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 401: A source of business financing which involves pledging of a specific assets is? Options:
  A) bond
  B) mortage
  C) debentures
  D) loan
  Show Answer
  The correct answer is B .
• Question 402: Berne union is also known as Options:
  A) International Credit Union
  B) International Documentry Credit
  C) International Union of Credit and Investment Insurers
  D) export Credit Guarantee Scheme
  Show Answer
  The correct answer is C .
• Question 403: Selling goods in foreign countries at price below their marginal cost is? Options:
  A) dumping
  B) depreciation
  C) devaluation
  D) discounting
  Show Answer
  The correct answer is A .
• Question 404:

  An agent who has to sell perishable goods without the prior authority of the owner becomes an agent by

  Options:
  A) estoppel
  B) conduct
  C) necessity
  D) ratification
  Show Answer
  The correct answer is C .
• Question 405: One of the major reasons for merger is to Options:
  A) reduce the number of unskilled manpower
  B) increase the number of skilled manpower
  C) prevent liquidation
  D) liberalize the market
  Show Answer
  The correct answer is C .
• Question 406:

  Goods bought into the country for sale are the country's

  Options:
  A) invisible imports
  B) invisible exports
  C) visible imports
  D) visible exports
  Show Answer
  The correct answer is C .
• Question 407:

  Use the conversion below to answer question 7 and 8

  MUSA: Taiwo why are you in business?

  TAIWO: To optimized profit, provide quality

  Product and discharge my social

  Responsibilities. What of you, Okon

  And Kalu

  OKON: I am in business to cater for the

  Need of the consumers at all costs.

  KALU: I am in business to make profit,

  Provided quality product

  At reasonable prices

  And establish a good

  Reputation for myself.

  Options:
  A) Musa
  B) Okon
  C) Taiwo
  D) Kalu
  Show Answer
  The correct answer is D .
• Question 408: Bank overdraft as a short term source of fund is Options:
  A) an overdrawn account
  B) granted to a newly opened account
  C) repayable after more than a year
  D) a current liability
  Show Answer
  The correct answer is A .
• Question 409: A business organization must always consider the overall effect of its actions on the Options:
  A) competitor
  B) product
  C) profit
  D) society
  Show Answer
  The correct answer is C .
• Question 410: A minor is not permitted to enter into a valid contract because he Options:
  A) Cannot pay the consideration
  B) Is too young to interpret the law
  C) Is young in the eye of the law
  D) May not be able to write the contract
  Show Answer
  The correct answer is C .