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 1401: The breaking down of a market into separate and identifiable elements each with its own special product requirement is known as market Options:
  A) differentiation
  B) segmentation
  C) penetration
  D) identification
  Show Answer
  The correct answer is B .
• Question 1402: An agreement to sell is distinguishable from sale because in the former, the transfer of goods is Options:
  A) not anticipated
  B) not discussed
  C) deferred
  D) immediate
  Show Answer
  The correct answer is C .
• Question 1403: A group of specialized functions of marketing is Options:
  A) buying, selling, storing and information
  B) buyimg, selling, advertising and packaging
  C) buying, selling, labelling and promotion
  D) buying , selling, skimmimg and pricing
  Show Answer
  The correct answer is C .
• Question 1404:

  Use the information below to answer questions 3 and 4.

  Aboki Plc, became the insolvent and decided to wind up to meet the legitimate claims of its creditors.

  Babalawee was called in to manage the dissolution.

  After paying the debts of aboki Plc, the balance goes to?

  Options:
  A) Aboki Plc
  B) Babalawee
  C) shareholders
  D) creditors
  Show Answer
  The correct answer is C .
• Question 1405: One of the major reasons for merger is to Options:
  A) reduce the number of unskilled manpower
  B) increase the number of skilled manpower
  C) prevent liquidation
  D) liberalize the market
  Show Answer
  The correct answer is C .
• Question 1406: For establishment of a powerful consumers' association in Nigeria to exist, there must be Options:
  A) financial and moral support from the public
  B) honest and commited leadership
  C) allocation of goods from the producer
  D) freedom from external influence
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  The correct answer is D .
• Question 1407: The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is Options:
  A) the difference between gross profit and trade expenses
  B) the different between gross profit and net sales
  C) sales less cost of sales including sales returns
  D) opening stock add purchases less closing stock
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  The correct answer is A .
• Question 1408: The principle of subrogation stated that Options:
  A) An insured person should be indemnified to the time of the amount insured
  B) An insurance company constant in lace of the insured in dealing with third party.
  C) Only a person who is likely to suffer loss hold take out an insurance cover
  D) There must be accuse connection between the actual loss suffered and risk insure
  Show Answer
  The correct answer is B .
• Question 1409:

  The basic characteristics of co-operative society include all except one

  Options:
  A) It is managed democratically
  B) It follows the principle of one man
  C) Amateur Management
  D) Extra capital is raised through loan
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  The correct answer is C .
• Question 1410: An aspect of marketing that stimulates buying by providing free gifts is? Options:
  A) advertising
  B) personal selling
  C) publicity
  D) sales promotion
  Show Answer
  The correct answer is D .