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 1081:

  Use the information below to answer question 40 and 41.

  Musa rented a room to adamu for N1,500 and N1,000 part-payment was made. Adamu brought Audu and Jacob his friends to stay in the room.

  The two friends later paid balance of N500 to Musa.

  Who are the parties to the contract of renting the room?

  Options:
  A) Musa and Jacob
  B) Musa and Audu
  C) Adamu and Musa
  D) Audu and Jacob
  Show Answer
  The correct answer is C .
• Question 1082: Nigerian Postal Services (NIPOST) facilitates commerce in all the following ways except through Options:
  A) cash on delivery service
  B) recorded delivery service
  C) express service
  D) free on board service
  Show Answer
  The correct answer is D .
• Question 1083: An organization which focuses on consumer satisfaction is practicing Options:
  A) consumerism
  B) market segmentation
  C) selling concept
  D) marketing concept
  Show Answer
  The correct answer is D .
• Question 1084: The members of ECOWAS include? Options:
  A) Nigeria, Chad, Gabon and Cape Verde
  B) Burkina Faso, Nigeria and Ghana
  C) Guinea, Mali, Cameroun and Nigeria
  D) Togo, Niger, Nigeria and Ghana
  Show Answer
  The correct answer is D .
• Question 1085: The main factors militating against the rapid growth of trade in Nigeria are? Options:
  A) inadequate transportation network and huge capital outlay
  B) lack of motivation and government attitude towards trade
  C) lacks of good transportation network and insecurity of investment
  D) huge capital outlay and government attitude to trade
  Show Answer
  The correct answer is C .
• Question 1086: The most commonly used commercial documents are? Options:
  A) order notes, debit notes, invoices and quotations
  B) letters of enquiry, consignment notes, receipts and invoices
  C) credit notes, statement of accounts, depatch order and bills
  D) balance sheet, receipts, invoices and manifest
  Show Answer
  The correct answer is A .
• Question 1087:

  Warehousing is a productive function because it increases the?

  Options:
  A) quantity of goods
  B) utility of goods
  C) quality of goods
  D) price of goods
  Show Answer
  The correct answer is B .
• Question 1088: The forum for the selling and of buying of securities of small and medium companies is called Options:
  A) Second Tier Foreign Exchange Market
  B) Foreign Exchange Market
  C) Securities and Exchange Commission
  D) Second Tier Securities
  Show Answer
  The correct answer is A .
• Question 1089: One important requirement for the membership of the ECOWAS is? Options:
  A) intergrity
  B) independence
  C) landmass
  D) population
  Show Answer
  The correct answer is B .
• Question 1090:

  The elements in marketing mix that ensures goods are available when and where needed is

  Options:
  A) Promotion
  B) price
  C) product
  D) place
  Show Answer
  The correct answer is D .