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 1031: When one person approves an act previously done by another in the former's name without authority, this is known as? Options:
  A) ratification
  B) estoppel
  C) illegality
  D) misrepresentation
  Show Answer
  The correct answer is B .
• Question 1032: A company that is registered with the corporate Affairs Commission only without being enlisted on the Stock Exchange is a? Options:
  A) public liability company
  B) joint venture company
  C) limited company
  D) registered company
  Show Answer
  The correct answer is D .
• Question 1033: The document that indicate instant payment of cash for goods whenever the are delivered is Options:
  A) credit note
  B) proforma invoice
  C) debit note
  D) statement of account
  Show Answer
  The correct answer is D .
• Question 1034:

  Which of the limited liability companies have a limit of fifty members and do not issues their shares to the public

  Options:
  A) Private limited liability
  B) Public limited liability
  C) Partnership
  D) Co-operative society
  Show Answer
  The correct answer is A .
• Question 1035:

  

  Use the diagram above to answer the question.

  What does V represent?

  Options:
  A) Ais to trade
  B) Advertising
  C) Manufacturing
  D) industry
  Show Answer
  The correct answer is A .
• Question 1036: The instruments of credit includes? Options:
  A) billboards and postal stamps
  B) payment vouchers and statement of account
  C) bills of exchange and promissory notes
  D) bills of exchange and salary salary vouchers
  Show Answer
  The correct answer is C .
• Question 1037: The development of commercial activate in Nigeria was harnessed by Options:
  A) A good storage system
  B) Availability of market
  C) Increase in production
  D) Activities
  Show Answer
  The correct answer is A .
• Question 1038:

  A terms of payment in which the buyer pays cash immediately for goods bought before he takes them away is called____

  Options:
  A) Prompt cash
  B) Cash on delivery
  C) Spot cash
  D) Cash with order
  Show Answer
  The correct answer is C .
• Question 1039: The most important function of commerce is? Options:
  A) helping people to improve thir profits
  B) facilitaing exchanges among indiviuals and firms
  C) assisting trade through banking and insurance
  D) enhancing business relationships
  Show Answer
  The correct answer is B .
• Question 1040:

  A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a

  Options:
  A) commission agent
  B) factor
  C) broker
  D) del credere agent
  Show Answer
  The correct answer is D .