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 491:

  The management function which involves measuring outcomes and taking corrective action to reduce error is

  Options:
  A) staffing
  B) organizing
  C) directing
  D) controlling
  Show Answer
  The correct answer is D .
• Question 492:

  Hire purchase is advantageous to the seller in that

  Options:
  A) it elevates his living standard
  B) people pay on installment
  C) his turnover will increase
  D) it enhances high level of patronage
  Show Answer
  The correct answer is D .
• Question 493: Division of labour ultimately leads to? Options:
  A) conservation
  B) intergration
  C) specialization
  D) repetition
  Show Answer
  The correct answer is C .
• Question 494: The process of changing the form of a new material is known as? Options:
  A) fabrication
  B) extraction
  C) conversion
  D) production
  Show Answer
  The correct answer is D .
• Question 495: A major function of a entrepreneur is? Options:
  A) decision-making
  B) encouraging competition
  C) human-resource traning
  D) motivating employees
  Show Answer
  The correct answer is A .
• Question 496: The characteristics which ensures that money is free from forgery is its? Options:
  A) legality
  B) durability
  C) recongnition
  D) credibility
  Show Answer
  The correct answer is A .
• Question 497:

  

  The organizational structure above represents

  Options:
  A) line and functional structure
  B) line and staff structure
  C) functional structure
  D) line structure
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  The correct answer is B .
• Question 498:

  The board of directors of public enterprise is appointed by who?

  Options:
  A) government
  B) management
  C) employees
  D) shareholders
  Show Answer
  The correct answer is A .
• Question 499:

  One of the principles of insurance is

  Options:
  A) Proximate cause
  B) Fidelity guarantee
  C) Consequential loss
  D) Surrender value
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  The correct answer is A .
• Question 500: The right of the public to protection against questionable products and marketing practices is Options:
  A) an economic aspect of the business
  B) a social responsibility of business
  C) a legal aspect of the business
  D) a political aspect of the business
  Show Answer
  The correct answer is C .