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 21: A demonstration of social responsibility by a business is the payment of _______ Options:
  A) taxes to government
  B) dividends to shareholder
  C) interest on loans
  D) premium on insurance
  Show Answer
  The correct answer is A .
• Question 22: A form of money with face value which is greater than the value of the metal content is Options:
  A) legal tender
  B) bank notes
  C) token money
  D) commodity money
  Show Answer
  The correct answer is C .
• Question 23: To eliminate middlemen, there should be a retail outlet such as Options:
  A) producer co-operative
  B) consumer co-operative
  C) multiple shop
  D) departmental store
  Show Answer
  The correct answer is C .
• Question 24: A major benefit a debtor can derive from using a credit facility is? Options:
  A) better service
  B) goodwill
  C) convenience
  D) control
  Show Answer
  The correct answer is C .
• Question 25:

  One of these is not a major in the production process?

  Options:
  A) Producers
  B) Distributors
  C) Marketers
  D) Consumers
  Show Answer
  The correct answer is C .
• Question 26: The element of the marketing mix are Options:
  A) product promotion, place and price
  B) [personal selling, advertising and research
  C) promotion, production, place and price
  D) procurement, price, product and place
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  The correct answer is A .
• Question 27: When 'FOB' is written on a document, it implies that the buyer bears the? Options:
  A) cost of goods and advert
  B) loading costs and insurance
  C) insurance and transport costs
  D) transport and communication costs
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  The correct answer is C .
• Question 28: The government policy thrust on the business environment is to? Options:
  A) promote experts
  B) attract investors
  C) be self-sufficient
  D) increase production
  Show Answer
  The correct answer is B .
• Question 29: In foreign trade, document of title is known as Options:
  A) bill of lading
  B) bill at sight
  C) certifiate of origin
  D) declaration form
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  The correct answer is A .
• Question 30:

  Freight note is a document

  Options:
  A) issued by a shipping company giving details of changes
  B) used by government to transport goods from one country to another
  C) used for payment for imported goods
  D) given by an importer to pay for goods at a future period
  Show Answer
  The correct answer is A .