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 281: One of the major problems of a sole proprietor is sourcing for? Options:
  A) raw materials
  B) labour
  C) machineries
  D) funds
  Show Answer
  The correct answer is D .
• Question 282:

  The difference between the buying price and the selling price of a share is referred to as

  Options:
  A) Commission
  B) Profit
  C) Jobber's Profit
  D) Turnover
  Show Answer
  The correct answer is C .
• Question 283: The basic elements of a valid contract are Options:
  A) offer, acceptance, consideration and witness
  B) offer, intention, acceptance and legality
  C) offer, acceptance, intention, capacity and legality
  D) offer, acceptance, capacity, legality and consideration
  Show Answer
  The correct answer is D .
• Question 284:

  One of these is a current asset

  Options:
  A) Fittings
  B) Machineries
  C) Motor vehicles
  D) stock
  Show Answer
  The correct answer is D .
• Question 285:

  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 286: Which of the following sets of items was used for exchange in Nigeria before money was introduced? Options:
  A) cowries, iron rods, brass rods and copper rods
  B) iron rods, copper rods, manilla and cowries
  C) cowries, manilla, brass rod andcopper wires
  D) copper wires, brass wires, cowries and iron rod
  Show Answer
  The correct answer is C .
• Question 287: The major function of a trade association is that it? Options:
  A) liases with foreign trade associations
  B) helps to promotes foreign trade
  C) facilitates members' access to credit facilities
  D) helps to promote resarch on behalf of members
  Show Answer
  The correct answer is D .
• Question 288: The sole legal right held by the author to publish his book is Options:
  A) trademark
  B) copyright
  C) patent right
  D) bookmark
  Show Answer
  The correct answer is B .
• Question 289:

  The activities aimed at finding customers needs and satisfaction can be described as

  Options:
  A) conceptual marketing
  B) macro-marketing
  C) socio-marketing
  D) micro-marketing
  Show Answer
  The correct answer is A .
• Question 290: One of the inputs in production that can be motivated by remuneration is Options:
  A) capital
  B) enterpreneur
  C) labour
  D) land
  Show Answer
  The correct answer is C .