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 function of money that is mostly affected by inflation is Options:
  A) store of value
  B) medium of exchange
  C) measure of value
  D) unit of account
  Show Answer
  The correct answer is A .
• Question 342: The arrangement and interrelationship of the various components and positions of a business is referred to as? Options:
  A) organizational structure
  B) clarity of objective
  C) unity of direction
  D) line structure
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  The correct answer is A .
• Question 343: The act of a person employing another to enter into a contract on his behalf is known as? Options:
  A) business
  B) sale of goods
  C) bilateral agreement
  D) agency
  Show Answer
  The correct answer is D .
• Question 344:

  When a company insures the lives of all its employees collectively, the policy is

  Options:
  A) accident insurance
  B) fleet insurance
  C) fidelity guarantee insurance
  D) group insurance
  Show Answer
  The correct answer is D .
• Question 345: The financial instrument for borrowing in which the collateral is usually more than the amount borrowed is? Options:
  A) trust certificate
  B) detachable warrant
  C) mortage bond
  D) converttible securities
  Show Answer
  The correct answer is C .
• Question 346:

  Given:
  ₦
  Sales 15,000
  Opening stock 5,600
  Purchases 9,700
  Closing stock 4,400
  Gross profit 4,500
  Net profit 2,000

  From the above data, calculate the rate of turnover

  Options:
  A) 2.00 times
  B) 3.50 times
  C) 2.18 times
  D) 3.00 times
  Show Answer
  The correct answer is C .
• Question 347: The balance of payments of countries is Options:
  A) a record of imports and export
  B) a systematic record of transaction among countries at a given time
  C) the current and the capital accounts and their payments
  D) the trade relationships and payment among nations
  Show Answer
  The correct answer is A .
• Question 348:

  The above chart represents the

  Options:
  A) Marketing mix relationship
  B) Product mix relationship
  C) Advertising mix relationship
  D) Promotion mix relationship
  Show Answer
  The correct answer is A .
• Question 349: One of the disadvantages of a sole proprietorship is? Options:
  A) secrecy of annual reports
  B) pride of ownership
  C) limited liability
  D) unlimited liability
  Show Answer
  The correct answer is D .
• Question 350: Personal selling is used for the purpose of? Options:
  A) establishing the company
  B) providing information
  C) creating product awareness
  D) given financial assistance
  Show Answer
  The correct answer is C .