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 1251: 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 1252:

  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 1253:

  One of the disadvantages of sole proprietorship is

  Options:
  A) limited liability
  B) pride of ownership
  C) unlimited liability
  D) secrecy of annual reports
  Show Answer
  The correct answer is C .
• Question 1254:

  One of the major problems of a sole proprietor is sourcing for

  Options:
  A) Funds
  B) Labour
  C) Raw materials
  D) Machineries
  Show Answer
  The correct answer is A .
• Question 1255: Marketing differs from selling in that,the latter only creates Options:
  A) possession utility
  B) marginal utility
  C) form utility
  D) place utility
  Show Answer
  The correct answer is A .
• Question 1256: The breaking down of a market into separate and identifiable elements is known as Options:
  A) differentiation
  B) segmentation
  C) skimming
  D) penetration
  Show Answer
  The correct answer is B .
• Question 1257: The most effective type of advertising for branded product is? Options:
  A) direct advertising
  B) Indirect advertising
  C) informative advertising
  D) competitive advertising
  Show Answer
  The correct answer is D .
• Question 1258: Which of the following is used for temporary storage of data on a computer? Options:
  A) RAM
  B) ROM
  C) Floppy disk
  D) flash drive
  Show Answer
  The correct answer is A .
• Question 1259: The media media used for inter-departmental communication include? Options:
  A) circulars, advertisement and notice boards
  B) memoranda, circulars and the telephone
  C) memoranda, advertising and face-to-face
  D) momoranda, advertising and the grapevine
  Show Answer
  The correct answer is B .
• Question 1260: The major difference between insurance and assurance is that while insurance Options:
  A) takes care of uncertainty, assurance takes care of risks
  B) takes care of risks , assurance takes care of uncertainty
  C) hinges on probabilities, assurance is based on possibilities
  D) is about indemnity, assurance is about life in the future
  Show Answer
  The correct answer is C .