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 document a seller uses in dispatching goods to a customer by a carrier is Options:
  A) a bill of landing
  B) an invoice
  C) an advice note
  D) a delivery note
  Show Answer
  The correct answer is D .
• Question 302:

  The function of management that establish objectives for the organization and trying to determine the best ways to accomplish them

  Options:
  A) organizing
  B) planning
  C) directing
  D) controlling
  Show Answer
  The correct answer is B .
• Question 303: An oil exploration company is engaged in? Options:
  A) tertiary production
  B) constructive occupation
  C) extractive occupation
  D) secondary production
  Show Answer
  The correct answer is C .
• Question 304:
  

  Use the information above to answer the question below.

  What is the owners' equity?

  Options:
  A) N 250 000
  B) N 300 000
  C) N 420 000
  D) N 200 000
  Show Answer
  The correct answer is A .
• Question 305: The term 4 net 7 on an invoice means that Options:
  A) 4% surcharge will be made unless payment is made within seven days
  B) 4% discount will be allowed on the price charged only if the good are bought within seven days
  C) 4% discount will be allowed on the price charge if payment is made after seven days
  D) 4% discount will be allowed on the price charged if payment is made price charged if payment is made price charged if payment is made within seven days.
  Show Answer
  The correct answer is D .
• Question 306: The comprehensive import supervision scheme was set up by the federal government in order to Options:
  A) reverse Nigeria's unfavourable balance of trade
  B) promote fair trade between Nigeria and other countries
  C) counteract all fraudulent business deals of Nigeria with other nationals
  D) ensue that import into Nigeria are of the correct quality, value and quantity
  Show Answer
  The correct answer is D .
• Question 307:

  Given:

  I. shoe maker
  II. policemen
  III. fishermen
  IV. Gardener
  V. Broker.

  The persons engaged in primary Occupation are

  Options:
  A) I, II and V
  B) I, III and IV
  C) III and V
  D) III and IV
  Show Answer
  The correct answer is D .
• Question 308: The development of commerce resulted from? Options:
  A) trading
  B) competition
  C) importation
  D) specialization
  Show Answer
  The correct answer is A .
• Question 309:

  The principle of management that emphasizes on the number of subordinates under the direct supervision of a manager is

  Options:
  A) unity of command
  B) scalar chain
  C) unity of direction
  D) span of control
  Show Answer
  The correct answer is D .
• Question 310: The document issued by a port authority for goods deposited is a Options:
  A) bill of lading
  B) bill of sight
  C) consular invoice
  D) warehouse warrant
  Show Answer
  The correct answer is D .