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 11: 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 12: The lumbering of trees by a furniture company is an example of Options:
  A) primary production
  B) secondary production
  C) tertiary production
  D) direct production
  Show Answer
  The correct answer is A .
• Question 13: Which part of the computer system does the keyboard device belong to? Options:
  A) Output unit
  B) Logic unit
  C) Input unit
  D) Control unit
  Show Answer
  The correct answer is C .
• Question 14: Which of the following is used to inform the addressee that a registered parcel is ready for collection? Options:
  A) Express label
  B) Counterfoil
  C) Telegram
  D) Slip
  Show Answer
  The correct answer is D .
• Question 15: Which of the following is an item in the marketing mix? Options:
  A) Demand
  B) promotion
  C) market
  D) consumer
  Show Answer
  The correct answer is B .
• Question 16: A partnership is dissolved when? Options:
  A) the business suffers a loss
  B) there is bankruptcy
  C) there is consistent theft
  D) there is misunderstanding between partners
  Show Answer
  The correct answer is B .
• Question 17: The conversion of raw materials into finished products creates? Options:
  A) form utility
  B) marginal utility
  C) place utility
  D) time utility
  Show Answer
  The correct answer is A .
• Question 18:

  A distinguishing characteristic of a limited liability company is that

  Options:
  A) is a collection of many sole proprietors
  B) is a multiple partnership
  C) has limited resources
  D) can sue and be sued
  Show Answer
  The correct answer is C .
• Question 19:

  The most important resources of business is_______

  Options:
  A) Human resources
  B) Money resources
  C) Material resources
  D) Opportunities
  Show Answer
  The correct answer is A .
• Question 20: 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 .