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 701: Leasing is the right to use asset for an agreed period in return for Options:
  A) profit
  B) interest
  C) wages
  D) rents
  Show Answer
  The correct answer is D .
• Question 702:

  The right to buy or sell stock in the stock exchange within a stipulated period is

  Options:
  A) option
  B) contango
  C) backwardation
  D) brokerage
  Show Answer
  The correct answer is A .
• Question 703: The basis for international trade is embedded in the principle of Options:
  A) absolute advantage
  B) globalization
  C) deregulation
  D) comparative advantage
  Show Answer
  The correct answer is D .
• Question 704: The direct authority of a superior over his subordinate is known as Options:
  A) staff authority
  B) line authority
  C) line and staff authority
  D) office authority
  Show Answer
  The correct answer is B .
• Question 705: An example of a cartel is? Options:
  A) OPEC
  B) ECOWAS
  C) AU
  D) EU
  Show Answer
  The correct answer is A .
• Question 706:

  Commerce brings about all except one

  Options:
  A) International co-operation
  B) Improvement in the standard of living
  C) Monotony of work
  D) Infrastructural development
  Show Answer
  The correct answer is C .
• Question 707: The primary objective of consumer protection laws is to ensure that? Options:
  A) consumers derive maximum satisfaction from goods and services
  B) consumers buy goods and services at cheap rates
  C) manufacturers of goods and services provides overcome internal competition
  D) manufacturers of goods and services provides gets optimum profit
  Show Answer
  The correct answer is A .
• Question 708:

  The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is

  Options:
  A) indemnity
  B) contribution
  C) proximate cause
  D) uberrimae fidei
  Show Answer
  The correct answer is B .
• Question 709: Trade fairs in Nigeria are organised by Options:
  A) the Federal Government
  B) Manufacturers'' Association of Nigeria
  C) Ministry of Commerce and Industry
  D) Chambers of Commerce
  Show Answer
  The correct answer is D .
• Question 710:

  Given:

  $\begin{array}{cc}\text{Opening stock}& 50,000\\ \text{Purchases}& 200,000\\ \text{Sales}& 350,000\\ \text{Closing stock}& 80,000\end{array}$

  What is the cost of good sold?

  Options:
  A) ₦200,000
  B) ₦190,000
  C) ₦170,000
  D) ₦175,000
  Show Answer
  The correct answer is C .