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 561:

  Chinyere agreed to make a dress for Halima with September 20, 1995 as the delivery date. If the dress was not ready at that date, Halima could

  Options:
  A) Seize another gown from Chinyere’s shop
  B) Regard the contract between them as terminated
  C) Sue Chinyere for specific performance
  D) Sue Chinyere for damages
  Show Answer
  The correct answer is B .
• Question 562: The main concern of marketing concept is to? Options:
  A) reduce the number of retail outlets
  B) identify consumer needs and satisfy them
  C) increase sales to meet consumers needs
  D) encourage division of labour
  Show Answer
  The correct answer is B .
• Question 563: The form of credit sales common to low income groups is Options:
  A) hire purchase
  B) club trading
  C) booking -me -down
  D) credit trading
  Show Answer
  The correct answer is A .
• Question 564: An ancillary to trade which promotes socio - cultural development all over the world is Options:
  A) transportation
  B) communication
  C) tourism
  D) insurance
  Show Answer
  The correct answer is C .
• Question 565:

  Which of the following is not a component of the marketing mix?

  Options:
  A) product
  B) production
  C) promotion
  D) place
  Show Answer
  The correct answer is B .
• Question 566: The two main categories under which marine losses fall into are? Options:
  A) particular loss and average loss
  B) actual loss and average loss
  C) total loss and partial loss
  D) voyage policy loss and time policy loss
  Show Answer
  The correct answer is C .
• Question 567: 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 568:

  The basic characteristics of co-operative society include all except one

  Options:
  A) It is managed democratically
  B) It follows the principle of one man
  C) Amateur Management
  D) Extra capital is raised through loan
  Show Answer
  The correct answer is C .
• Question 569: 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
  Show Answer
  The correct answer is A .
• Question 570: The three components of a country's balance of payments are? Options:
  A) current account, capital account and monetary movement account
  B) capital account, trade account and business record
  C) sales account, profit and loss account and capital account
  D) monetary movement account, trade account and sales ledger
  Show Answer
  The correct answer is A .