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 681:

  A major function of chamber of commerce is

  Options:
  A) promoting both home and foreign trade
  B) increasing productivity
  C) promoting trade in a particular line
  D) maximizing profit
  Show Answer
  The correct answer is A .
• Question 682:

  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 683: The wealth of a nation depends on the volume of its? Options:
  A) bilateral trade activities
  B) commercial activities
  C) multilateral trade activities
  D) stock market
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  The correct answer is B .
• Question 684: Inventory control is an aspect of a Options:
  A) operations research
  B) materials management
  C) C the organizing function
  D) D span of control
  Show Answer
  The correct answer is B .
• Question 685: A group of computers that exchange data is referred to as Options:
  A) an information bank
  B) a network
  C) a database
  D) an intranet site
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  The correct answer is B .
• Question 686: A business firm that is involved in conveying goods or people is known as a? Options:
  A) consignor
  B) commercial firm
  C) carrier
  D) transporter
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  The correct answer is C .
• Question 687:

  (i) Personal Savings

  (ii) Retained Earnings

  (iii) Accrued taxes

  Which of the items above constitute internal sources of financing for companies?

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) i, ii and iii
  Show Answer
  The correct answer is C .
• Question 688: The term free on board means that the price includes? Options:
  A) costs and insurance only
  B) costs and freight only
  C) freight and insurance only
  D) costs, insurance and freight
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  The correct answer is D .
• Question 689:

  Bank overdraft as a short term source of fund is

  Options:
  A) A current liability
  B) An overdrawn account
  C) Grade to a newly opened account
  D) Repayable after more than a year
  Show Answer
  The correct answer is A .
• Question 690:

  In a law of contract, what is given in exchange for a promise to perform is_____

  Options:
  A) offer
  B) acceptance
  C) warranty
  D) consideration
  Show Answer
  The correct answer is D .