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: In response to an inquiry from a customer, a wholesaler is expected to send back Options:
  A) a consignment note
  B) an order
  C) a qoutation
  D) an advice note
  Show Answer
  The correct answer is C .
• Question 1342: The most important business objective is to Options:
  A) improve investments
  B) provide quality products
  C) target consumers for satisfaction
  D) carve a niche for the business
  Show Answer
  The correct answer is C .
• Question 1343: Pooling of risk in insurance means that? Options:
  A) compensations are paid out of a common fund
  B) two people can pool their risks to be insured
  C) two insurance companies can buy two policies
  D) insurance companies should encourage taking risks.
  Show Answer
  The correct answer is A .
• Question 1344: A document sent by a seller to inform a buyer about the prices of goods is the? Options:
  A) catalogue
  B) price list
  C) credit note
  D) proforma invoice
  Show Answer
  The correct answer is B .
• Question 1345: A business whose owners enjoys loan facilities on the basis of personal goodwill is a? Options:
  A) commercial bank
  B) thrift society
  C) co-operative society
  D) community bank
  Show Answer
  The correct answer is B .
• Question 1346: Banks are engaged in the business of buying and selling of? Options:
  A) bills of exchange
  B) instruments of credit
  C) intangible products
  D) land
  Show Answer
  The correct answer is A .
• Question 1347: Which of the following contributed least to the evolution of commercial activities in Nigeria? Options:
  A) Development of banks
  B) Development oftransportation
  C) Development of trader's unions
  D) Development of currencies
  Show Answer
  The correct answer is D .
• Question 1348: The nominal value of a share as specified in the Memorandum of Association and the share certificate is the Options:
  A) discounted value
  B) stock value
  C) face value
  D) par value
  Show Answer
  The correct answer is C .
• Question 1349: The most effective nut limited medium of advertising in Nigeria is? Options:
  A) billboard
  B) television
  C) newspaper
  D) radio
  Show Answer
  The correct answer is A .
• Question 1350: A documentary bill will normally be accompanied by Options:
  A) . sales invoice, bill of lading and insurance certificate
  B) clean bill, bill of lading, and insurance certificate
  C) bill of lading, consular invoice, and insurance certificate
  D) consular invoice, FOB certificate and bill of lading
  Show Answer
  The correct answer is D .