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 501: The Central Bank differs from commercial banks because it? Options:
  A) renders service to customers
  B) carries out foreign exchange transactions
  C) issues currencies
  D) discounts bills
  Show Answer
  The correct answer is C .
• Question 502: The central bank controls the quantity of money in circulation through? Options:
  A) open-market operations
  B) decreasing the tax rate
  C) issuing new currencies
  D) increasing the tax rate
  Show Answer
  The correct answer is A .
• Question 503: Electronic computers differ and minimize errors in a? Options:
  A) faster and more accurate manner
  B) more organized manner
  C) faster but less accurate manner
  D) slower but more accurate manner
  Show Answer
  The correct answer is A .
• Question 504: The merger of a textile mill, a cement company and a tannery is referred to as? Options:
  A) conglomerate merger
  B) horizontal merger
  C) lateral merger
  D) vertiical merger
  Show Answer
  The correct answer is B .
• Question 505:

  Use the conversion below to answer question 7 and 8

  MUSA: Taiwo why are you in business?

  TAIWO: To optimized profit, provide quality

  Product and discharge my social

  Responsibilities. What of you, Okon

  And Kalu

  OKON: I am in business to cater for the

  Need of the consumers at all costs.

  KALU: I am in business to make profit,

  Provided quality product

  At reasonable prices

  And establish a good

  Reputation for myself.

  Options:
  A) Musa
  B) Okon
  C) Taiwo
  D) Kalu
  Show Answer
  The correct answer is D .
• Question 506:

  The major determinant of fire insurance premium is the

  Options:
  A) usefulness of the property to the owner
  B) type and structure of the property to be insured
  C) owner of the property to be insured
  D) extent of fire damage anticipated
  Show Answer
  The correct answer is B .
• Question 507: A loan to a customer with a cheque account at a bank in which the account is allowed to go into debit is Options:
  A) overdraft
  B) advance
  C) interest
  D) commission
  Show Answer
  The correct answer is A .
• Question 508:

  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 509:

  The headquarters of Niger Basin Commission is located at________

  Options:
  A) Abuja
  B) Niamey
  C) Lome
  D) Nojamena
  Show Answer
  The correct answer is B .
• Question 510:

  All but one is not a demerit of advertising?

  Options:
  A) It leads to monopoly
  B) Buyers can buy unnecessarily
  C) Increase in profit
  D) High cost
  Show Answer
  The correct answer is C .