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 741: A printed copy of processed information from the computer is the? Options:
  A) soft copy
  B) file copy
  C) scanned copy
  D) hard copy
  Show Answer
  The correct answer is D .
• Question 742: Which of the following is a disadvantage of nationalization Options:
  A) It promotes poor economic planning
  B) The cost of services is not determined by by market forces
  C) It may lead to rationalization of resources
  D) The development of local skills and technologyis retarded
  Show Answer
  The correct answer is D .
• Question 743: The principle of subrogation states that Options:
  A) an insured person should be indemnifed to the tune of the amount insured
  B) an insurance company can stand in place of the insured in dealing with third party
  C) oly a person who is likely to sufferrd loss should take take out an insurance cover
  D) ther must be a close connection between the actual loss suffered and risk insured
  Show Answer
  The correct answer is B .
• Question 744:

  The sale of second hand securities is done in which market

  Options:
  A) Building society
  B) cooperative society
  C) stock exchange
  D) capital market
  Show Answer
  The correct answer is C .
• Question 745:

  Average stock is derived by adding

  Options:
  A) closing stock to purchase divided by 2
  B) closing stock to opening stock
  C) opening stock to closing stock divided by 2
  D) opening stock to purchases
  Show Answer
  The correct answer is C .
• Question 746: What document is required when a country imposes ad valorem import duties on goods? Options:
  A) A mail transfer
  B) A shipping note
  C) A billb of lading
  D) A consular invoice
  Show Answer
  The correct answer is B .
• Question 747: The reduction of import duties among the members countries of ECOWAS is an example of Options:
  A) preference duties
  B) preferential treatment
  C) preferential tariff
  D) preferential excise
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  The correct answer is C .
• Question 748: 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 .
• Question 749:

  An agreement that is enforceable in law is

  Options:
  A) a contract
  B) an acceptance
  C) an offer
  D) a consideration
  Show Answer
  The correct answer is A .
• Question 750: The business environment that takes into cognizance the age distribution, ethnic mix and educational level of the consumer is? Options:
  A) demographic evironment
  B) economic evironment
  C) cultural environment
  D) natural environment
  Show Answer
  The correct answer is A .