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: At the collapse of a business enterprises, the person appointed to dispose off the assets is called ________? Options:
  A) an auctioneer
  B) a broker
  C) a liquidator
  D) an auditor
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  The correct answer is A .
• Question 492: A document sent by a broker to his client to confirm a purchase of sale made on his behalf is Options:
  A) delivery note
  B) consignment note
  C) transfer form
  D) contract note
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  The correct answer is D .
• Question 493: The development of commercial activate in Nigeria was harnessed by Options:
  A) A good storage system
  B) Availability of market
  C) Increase in production
  D) Activities
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  The correct answer is A .
• Question 494: Factors considered when setting up a retail business is one of the following _________ Options:
  A) capital, experience and trading
  B) experience, term of trade, and trading
  C) capital, trading and term of trade
  D) capital, type of goods and source of supply
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  The correct answer is D .
• Question 495:

  The fees charged on postal order by the post office is

  Options:
  A) premium
  B) poundage
  C) interest
  D) brokerage
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  The correct answer is B .
• Question 496: Which of these is both merit and demerit in partnership? Options:
  A) The number of partners
  B) It unlimited nature
  C) The bearing of risk
  D) The withdrawal of a major partner
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  The correct answer is A .
• Question 497: What is the major function of the wholesaler? Options:
  A) buying from small-scale producers and selling to exporters
  B) buying in bulk and selling in small quantities
  C) granting of credit facilities to retailers
  D) providing information to manufacturers on market situation
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  The correct answer is B .
• Question 498: The function of a merchant wholesaler is to Options:
  A) buy in bulk, store and sell to retailerss as desired
  B) posses title to the goods, store and sale to retailers
  C) bring buyers and sellers together
  D) find markets for producers' finished goods
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  The correct answer is A .
• Question 499: The compensation the insured gets depends heavily on the? Options:
  A) economic situation
  B) premium paid
  C) risk suffered
  D) insurer's bouyancy
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  The correct answer is B .
• Question 500: The difference between the total payments for imports and the receipts from exports within a given period is referred to as Options:
  A) balance of payments
  B) balance of trade
  C) comparative cost advantage
  D) comparative advantage
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  The correct answer is A .