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 301: The difference between total current assets and total current liabilities of a business is known as Options:
  A) quick ratio
  B) liquidity ratio
  C) working capital
  D) circulating capital
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  The correct answer is C .
• Question 302: The role of a wholesaler in the channel of distribution is to? Options:
  A) produce goods in large quantities and sell in small quantities
  B) buy goods directly from the manufacturers
  C) buy goods in large quantities and sell in small quantities
  D) sell goods directly to the consumers
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  The correct answer is C .
• Question 303:

  The difference between Articles of association and memorandum of Association is that the latter deals

  Options:
  A) with the Internal working relationship of the company and its members
  B) with the powers and relationships of the company with outsiders
  C) The method of issue, transfer and future of the company's shares
  D) The rights and responsibilities of shareholders
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  The correct answer is B .
• Question 304: The controllable variables that a firm uses to achieve its marketing objectives are called? Options:
  A) marketing principles
  B) marketing mix
  C) marketing concepts
  D) marketing functions
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  The correct answer is C .
• Question 305: The difference between indemnity insurance and non-indemnity insurance is that the latter provides Options:
  A) cover for exporters against risks
  B) cover for importers against risks
  C) full payment to the insured
  D) consolation payment to the insured
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  The correct answer is D .
• Question 306: In order to prevent Liquidity in commercial banks, the central banks uses? Options:
  A) moral suasion
  B) fiscal policy
  C) reserve ratio
  D) taxation
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  The correct answer is C .
• Question 307: A bus driver operating between Lagos and Jos pledged the owner's credit in Benin in order to have the engine repaired and the bill sent to the owner.This is a case of Options:
  A) del credere agency
  B) agency by necessity
  C) agency by rafication
  D) agency by estoppel
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  The correct answer is B .
• Question 308:

  The difference between a chamber of commerce and a trade association is that the former

  Options:
  A) is not restricted to a particular industry
  B) is a branch of trade that sells product
  C) consists of members engaged in the same trade
  D) are association of individuals or firms
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  The correct answer is A .
• Question 309: A trend in retailing which enables consumers to have free access to different products is? Options:
  A) after-sales services
  B) branding
  C) self-services
  D) vending machine
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  The correct answer is C .
• Question 310: A document that serves as an instument for perferential tariff is referred to as Options:
  A) an indent
  B) a certificate of origin
  C) a consular invoice
  D) an advice note
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  The correct answer is B .