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 1121:

  The principle of span of control stipulates that?

  Options:
  A) The number of employees reporting to one superior should be kept to a workable maximum
  B) An employee should report to only one superior
  C) Managers must demand accountability from their subordinates
  D) Resources have to be economized within the various divisions
  Show Answer
  The correct answer is A .
• Question 1122: The right of an insurance company to stand in place of an insured against a third party , who is liable for the occurrence of a loss, is the principle of Options:
  A) proximate cause
  B) insurable interest
  C) insurance priority
  D) subrogation
  Show Answer
  The correct answer is C .
• Question 1123: The major components of modern retailing include? Options:
  A) branding, doorstep selling and customer stimulation
  B) branding, sales promotion and mail order
  C) chain store, customer stimulating and doorstep selling
  D) branding, supermarkets and after sales-service
  Show Answer
  The correct answer is D .
• Question 1124: A contract for the sale of goods involved the? Options:
  A) producer, seller and the buyer of goods
  B) offering of goods to customers
  C) transfering of the title to goods for money
  D) exchange of goods
  Show Answer
  The correct answer is C .
• Question 1125:

  First Bank of Nigeria is an example of

  Options:
  A) Commercial bank
  B) Central bank
  C) Development bank
  D) Merchant bank
  Show Answer
  The correct answer is A .
• Question 1126: A guarantee given by one person or party to another in which the integrity of the person is assured is? Options:
  A) fidelity
  B) term assurance
  C) subrogation
  D) indemnity
  Show Answer
  The correct answer is A .
• Question 1127: Quantity discount is offerred mainly to persuade the buyer to Options:
  A) defer payment
  B) make prompt purchases
  C) make advance payment
  D) purchase more
  Show Answer
  The correct answer is B .
• Question 1128: The major determinant of fire insurance premium is the Options:
  A) Owner of the property
  B) usefulness of the property to the owner
  C) Type and structure of the property to be insured
  D) extent of fire damaged anticipated.
  Show Answer
  The correct answer is C .
• Question 1129:

  A distinguishing characteristic of a limited liability company is that

  Options:
  A) is a collection of many sole proprietors
  B) is a multiple partnership
  C) has limited resources
  D) can sue and be sued
  Show Answer
  The correct answer is C .
• Question 1130:

  The function of management that establish objectives for the organization and trying to determine the best ways to accomplish them

  Options:
  A) organizing
  B) planning
  C) directing
  D) controlling
  Show Answer
  The correct answer is B .