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 sum of money paid by a policy-holder to an insurer is referred to as? Options:
  A) interest
  B) premium
  C) gross profit
  D) sales revenue
  Show Answer
  The correct answer is B .
• Question 492:

  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 493: Which of the following is not a veritable source of funds to a public limited company? Options:
  A) government financial grant
  B) advances and loan from banks
  C) internally generated funds
  D) funds from the sale of shares
  Show Answer
  The correct answer is A .
• Question 494:

  

  What is Ojo's working capital?

  Options:
  A) N 2150
  B) N 1950
  C) N1800
  D) N 1150
  Show Answer
  The correct answer is D .
• Question 495: The application of division of labour should generally bring about Options:
  A) increase in the quantity of goods and service
  B) increase in the variety of goods and services
  C) cheapness of goods and services
  D) cost efficiency in the production of goods and services
  Show Answer
  The correct answer is A .
• Question 496: The document that indicate instant payment of cash for goods whenever the are delivered is Options:
  A) credit note
  B) proforma invoice
  C) debit note
  D) statement of account
  Show Answer
  The correct answer is D .
• Question 497:

  An insurance policy which is not a contract of indemnity is

  Options:
  A) burglary insurance
  B) fire insurance
  C) life insurance
  D) motor insurance
  Show Answer
  The correct answer is C .
• Question 498:

  One of the obstacles to achieving the objectives of ECOWAS is?

  Options:
  A) lack of a common currency
  B) colonial linkages
  C) sovereignty of state
  D) language difference
  Show Answer
  The correct answer is D .
• Question 499: The principle of management that emphasizes on the number of subordinates under the direct supervision of a manager is Options:
  A) span of control
  B) unity of command
  C) scalar chain
  D) unity of direction
  Show Answer
  The correct answer is A .
• Question 500: The main role of advertising is to Options:
  A) convince prospective buyers to buy
  B) show the actual shape, form and colour of the products
  C) inform people where to obtain goods and services
  D) captured the attention of people
  Show Answer
  The correct answer is A .