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 1341:

  Given $\frac{\text{index of export price}}{\text{index of import price}}$ X $\frac{100}{1}$

  The formula above can be used to determine the

  Options:
  A) terms of payment
  B) balance of payments
  C) tearms of trade
  D) import tariffs
  Show Answer
  The correct answer is C .
• Question 1342: Bank giro is a system where? Options:
  A) commercial banks can give loan to all customers
  B) a central bank opens account for commercial banks
  C) a customer uses cheque to pay serveral bills
  D) a customer closes his account by writting cheque
  Show Answer
  The correct answer is D .
• Question 1343: 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 1344: Which of the following takes place when firms producing at different stages in the same industry combine? Options:
  A) conglomeration
  B) vertical integration
  C) horizontal integration
  D) cartel
  Show Answer
  The correct answer is B .
• Question 1345: Land as a factor of production does not vary in _______ Options:
  A) quantity
  B) nature
  C) quality
  D) cost
  Show Answer
  The correct answer is B .
• Question 1346:

  The payment made periodically in respect of an insurance policy entered into is known as

  Options:
  A) surrender
  B) bond
  C) premium
  D) commission
  Show Answer
  The correct answer is C .
• Question 1347: An agent who takes tittle to goods and has authority to buy and sell on behalf of another is? Options:
  A) a jobber
  B) a broker
  C) a factor
  D) an auctioneer
  Show Answer
  The correct answer is C .
• Question 1348: Manufacturing and constructive activities are classified under? Options:
  A) primary production
  B) tertiary production
  C) secondary production
  D) direct service
  Show Answer
  The correct answer is C .
• Question 1349: The federal Government made efforts at rendering public enterprises more efficient and profit-oriented through the process of Options:
  A) privatization
  B) commercialization
  C) indigenization
  D) nationalization
  Show Answer
  The correct answer is B .
• Question 1350: A chain store usually combines the features of? Options:
  A) mulitiple shops and departmental stores
  B) hypermarkets and stalls
  C) multiple shops and hypermarkets
  D) mail order business and multiple stops
  Show Answer
  The correct answer is A .