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 basic characteristics of co-operative society include all except one

  Options:
  A) It is managed democratically
  B) It follows the principle of one man
  C) Amateur Management
  D) Extra capital is raised through loan
  Show Answer
  The correct answer is C .
• Question 112:

  A two-way process which involves sending and receiving of messages is referred to as__________

  Options:
  A) Advertisement
  B) Communication
  C) Marketing
  D) Transportation
  Show Answer
  The correct answer is B .
• Question 113: The machine used for sending telex messages is known as a? Options:
  A) radar
  B) fax machine
  C) dictaphone
  D) teleprinter
  Show Answer
  The correct answer is B .
• Question 114:
  

  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 115: The cost which is incurred asa result of failure to load or unload a ship at the ports within a specified period is referred to as Options:
  A) demurrage charges
  B) premium charges
  C) excess charges
  D) trade charges
  Show Answer
  The correct answer is A .
• Question 116:

  Mr. Olatunde took up a fire insurance on a property valued at ₦1000 and the amount insured is ₦80. Thee ₦400. If the property caught fire causing a loss of insurance was taken with the clause with average what is the amount to be paid bý the insurance company?

  Options:
  A) ₦420
  B) ₦320
  C) ₦460
  D) ₦560
  Show Answer
  The correct answer is B .
• Question 117:

  A merchant wholesaler is referred to as?

  Options:
  A) del-credere agent
  B) a broker
  C) rack jobber
  D) a factor
  Show Answer
  The correct answer is D .
• Question 118: Q,act as an agent of P, lawfully and reasonably incur the amount of N350 as expenses.If Q comes to P, for payment , this is an instance of P'S duty to Options:
  A) remunerate Q
  B) reply Q
  C) indemnify Q
  D) settle Q
  Show Answer
  The correct answer is C .
• Question 119: For establishment of a powerful consumers' association in Nigeria to exist, there must be Options:
  A) financial and moral support from the public
  B) honest and commited leadership
  C) allocation of goods from the producer
  D) freedom from external influence
  Show Answer
  The correct answer is D .
• Question 120: In order to prevent Liquidity in commercial banks, the central banks uses? Options:
  A) moral suasion
  B) fiscal policy
  C) reserve ratio
  D) taxation
  Show Answer
  The correct answer is C .