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 1301:

  Commerce brings about all except one

  Options:
  A) International co-operation
  B) Improvement in the standard of living
  C) Monotony of work
  D) Infrastructural development
  Show Answer
  The correct answer is C .
• Question 1302:

  The scope of commerce is limited to________

  Options:
  A) home and foreign trade
  B) wholesaler and retail trade
  C) trade and aids to trade
  D) wholesale and entreport trade
  Show Answer
  The correct answer is C .
• Question 1303: One of the major benefits of commerce to government is to Options:
  A) improve the standard of living
  B) generate revenue for growth and development
  C) encourage cooperation among public organisations
  D) encourage the development of socio-cultural values
  Show Answer
  The correct answer is B .
• Question 1304: One of the products of an extractive industry is Options:
  A) an airplane
  B) an iron ore
  C) a shoe
  D) a textile material
  Show Answer
  The correct answer is B .
• Question 1305: Funds used for paying wages, salaries and payments for raw materials are categorized under Options:
  A) liquid capital
  B) circulating capital
  C) fixed capital
  D) nominal capital
  Show Answer
  The correct answer is B .
• Question 1306:

  

  Use the table above to answer this question.

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

  Options:
  A) N 5000
  B) N 7, 500
  C) N 70, 000
  D) N 75, 000
  Show Answer
  The correct answer is B .
• Question 1307: When it became necessary to liquidate a company, the frist step to be taken is the appointment of Options:
  A) a receiver
  B) an auditor
  C) an accountant
  D) liquidator
  Show Answer
  The correct answer is D .
• Question 1308: The postal organization which preceded the Nigerian Postal Service is Options:
  A) Post and Telecommunication
  B) Post and Telephone
  C) Post and Teleprinter
  D) Post and Telegraph
  Show Answer
  The correct answer is D .
• Question 1309: An important feature of land is that it Options:
  A) has an elastic supply
  B) is an active factor of production
  C) is heterogenous in nature
  D) is subject to returns to scale
  Show Answer
  The correct answer is B .
• Question 1310: A major objective of all business resources is ______ Options:
  A) public relation
  B) profit sharing
  C) human relation
  D) profit making
  Show Answer
  The correct answer is D .