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 161: The details of the goods require by the the purchaser is outlined in? Options:
  A) a consular invoice
  B) an indent
  C) an invoice
  D) a certificateof orign
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  The correct answer is C .
• Question 162:

  A document issued by the seller's own courier and signed by the customer to acknowledge receipt of the goods is

  Options:
  A) advice note
  B) consignment note
  C) delivery note
  D) freight note
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  The correct answer is B .
• Question 163: A business firm that is involved in conveying goods or people is known as a? Options:
  A) consignor
  B) commercial firm
  C) carrier
  D) transporter
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  The correct answer is C .
• Question 164: A distinction between Comprehensive insurance and Thrid party Insurance is that the latter covers damages Options:
  A) caused by the insured vehicle
  B) to the insured vehicle
  C) cause by the other vehicle
  D) to the driver of insured vehicle
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  The correct answer is A .
• Question 165: The acronym PLC is used to identify a? Options:
  A) company limited by shares
  B) private company limited by shares
  C) public company limited by shares
  D) company limited by guarantee
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  The correct answer is C .
• Question 166: A loan to a customer with a cheque account at a bank in which the account is allowed to go into debit is Options:
  A) overdraft
  B) advance
  C) interest
  D) commission
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  The correct answer is A .
• Question 167: Determine the company's reserve share capital? Options:
  A) N2500 000
  B) N1000 000
  C) N1500 000
  D) N2000 000
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  The correct answer is B .
• Question 168:

  One of the disadvantages of sole proprietorship is

  Options:
  A) limited liability
  B) pride of ownership
  C) unlimited liability
  D) secrecy of annual reports
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  The correct answer is C .
• Question 169:

  Extractive industries may also be denominated as

  Options:
  A) direct industries
  B) servicing industries
  C) indirect industries
  D) primary industries
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  The correct answer is D .
• Question 170: The rate at which a country's exports exchange for its imports is called Options:
  A) balance of payments
  B) balance of trade
  C) terms of payment
  D) terms of trade
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  The correct answer is D .