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 721:

  The main advantage of a sole trader is the freedom to?

  Options:
  A) employ anyone he likes
  B) take quick decision
  C) seek advise from any source
  D) plough all the profits
  Show Answer
  The correct answer is B .
• Question 722: The concept of limiting types, sizes and other characteristics of a product line without sacrificing utility or durability is called Options:
  A) simplification
  B) standardization
  C) specialization
  D) satisficing
  Show Answer
  The correct answer is B .
• Question 723: A document sent by a seller to inform a buyer about the prices of goods is the? Options:
  A) catalogue
  B) price list
  C) credit note
  D) proforma invoice
  Show Answer
  The correct answer is B .
• Question 724: The document which can be exchange for a bill of lading is? Options:
  A) freight note
  B) mate receipt
  C) export invoice
  D) ship report
  Show Answer
  The correct answer is A .
• Question 725: Which of the following is an example of trade associations? Options:
  A) European Union
  B) National Marketing Board
  C) Organization of African Unity
  D) National Farmers' Council
  Show Answer
  The correct answer is B .
• Question 726:

  Which of the following attracts only interest but leaves the capital unpaid?

  Options:
  A) uberrimae fidei
  B) subrogation
  C) contribution
  D) redeemable bond
  Show Answer
  The correct answer is D .
• Question 727: Balance of payments is made up of? Options:
  A) visible and current items
  B) invisible and capital items
  C) current and capital items
  D) visible and invisible items
  Show Answer
  The correct answer is C .
• Question 728:

  A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as

  Options:
  A) indigenisation
  B) commercialisation
  C) nationalisation
  D) privatisation
  Show Answer
  The correct answer is A .
• Question 729: Assurance is different from insurance in that the former is based on Options:
  A) probability
  B) possibility
  C) risk
  D) uncertainty
  Show Answer
  The correct answer is B .
• Question 730: The least of the advantages of indigenization is that Options:
  A) the standard of living of the indigenes is improved
  B) the economy is controlled by the nationals
  C) enterpreneurals skill is developped
  D) foreigners' domination is avoided
  Show Answer
  The correct answer is A .