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 451: The role of customs and exercise authority includes the Options:
  A) provision of a good transport system to facilitate imports and exports
  B) provision of security at the port
  C) control of the flow of goods in and out of the country
  D) provision of dockyards for ship repairs
  Show Answer
  The correct answer is C .
• Question 452:

  A chamber of commerce is an association made up of?

  Options:
  A) merchants
  B) manufacturers
  C) entrepreneurs
  D) importers
  Show Answer
  The correct answer is C .
• Question 453: The forum for the selling and of buying of securities of small and medium companies is called Options:
  A) Second Tier Foreign Exchange Market
  B) Foreign Exchange Market
  C) Securities and Exchange Commission
  D) Second Tier Securities
  Show Answer
  The correct answer is A .
• Question 454: Resources harnessed in certain proportion to create goods and services are? Options:
  A) factors of production
  B) technology and labour
  C) land and entrepreneur
  D) raw materials
  Show Answer
  The correct answer is A .
• Question 455:

  The basic characteristics of co-operative society include all except one

  Options:
  A) It is managed democratically
  B) It follows the principle of one man
  C) Amateur Management
  D) Extra capital is raised through loan
  Show Answer
  The correct answer is C .
• Question 456: In response to an inquiry from a customer, a wholesaler is expected to send back Options:
  A) a consignment note
  B) an order
  C) a qoutation
  D) an advice note
  Show Answer
  The correct answer is C .
• Question 457:

   The first known legislation to protect consumer rights in Nigeria is the? 

  Options:
  A) usury laws
  B) sale of goods act
  C) hire purchase act
  D) food and drugs act
  Show Answer
  The correct answer is B .
• Question 458:

  Erroneous real arrangement of financial figure such as writing N624 as N264 is called?

  Options:
  A) ommission
  B) commission
  C) transposition
  D) principle
  Show Answer
  The correct answer is C .
• Question 459: Personal selling is used for the purpose of? Options:
  A) establishing the company
  B) providing information
  C) creating product awareness
  D) given financial assistance
  Show Answer
  The correct answer is C .
• Question 460: A source of short-term finance to companies is? Options:
  A) share capital
  B) debentures
  C) retained earnings
  D) corperate tax
  Show Answer
  The correct answer is C .