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: A distinction between Comprehensive insurance and Thrid party Insurance is that the latter covers damages Options:
  A) caused by the insured vehicle
  B) to the insured vehicle
  C) cause by the other vehicle
  D) to the driver of insured vehicle
  Show Answer
  The correct answer is A .
• Question 1152: The significance of money to modern economic system is that it? Options:
  A) is used as a means of payment
  B) promotes specialization and exchange
  C) measures value and promotes exchange
  D) causes inflation in the economy
  Show Answer
  The correct answer is C .
• Question 1153: Which of the following is a quality of money Options:
  A) Availability
  B) Scarcity
  C) Indivisibility
  D) Convertibility
  Show Answer
  The correct answer is A .
• Question 1154: The central bank controls the quantity of money in circulation through? Options:
  A) open-market operations
  B) decreasing the tax rate
  C) issuing new currencies
  D) increasing the tax rate
  Show Answer
  The correct answer is A .
• Question 1155:

  Computer that process data in the form of values is

  Options:
  A) Digital
  B) Hybrid
  C) Digital-hybrid
  D) Analog
  Show Answer
  The correct answer is D .
• Question 1156: Which of the following items has the shortest effect on the consumer Options:
  A) fashion
  B) innovation
  C) fad
  D) attribute
  Show Answer
  The correct answer is B .
• Question 1157: Which of the statements below is true of Mr Abayomi? Options:
  A) He can assign his shares to another without consent of other partners
  B) He cannot take part in the management of the business
  C) His actions as a limited partner can bind the firm
  D) His death will automatically dissolve partnership
  Show Answer
  The correct answer is C .
• Question 1158:

  The difference between the buying price and the selling price of a share is referred to as

  Options:
  A) Commission
  B) Profit
  C) Jobber's Profit
  D) Turnover
  Show Answer
  The correct answer is C .
• Question 1159: A form of ownership which exploits the strength of one partner to remedy the weakness of the other is a? Options:
  A) joint partnership
  B) cooperative
  C) corperation
  D) joint venture
  Show Answer
  The correct answer is A .
• Question 1160:

  A pro forma invoice is sent to inform a buyer about the?

  Options:
  A) quantity of goods
  B) price of goods
  C) designation of goods
  D) quality of goods
  Show Answer
  The correct answer is B .