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: Which of the following types of occupation involues services that can be referred to as auxiliaries trade? Options:
  A) Constructive occupation
  B) Manufacturing occupation
  C) Industrial occupation
  D) Commercial occupation
  Show Answer
  The correct answer is D .
• Question 12: Assurance is different from insurance in that the former is based on Options:
  A) probability
  B) possibility
  C) risk
  D) uncertainty
  Show Answer
  The correct answer is B .
• Question 13: The major dealers on the stock market are the? Options:
  A) agents
  B) jobbers
  C) investors
  D) brokers
  Show Answer
  The correct answer is D .
• Question 14: If a firm's turnover is N15,000 and the cost of goods sold is N 10,000 What is the percentage of gross profit on sales? Options:
  A) 23.3%
  B) 33.3%
  C) 50.0%
  D) 66.6%
  Show Answer
  The correct answer is B .
• Question 15: The differences between the central bank and commercial bank is that the former ______ Options:
  A) discount treasury bills
  B) give loans to the public
  C) saves valuable of individual
  D) serves as lender of last resort
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  The correct answer is D .
• Question 16: Extractive industries may also be denominated as Options:
  A) direct industries
  B) servicing industries
  C) primary industries
  D) indirect industries
  Show Answer
  The correct answer is C .
• Question 17: When one person approves an act previously done by another in the former's name without authority, this is known as? Options:
  A) ratification
  B) estoppel
  C) illegality
  D) misrepresentation
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  The correct answer is B .
• Question 18: The evolution of commerce in Nigeria is traceable to the? Options:
  A) period of barter economy as human needs became limitless
  B) desire by human beings to satify their needs through the services of other people inthe society
  C) development of human civlizations and the desire to meet their needs
  D) primitive stage of existence of human beings
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  The correct answer is B .
• Question 19:

  A specially-designed mode of transport for conveying liquid and gas is a

  Options:
  A) coaster
  B) tanker
  C) liner
  D) ferry
  Show Answer
  The correct answer is B .
• Question 20: One of the products of an extractive industry is Options:
  A) an airplane
  B) an iron ore
  C) a shoe
  D) a textile material
  Show Answer
  The correct answer is B .