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 51: 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 52: A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a Options:
  A) commission agent
  B) del credere agent
  C) broker
  D) factor
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  The correct answer is B .
• Question 53: The winding up of a firm by a resolution of its shareholders is an example of Options:
  A) voluntary liquidation
  B) bankruptcy
  C) recession
  D) involuntary liquidation
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  The correct answer is A .
• Question 54: In the Nigerian GSM industry,a parliament is organized by the Nigerian Communications Commission in order to Options:
  A) increase profit of service providers
  B) protect the interest of government
  C) encourage more people into the business
  D) protect the interest of consumers
  Show Answer
  The correct answer is D .
• Question 55: What document is required when a country imposes valorem import duties on goods? Options:
  A) mail transfer
  B) shipping note
  C) bill of lading
  D) consular invoice
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  The correct answer is B .
• Question 56:

  The internet is a system of telecommunication used for

  Options:
  A) The internet is a system of telecommunication used for
  B) Communicating long distance messages
  C) Sending and receiving text messages
  D) Communicating messages through telegrams
  Show Answer
  The correct answer is A .
• Question 57: The components of capital employed in a business are? Options:
  A) owners' equity and long-term debts
  B) total assets and current liabilities
  C) share capital and long-term debts
  D) share capital and current liabilities
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  The correct answer is B .
• Question 58: If a partnership deed is silent on how profits are to be shared, partners share profits Options:
  A) in the ratio of the value of business secured by each partner for the partnership
  B) in the ratio of partner capital contributions
  C) in an equal proportion irrespective of partners's capital contributons
  D) according to duties performed by each partner
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  The correct answer is C .
• Question 59: In a business organization, the annual operation plan or budget is a form of Options:
  A) casual plan
  B) medium-term plan
  C) long-term plan
  D) short-term plan
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  The correct answer is D .
• Question 60: An example of a service-rendering trade association is? Options:
  A) Nigeria Bar Association
  B) Association of Nigeria Miners
  C) Cocoa Farmers' Association
  D) Manufacturers' Association of Nigeria
  Show Answer
  The correct answer is A .