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 631: Hire purchase is advantageous to the seller in that Options:
  A) it elevates his living standard
  B) his turnover will increase
  C) people pay instalmentally
  D) it enhances high level of patronage
  Show Answer
  The correct answer is B .
• Question 632: The promotion of savings culture is a feature of a? Options:
  A) trade association
  B) consumers' cooperative society
  C) thirft cooperative society
  D) business association
  Show Answer
  The correct answer is C .
• Question 633: One major advantage of a credit and thrift cooperative is that Options:
  A) It can approach government for loan
  B) It encourages saving habit
  C) there are no legal restrictions
  D) each member has a vote during meetings
  Show Answer
  The correct answer is B .
• Question 634: The function of money that is mostly affected by inflation is Options:
  A) store of value
  B) medium of exchange
  C) measure of value
  D) unit of account
  Show Answer
  The correct answer is A .
• Question 635:

  The activity which improves the appearance of a product and also aimed at protecting it is

  Options:
  A) advertising
  B) grading
  C) labelling
  D) packaging
  Show Answer
  The correct answer is C .
• Question 636: An advantage of division of labour is _______? Options:
  A) productivity and total output is increased
  B) monotony of task is eliminated
  C) loss of individual craftmanship is minimized
  D) interdependence of workers increase remuneration
  Show Answer
  The correct answer is A .
• Question 637: The most reliable and efficient means of conveying urgent documents is through Options:
  A) postal order
  B) ordinary letters
  C) registered letters
  D) courier services
  Show Answer
  The correct answer is D .
• Question 638: Invisible imports consist of? Options:
  A) cement, shipping and consultancy services
  B) banking, drinks , insurance and technical services
  C) consultant services, tourism and banking
  D) tourism, banking and canned food and cement
  Show Answer
  The correct answer is C .
• Question 639:

   The first known legislation to protect consumer rights in Nigeria is the? 

  Options:
  A) usury laws
  B) sale of goods act
  C) hire purchase act
  D) food and drugs act
  Show Answer
  The correct answer is B .
• Question 640: The deliberate effort geared towards discarding some cargoes in order to lighten the vessel is Options:
  A) caveat emptor
  B) uberrimae fidei
  C) demurrage
  D) jettison
  Show Answer
  The correct answer is D .