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 471: The assembling of products into usable forms is known as Options:
  A) creation
  B) manufacturing
  C) construction
  D) formation
  Show Answer
  The correct answer is C .
• Question 472:

  The type of occupation that a broker belongs to is

  Options:
  A) commercial
  B) construction
  C) extraction
  D) manufacturing
  Show Answer
  The correct answer is A .
• Question 473: The safety and quality of products are the social responsibility of? Options:
  A) the Standards Organization of Nigeria
  B) the Manufacturers' Association of Nigeria
  C) the Corporate Affairs Commission
  D) business organizations
  Show Answer
  The correct answer is A .
• Question 474: The resources which are necessary for business development include? Options:
  A) manufacturing , materials mentors and money
  B) merchant, materials, mentors and money
  C) man, money, materials and machines
  D) machines, manufacturing , money and materials
  Show Answer
  The correct answer is C .
• Question 475: Most foreign trade transaction are paid for through the use of Options:
  A) central bank cheques
  B) bank drafts drawn by commercial banks on their foreign branches
  C) irrevocable and confirmed letters of credit
  D) letters of credit authenticated by the embassies of the respective countries
  Show Answer
  The correct answer is C .
• Question 476: Social responsibility of business requires enterprises to Options:
  A) hold annual social parties for the public
  B) draw their workers only from the immediate environment
  C) address themselves to issues relating to the society
  D) set up social welfare centers in their areas of operation
  Show Answer
  The correct answer is C .
• Question 477: The most suitable organizational structure for small or medium sized enterprises is Options:
  A) line structure
  B) staff structure
  C) committee structure
  D) functional structure
  Show Answer
  The correct answer is A .
• Question 478:

  NAME	INSURED AMOUNT(₦)	ACTUAL VALUE(₦)	ACTUAL LOSS(₦)
  Mr. P Mr. K Mr. R	25,000 30,000 40,000	100,000 120,000 150,000	30,000 40,000 50,000

  Use the table above to answer questions 27 and 28

  If Mr. P takes a fire insurance policy with average clause, his compensation will be

  Options:
  A) ₦7,500
  B) ₦5,000
  C) ₦70,000
  D) ₦75,000
  Show Answer
  The correct answer is A .
• Question 479:

  An example of vertical integration is___________

  Options:
  A) Trust
  B) Cartel
  C) Merger
  D) Price Ring
  Show Answer
  The correct answer is A .
• Question 480: The document a seller uses in dispatching goods to a customer by a carrier is Options:
  A) a bill of landing
  B) an invoice
  C) an advice note
  D) a delivery note
  Show Answer
  The correct answer is D .