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 111:

  The payment made periodically in respect of an insurance policy entered into is known as

  Options:
  A) surrender
  B) bond
  C) premium
  D) commission
  Show Answer
  The correct answer is C .
• Question 112: The process of bringing a company under exclusive state ownership and control is know as Options:
  A) nationalization
  B) commercialization
  C) indigenization
  D) privatization
  Show Answer
  The correct answer is A .
• Question 113: Which of the following groups is paid first when a firm liquidates? Options:
  A) Preference shareholders
  B) Debenture holders
  C) Ordinary shareholders
  D) Cumulative preference shareholders
  Show Answer
  The correct answer is A .
• Question 114:

  Average stock is derived by adding

  Options:
  A) closing stock to purchase divided by 2
  B) closing stock to opening stock
  C) opening stock to closing stock divided by 2
  D) opening stock to purchases
  Show Answer
  The correct answer is C .
• Question 115: The best mode of ensuring that items posted got to the named address through? Options:
  A) recorded delivery
  B) registered mail
  C) certificate of posting
  D) express mail
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  The correct answer is B .
• Question 116:

  

  What are fixtures and fittings in a balance sheet?

  Options:
  A) liquid capital
  B) current assets
  C) fixed assets
  D) working capital
  Show Answer
  The correct answer is C .
• Question 117: The production process that combines two or more raw materials into one end product is Options:
  A) conditioning
  B) blending
  C) merging
  D) synthesis
  Show Answer
  The correct answer is B .
• Question 118:

  The type of communication from a superior to a subordinate in an organization is referredto as

  Options:
  A) downward communication
  B) upward communication
  C) lateral communication
  D) horizontal communication
  Show Answer
  The correct answer is A .
• Question 119: The act of a person employing another to enter into a contract on his behalf is known as? Options:
  A) business
  B) sale of goods
  C) bilateral agreement
  D) agency
  Show Answer
  The correct answer is D .
• Question 120: A trade association consists of members engaged in the same trade while a chamber of commerce is? Options:
  A) highly regulated by agovernent agency
  B) not restricted on a particular industry
  C) made up of members that are registered
  D) made up of firms in the banking industry
  Show Answer
  The correct answer is B .