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 591: The portion of the authorized share capital given out to the public for subscription is Options:
  A) called-up capital
  B) issued capital
  C) paid-up capital
  D) reserved capital
  Show Answer
  The correct answer is B .
• Question 592: A major benefit a debtor can derive from using a credit facility is? Options:
  A) better service
  B) goodwill
  C) convenience
  D) control
  Show Answer
  The correct answer is C .
• Question 593: A company which issues a promissory note in lieu of payment for goods purchased Options:
  A) can refuse to pay ondue date since it is only a promise
  B) is bound to redeem the note for cash on due date
  C) is not bound to renew the note before payment
  D) can return the goods purchase and refuse to pay
  Show Answer
  The correct answer is B .
• Question 594:

  One of the functions of a trade association is to

  Options:
  A) pay members salaries
  B) promote members' welfare
  C) provide loans to members
  D) provide employment for members
  Show Answer
  The correct answer is B .
• Question 595: One major disadvantage of a cartel is that it Options:
  A) maximizes productive efficiency
  B) brings the merging firms under control
  C) maximizes profit from operation
  D) eliminate competitions and waste
  Show Answer
  The correct answer is D .
• Question 596: Motivation is an essential element in management because it Options:
  A) leads to the improvement of staff welfare
  B) encourage individual to work towards achieving the orgaization's objective
  C) reduce friction among employees in the process of achieving the company's objective
  D) helps to eliminate industrial disharmony
  Show Answer
  The correct answer is B .
• Question 597:

  Services rendered to the public is provided by

  Options:
  A) domestic servants
  B) civil servants
  C) government
  D) professionals
  Show Answer
  The correct answer is B .
• Question 598:

  The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________

  Options:
  A) The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be
  B) Aviation Insurance
  C) Marine Insurance
  D) Life Assurance
  Show Answer
  The correct answer is C .
• Question 599: The principal objectives of the Central Bank of Nigeria can be classified broadly into? Options:
  A) bankers' bank lender of last resort and issuance of currency
  B) service, currency management and financial intermediation
  C) banking services, foreign exchange operations and open markets operations
  D) service, monetary policy and developmental functions
  Show Answer
  The correct answer is A .
• Question 600: An account maintained with a commercial bank for the purpose of foreign exchange transaction is the? Options:
  A) foreign account
  B) international account
  C) domiciliary account
  D) foreign reserves account
  Show Answer
  The correct answer is C .