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 1211:

  The main documents sent to an importer of goods by the exporter are

  Options:
  A) bill of lading, invoice, insurance policy, consular invoice, certificate of origin and bill of exchange
  B) indent, bill of lading, certificate of origin, invoice and bill of exchange
  C) certificate of origin, bill of exchange, invoice, insurance policy, indent and bil of lading
  D) invoice, consular invoice, certificate of origin, freight note, indent and insurance policy
  Show Answer
  The correct answer is A .
• Question 1212: A warehouse which is used to store goods whose customs duty is not yet paid is a? Options:
  A) wholesale warehouse
  B) bonded warehouse
  C) public warehouse
  D) branded warehouse
  Show Answer
  The correct answer is B .
• Question 1213: Which of the following is used as pricing policy? Options:
  A) labelling
  B) packaging
  C) market selection
  D) market skimming
  Show Answer
  The correct answer is D .
• Question 1214: A new company requiring a large amount of equity finance may source funds from the? Options:
  A) capital market
  B) central bank
  C) money market
  D) commercial banks
  Show Answer
  The correct answer is D .
• Question 1215: Which of the following is a legal tender? Options:
  A) Cheque
  B) Travellers cheque
  C) Bank note
  D) Goldsmith receipt
  Show Answer
  The correct answer is C .
• Question 1216: Hire purchase is advantageous to the seller in that Options:
  A) it elevates his living standard
  B) his turnover will increase
  C) people pay instalmentally
  D) it enhances high level of patronage
  Show Answer
  The correct answer is B .
• Question 1217: A motor dealer who agreed to sell a car to Mr X but delivered it to Mr Y on the delivery date agreed with Mr X. He has discharged the contract by Options:
  A) performance
  B) frustration
  C) an agreement
  D) breach
  Show Answer
  The correct answer is D .
• Question 1218: Which of the following is a limitation of division of labour? Options:
  A) Decline in craftmanship
  B) Monotony of work
  C) Reduction in output
  D) Reduction in labour force
  Show Answer
  The correct answer is D .
• Question 1219: The type of labour that makes use of physical effort in production processes is the Options:
  A) unskilled labour
  B) skilled labour
  C) blue-collar job
  D) white-collar job
  Show Answer
  The correct answer is A .
• Question 1220: A minor is not permitted to enter into a valid contract because he Options:
  A) Cannot pay the consideration
  B) Is too young to interpret the law
  C) Is young in the eye of the law
  D) May not be able to write the contract
  Show Answer
  The correct answer is C .