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 1151: The use of coin-operated machines to sell goods is a form of Options:
  A) personal selling
  B) retailing
  C) wholesaling
  D) mail-order selling
  Show Answer
  The correct answer is B .
• Question 1152: In which of the following circumstances is a court order NOT necessary for the winding up of a company? Options:
  A) supension of businesss for one year
  B) special resolution of members
  C) reduction in the number of members below the legal minimum
  D) inability to pay it debts
  Show Answer
  The correct answer is B .
• Question 1153:

  In the formation of a united liability company, the following documents are prepared except_______

  Options:
  A) Memorandum of Association
  B) Article of Association
  C) Statement of Nominal Capita
  D) Prospectus
  Show Answer
  The correct answer is D .
• Question 1154:

  One of the major problems of a sole proprietor is sourcing for

  Options:
  A) Funds
  B) Labour
  C) Raw materials
  D) Machineries
  Show Answer
  The correct answer is A .
• Question 1155: A distinguishing characteristics of a limited liability company is that it Options:
  A) is a collection of many sole proprietors
  B) is a multiple partnership
  C) can sue and be sued
  D) has limited resources
  Show Answer
  The correct answer is C .
• Question 1156: A written agreement for hiring a ship for transporting goods is a? Options:
  A) consular invoice
  B) bill of lading
  C) charter party
  D) certificate of origin
  Show Answer
  The correct answer is C .
• Question 1157: Factoring is a trade debt term used when the agent buys all the trade debts of the Options:
  A) importers
  B) exporters
  C) nation
  D) customers
  Show Answer
  The correct answer is B .
• Question 1158: The difference between a private are public limited liability company is that the former Options:
  A) Is unable to declare and pay dividend.
  B) Has a higher number of share holder
  C) Is unable to offer shares to the public.
  D) pays higher salaries to its member
  Show Answer
  The correct answer is C .
• Question 1159: 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 1160: Entrusting the management of a company to the courts to enable the settlement of the company’s obligations is an indication of? Options:
  A) distress
  B) closure
  C) bankruptcy
  D) liquidation
  Show Answer
  The correct answer is C .