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 1: Consumer rights include the right to? Options:
  A) credit
  B) free samples of a product
  C) redress
  D) a shre of profits
  Show Answer
  The correct answer is C .
• Question 2: The stock exchange is a market where _______ Options:
  A) long-term securities are sold
  B) all types of securities are sold
  C) short-term securities are sold
  D) medium term securities are sold
  Show Answer
  The correct answer is B .
• Question 3: The postal organization which preceded the Nigerian Postal Service is Options:
  A) Post and Telecommunication
  B) Post and Telephone
  C) Post and Teleprinter
  D) Post and Telegraph
  Show Answer
  The correct answer is D .
• Question 4: Compulsory dissolution of a business can arise from Options:
  A) an agreement by the owners
  B) a declaration by a court of law
  C) the termination of its life
  D) an unfavourable economic climtate
  Show Answer
  The correct answer is B .
• Question 5: An agreement between two parties which is enforceable by law is a? Options:
  A) promise
  B) warranty
  C) contract
  D) condition
  Show Answer
  The correct answer is C .
• Question 6: A trader who gives credit stands to enjoy? Options:
  A) higher profit
  B) cash discount
  C) increased sles
  D) trade discount
  Show Answer
  The correct answer is C .
• Question 7: Which of the following group of countries are members of the Niger Basin Commission? Options:
  A) The republic of Guinea, Burkina Faso and Nigeria
  B) Ghana, liberia, and the republic of Benin
  C) Mali, Liberia and Nigeria
  D) Ghana , Burkina Faso and Chad
  Show Answer
  The correct answer is A .
• Question 8: The major determinant of fire insurance premium is the? Options:
  A) type and structure of the property to be insured
  B) usefulness of the property to the owner
  C) owner of the property to be insured
  D) extent of fire damage anticipated
  Show Answer
  The correct answer is A .
• Question 9:

  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) lateral authority
  Show Answer
  The correct answer is B .
• Question 10: Resources harnessed in certain proportion to create goods and services are? Options:
  A) factors of production
  B) technology and labour
  C) land and entrepreneur
  D) raw materials
  Show Answer
  The correct answer is A .