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 1421:

  What are the factors with which commercial undertaking can be distinguish?

  I Size of the undertaking

  II Profits generated

  III Forms of ownership

  IV Location of the undertaking

  Options:
  A) I and II only
  B) I andIII only
  C) II and III only
  D) III and IV only
  Show Answer
  The correct answer is B .
• Question 1422: The three components of a country's balance of payments are? Options:
  A) current account, capital account and monetary movement account
  B) capital account, trade account and business record
  C) sales account, profit and loss account and capital account
  D) monetary movement account, trade account and sales ledger
  Show Answer
  The correct answer is A .
• Question 1423: The process of dividing task into jobs and departments and of delegating authority is known as? Options:
  A) staffing
  B) leading
  C) directing
  D) organizing
  Show Answer
  The correct answer is D .
• Question 1424: Which of the following gives the correct order in which the listed documents are used? Options:
  A) debit note, order, delivery note, invoice and statement
  B) order, delivery note, invoice, debit note and statement
  C) statement, order, invoice, delivery note and debit note
  D) invoice, order, statement, debit note and delivery note
  Show Answer
  The correct answer is B .
• Question 1425: A type of long-term loan granted to companies with fixed interest as well as with redeemable and irredeemable features is referred to as? Options:
  A) a denbenture
  B) a bond
  C) a term loan
  D) an overdraft
  Show Answer
  The correct answer is A .
• Question 1426:

  The insurance principle that requires full disclosure of information on the insured is known as ?

  Options:
  A) indemnity
  B) caveat emptor
  C) subrogation
  D) uberrimae Fidel
  Show Answer
  The correct answer is D .
• Question 1427:

  A distinctive advantage of GSM is its

  Options:
  A) cost
  B) stability
  C) coverage
  D) mobility
  Show Answer
  The correct answer is D .
• Question 1428: One of the major function of a chamber of commerce is to Options:
  A) promotes and protect trade, industry and agriculture
  B) advise members on regulations of other countries
  C) settle disputes that arise out of trade
  D) publish books and periodical desired by members
  Show Answer
  The correct answer is A .
• Question 1429: The setting of objectives for an organization and determining how to accomplish them is? Options:
  A) social responsibility
  B) planning
  C) organizing
  D) decision-making
  Show Answer
  The correct answer is B .
• Question 1430: An action taken by a company outside its object clause is regarded as? Options:
  A) ultra vires
  B) a trespass
  C) uberrima fides
  D) caveat emptor
  Show Answer
  The correct answer is A .