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: A firm's organizational structure would change if Options:
  A) one of the major partner dies
  B) there is excessive competition
  C) there is seasonal variation in demand
  D) the scope of business operation changes
  Show Answer
  The correct answer is D .
• Question 2:

  What are the factors with which commercial undertaking can be distinguish?

  I Size of the undertaking

  II Profits generated

  III Forms of ownership

  IV Location of the undertaking

  Options:
  A) I and II only
  B) I andIII only
  C) II and III only
  D) III and IV only
  Show Answer
  The correct answer is B .
• Question 3:

  A public limited liability company having a nominal capital made up of 200 000 ordinary shares of 50k each decided to issued 50% of it to the public.

  What is the authorized capital?

  Options:
  A) N40 000
  B) N50 000
  C) 100 000
  D) 200 000
  Show Answer
  The correct answer is B .
• Question 4: Intranet differs from extranet in that the former? Options:
  A) requires a modem before it could be used
  B) can generally be accessed by the public
  C) is restricted to employees of an organization
  D) requires internet protocols
  Show Answer
  The correct answer is A .
• Question 5: Gilt-edged securities are issued mainly by Options:
  A) individuals
  B) non-governmental organisations
  C) Government
  D) multi-national companies
  Show Answer
  The correct answer is C .
• Question 6: A console is a device used in Options:
  A) moving an indicator on the screen
  B) communicating between operator and programmer
  C) holding magnetic tape reel
  D) forming characters by heating sensitive ribbon
  Show Answer
  The correct answer is A .
• Question 7: A written partnership contract is known as? Options:
  A) an invoice
  B) a deed
  C) a prospectus
  D) a proposal
  Show Answer
  The correct answer is B .
• Question 8: 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 9: The most important benefit of insurance is that it provides? Options:
  A) control over activities
  B) the insured with a right to premium
  C) the insured with a right to full compensation
  D) protection against risks
  Show Answer
  The correct answer is D .
• Question 10: The business environment that takes into cognizance the age distribution ethnic mix and educational level of the consumer is Options:
  A) Natural Environment
  B) Cultural environment
  C) Economic environment
  D) Demographic Environment
  Show Answer
  The correct answer is D .