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 341: The rate at which a central bank discount first class bills is called the Options:
  A) fixed rate
  B) bill rate
  C) bank rate
  D) interest rate
  Show Answer
  The correct answer is C .
• Question 342:

  A business unit in which savings of members are lent to others is a

  Options:
  A) consumer cooperative society
  B) producer cooperative society
  C) credit and thrift society
  D) wholesale cooperative society
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  The correct answer is C .
• Question 343:

  The instruments of credit include

  Options:
  A) billboards and postal stamps
  B) payment vouchers and statement of account
  C) bills of exchange and salary voucher
  D) bills of exchange and promissory notes
  Show Answer
  The correct answer is D .
• Question 344: Proper disposal of waste by business firms is one way of discharging their? Options:
  A) responsibility to government
  B) environmental responsibility
  C) community responsibility
  D) responsibility to customers
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  The correct answer is B .
• Question 345:

  The scope of commerce is limited to________

  Options:
  A) home and foreign trade
  B) wholesaler and retail trade
  C) trade and aids to trade
  D) wholesale and entreport trade
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  The correct answer is C .
• Question 346: The object of the business are determined by the Options:
  A) workers
  B) government
  C) society
  D) promoters
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  The correct answer is C .
• Question 347: An example of a service-rendering trade association is? Options:
  A) Nigeria Bar Association
  B) Association of Nigeria Miners
  C) Cocoa Farmers' Association
  D) Manufacturers' Association of Nigeria
  Show Answer
  The correct answer is A .
• Question 348: The principle of management that emphasizes on the number of subordinates under the direct supervision of a manager is Options:
  A) span of control
  B) unity of command
  C) scalar chain
  D) unity of direction
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  The correct answer is A .
• Question 349:

  Which of the following are the components ofcommerce?

  I. trading and advertising
  II. warehousing and transportation
  III. packing and branding
  IV. Insurance and banking

  Options:
  A) I and II
  B) I,II and IV
  C) II, III and IV
  D) I and III
  Show Answer
  The correct answer is B .
• Question 350: Mr. Lawal insured his warehouse against burglary but it was later gutted by fire. this implies that? Options:
  A) the loss should be borne by the insurer
  B) Mr. Lawal is liable only for half of the estimated loss
  C) the insurer should make a consolation payment for the loss
  D) the loss should be borne by Mr. Lawal
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  The correct answer is D .