertiser wishes to communicate is referred to as the Options:
  A) medium
  B) theme
  C) targer
  D) reach
  Show Answer
  The correct answer is A .
• Question 393:

  A country's visible balance of payment is made up of

  Options:
  A) interest on loans to foreign countries
  B) profit from investment abroad
  C) earnings from goods exported
  D) dividend earned from companies
  Show Answer
  The correct answer is C .
• Question 394: Mr. Lawal insured his warehouse against burglary but it was later gutted by fire. this implies that? Options:
  A) the loss should be borne by the insurer
  B) Mr. Lawal is liable only for half of the estimated loss
  C) the insurer should make a consolation payment for the loss
  D) the loss should be borne by Mr. Lawal
  Show Answer
  The correct answer is D .
• Question 395:

  Which of the following legislation aims primarily at the protection of consumers?

  Options:
  A) Company's Act
  B) Partnership Act
  C) Trade Description Act
  D) Law of contract
  Show Answer
  The correct answer is C .
• Question 396: A system where customer patronage is sought by producing what they need is referred to as _______? Options:
  A) sales promotion
  B) market promotion
  C) product promotion
  D) market orientation
  Show Answer
  The correct answer is D .
• Question 397:

  Given:
  Opening stock: ₦40 000
  Purchases: ₦115 000
  Closing stock: ₦60 000
  Sales: ₦250 000

  What is the cost of goods sold?

  Options:
  A) ₦155 000
  B) ₦95 000
  C) ₦50 000
  D) ₦30 000
  Show Answer
  The correct answer is B .
• Question 398: A type of long-term loan granted to companies with fixed interest as well as with redeemable and irredeemable features is referred to as? Options:
  A) a denbenture
  B) a bond
  C) a term loan
  D) an overdraft
  Show Answer
  The correct answer is A .
• Question 399:

  A bill of exchange already accepted can be discounted by the holder in

  Options:
  A) the central bank
  B) his bank
  C) at least two banks
  D) any bank
  Show Answer
  The correct answer is D .
• Question 400:

  The communication aspect of the marketing mix is

  Options:
  A) Price
  B) Promotion
  C) Place
  D) Product
  Show Answer
  The correct answer is B .