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 1201:

  The main objective of a trade association can best be described as promoting and protecting ? 

  Options:
  A) the product
  B) common interest
  C) the market
  D) customer's interest
  Show Answer
  The correct answer is B .
• Question 1202: The difference between indemnity insurance and non-indemnity insurance is that the latter provides Options:
  A) cover for exporters against risks
  B) cover for importers against risks
  C) full payment to the insured
  D) consolation payment to the insured
  Show Answer
  The correct answer is D .
• Question 1203: The main purpose of insurance is to Options:
  A) encourage business to surviveand grow
  B) ensures that facilities are available for operators
  C) accepts risk s and extend credit to policy holders
  D) spread individual losses ove all covered participants
  Show Answer
  The correct answer is D .
• Question 1204:

  Services are made up of

  Options:
  A) visible and invisible
  B) Industry and Commerce
  C) direct and indirect services
  D) Goods and Services
  Show Answer
  The correct answer is C .
• Question 1205:

  $\begin{array}{cc}N& N\\ \text{Capital 8000}& \text{Plant and machinery5000}\\ \text{Net profit 4000}& \text{Motor Van 4500}\\ \text{Drawings 200}& \text{Stock 2000}\\ \text{Creditors 2000}& \text{Debtors 1000}\\ \text{Accurals 300}& \text{Banks 100}\\ & \text{Cash 600}\\ 14100& 14100\end{array}$

  What is the current ration?

  Options:
  A) 4 : 1
  B) 5 : 1
  C) 3 : 1
  D) 2 : 1
  Show Answer
  The correct answer is D .
• Question 1206: The body charged with divesting government interests in public enterprises is? Options:
  A) SON
  B) NPC
  C) BPE
  D) NDE
  Show Answer
  The correct answer is C .
• Question 1207: Mr Olatude took up a fire insurance on a property valued at N1000 and the amount insured is N 800. If the insurance was taking with the clause ‘with average ‘, What is the amount to be paid by the insurance company? Options:
  A) N320
  B) N420
  C) N460
  D) N560
  Show Answer
  The correct answer is A .
• Question 1208: A cheque drawn by a bank official on the bank’s deposit in another bank on a customer’s deposit in another bank Options:
  A) Bank draft
  B) Bankers’ order
  C) Promissory note
  D) Travelers cheque
  Show Answer
  The correct answer is B .
• Question 1209: The characteristics which ensures that money is free from forgery is its? Options:
  A) legality
  B) durability
  C) recongnition
  D) credibility
  Show Answer
  The correct answer is A .
• Question 1210: In CIF contracts, risk passes at the time of shipment but the property does not pass until? Options:
  A) there is physical transfer of goods
  B) the shipping manifest are signed
  C) the shipping documents are transferred
  D) the goods on board are delivered
  Show Answer
  The correct answer is B .