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 1181:

  When two or more companies agree to execute a project too large for one to handle, this is referred to as

  Options:
  A) an amalgamation
  B) a cartel
  C) a consortium
  D) a merger
  Show Answer
  The correct answer is C .
• Question 1182: The legal aspect of business is designed to Options:
  A) protect business organization and consumers
  B) safeguard consumers from undue business practices
  C) protect infant industries from collapse
  D) encourage free exchanges among businesses
  Show Answer
  The correct answer is A .
• Question 1183: A key advantage of delegation is that Options:
  A) workers are prepared for hgher responsibilites
  B) the manager has less work to do
  C) the manager spends less time on planning
  D) the organization grows larger in size
  Show Answer
  The correct answer is A .
• Question 1184:

  Which of the following are the components of commerce?

  I Trading and advertising

  II Warehousing and transportation

  III Packaging and branding

  IV Insurance and banking

  Options:
  A) I and II
  B) I and III
  C) I, II and IV
  D) II, III and IV
  Show Answer
  The correct answer is C .
• Question 1185: A written partnership contract is known as? Options:
  A) an invoice
  B) a deed
  C) a prospectus
  D) a proposal
  Show Answer
  The correct answer is B .
• Question 1186: Warehousing is important to manufacturers because it helps to? Options:
  A) improve the quality of goods
  B) produce goods in advance
  C) meet the demand of customers
  D) determine input rquirements
  Show Answer
  The correct answer is B .
• Question 1187: The provision of quality and safe products which guarantee the health of consumers is an example of Options:
  A) quality control
  B) price control
  C) civic responsibility
  D) social responsibility
  Show Answer
  The correct answer is A .
• Question 1188: The document issued by a port authority for goods deposited is a Options:
  A) bill of lading
  B) bill of sight
  C) consular invoice
  D) warehouse warrant
  Show Answer
  The correct answer is D .
• Question 1189: Which of the following best describes an invoice? Options:
  A) Contractual agreement for the sale of goods
  B) Document specifying quantity, description, prices and total value of purchase .
  C) Receipt containing necessary information about the goods.
  D) Letter specifying the contractual sales of goods between two parties
  Show Answer
  The correct answer is B .
• Question 1190:

  $\begin{array}{cccc}\text{Name}& \text{Insure amount}& \text{Actual value}& \text{Actual loss}\\ \text{Mr A}& 30,000& 100,000& 40,000\\ \text{Mr B}& 40,000& 120,000& 50,000\\ \text{Mr C}& 50,000& 15,000& 70,000\end{array}$

  If Mr A takes a fire insurance policy with average clause, his compensation will be

  Options:
  A) N15,000
  B) N20,000
  C) N12,000
  D) N25, 000
  Show Answer
  The correct answer is C .