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 1271: What document is required when a country imposes valorem import duties on goods? Options:
  A) mail transfer
  B) shipping note
  C) bill of lading
  D) consular invoice
  Show Answer
  The correct answer is B .
• Question 1272:

  

  The capital owned is

  Options:
  A) ₦2,740
  B) ₦1,350
  C) ₦1,150
  D) ₦570
  Show Answer
  The correct answer is D .
• Question 1273: A manufacturer can make his product distinguishable from those of other competitors by Options:
  A) providing catalogues for his wholesalers
  B) aggressive sale ppromotion
  C) branding and packaging the product
  D) selling the product at a much lower price
  Show Answer
  The correct answer is C .
• Question 1274: Endowment policy in insurance business is an aspect of Options:
  A) accident insurance policy
  B) fidelity guarantee insurance policy
  C) motor vehicle insurance policy
  D) life assurance policy
  Show Answer
  The correct answer is D .
• Question 1275: An important principle of a good organization structure is Options:
  A) ideal standard
  B) span control
  C) clarity of mission
  D) adequacy resources
  Show Answer
  The correct answer is B .
• Question 1276: A Major funtion of commerce is to Options:
  A) facilitiate human satisfaction through exchange
  B) eliminate trade barriers
  C) provide raw materials for manufacturers
  D) influence government policies
  Show Answer
  The correct answer is A .
• Question 1277:

  $\begin{array}{cccc}\text{Name}& \text{Insure amount}& \text{Actual value}& \text{Actual loss}\\ \text{Mr A}& 30,000& 100,000& 40,000\\ \text{Mr B}& 40,000& 120,000& 50,000\\ \text{Mr C}& 50,000& 15,000& 70,000\end{array}$

  If Mr A takes a fire insurance policy with average clause, his compensation will be

  Options:
  A) N15,000
  B) N20,000
  C) N12,000
  D) N25, 000
  Show Answer
  The correct answer is C .
• Question 1278: A markets where new shares are trade is known Options:
  A) primary market
  B) stock exchange
  C) secondary markets
  D) money market
  Show Answer
  The correct answer is A .
• Question 1279: One of the effects of the devaluation of the Naira is that the Options:
  A) goods that can be imported with the naira have become cheaper
  B) value of other currencies relative to the naira have become cheaper
  C) goods that can be exported from Nigeria have become costlier
  D) imports that can be bought with the naira have become costlier
  Show Answer
  The correct answer is D .
• Question 1280: Which of the following is both direct and indirect credit enterprise? Options:
  A) A co-operative and thrift society
  B) retail co-operative society
  C) consumer co-operative society
  D) wholesaler co-operative society
  Show Answer
  The correct answer is A .