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 141: RRF as a scheme introduced by the central bank of Nigeria means Options:
  A) recording and Rediscounting Facility
  B) refinancing and Recording Facility
  C) refinancing and Rediscounting Facility
  D) refinancing and Reinvesting Facility
  Show Answer
  The correct answer is D .
• Question 142: Mr Olatude took up a fire insurance on a property valued at N1000 and the amount insured is N 800. If the insurance was taking with the clause ‘with average ‘, What is the amount to be paid by the insurance company? Options:
  A) N320
  B) N420
  C) N460
  D) N560
  Show Answer
  The correct answer is A .
• Question 143: Which of the following is a limitation of division of labour? Options:
  A) Decline in craftmanship
  B) Monotony of work
  C) Reduction in output
  D) Reduction in labour force
  Show Answer
  The correct answer is D .
• Question 144: The art of soaping-making is an example of? Options:
  A) primary occupation
  B) secondary occcupation
  C) tertiary occupation
  D) construction occupation
  Show Answer
  The correct answer is B .
• Question 145:

  The bank which acts as the lender of last resort is the

  Options:
  A) Central bank
  B) Commercial bank
  C) Merchant bank
  D) Mortegage bank
  Show Answer
  The correct answer is A .
• Question 146:

  The excess of the assets over the liabilities of a business is called

  Options:
  A) capital employed
  B) net worth
  C) working capital
  D) initial capital
  Show Answer
  The correct answer is B .
• Question 147: The business environment that takes into cognizance the age distribution, ethnic mix and educational level of the consumer is? Options:
  A) demographic evironment
  B) economic evironment
  C) cultural environment
  D) natural environment
  Show Answer
  The correct answer is A .
• Question 148: A feature common to privatization and commercialization is? Options:
  A) profit-making
  B) credit sales
  C) market expansion
  D) price increases
  Show Answer
  The correct answer is A .
• Question 149: Loan schemes by thrift societies are? Options:
  A) mortage schemes
  B) conventional schemes
  C) mutual schemes
  D) unconventional schemes
  Show Answer
  The correct answer is C .
• Question 150: The agency in Nigeria which ensures that products conform to government quality specifications is the? Options:
  A) Standards Organization of Nigeria
  B) Nigerian Consumers’ Association
  C) Manufacturers’ Association of Nigeria
  D) Nigerian Chamber of commerce
  Show Answer
  The correct answer is A .