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 Central Bank differs from commercial banks because it? Options:
  A) renders service to customers
  B) carries out foreign exchange transactions
  C) issues currencies
  D) discounts bills
  Show Answer
  The correct answer is C .
• Question 342:

  Commerce brings about all except one

  Options:
  A) International co-operation
  B) Improvement in the standard of living
  C) Monotony of work
  D) Infrastructural development
  Show Answer
  The correct answer is C .
• Question 343: Ships used for international transport are? Options:
  A) trawelers
  B) yachets
  C) ocean liners
  D) launchers
  Show Answer
  The correct answer is C .
• Question 344: The term ‘5 Net 7’ on an invoice means that? Options:
  A) 5% discount will be allowed on the price charged if payment is made within seven days
  B) 5% discount will be allowed on the price charged if payment is made after seven days
  C) 5% surcharge will be made unless payment is made within seven days
  D) 5% dicount will be allowed on the charged if the goods are bought within seven days
  Show Answer
  The correct answer is A .
• Question 345: The principle of insurance which entitles an insurance company to take any advantage due to the insured after full indemnity is? Options:
  A) contribution
  B) subrogation
  C) promiate cause
  D) utmost good faith
  Show Answer
  The correct answer is B .
• Question 346:

  NACCIMA stands for

  Options:
  A) Nigerian American Centre for Culture, Industries, Mines and Arts
  B) Nigerian Association for Culture, Civics, Industries, Minerals and arts Arts
  C) National Agency for Culture, Civilization, Investment, Manufacturing and Agriculture
  D) Nigeria Association of Chambers of Commerce, Industries, Mines and Agriculture
  Show Answer
  The correct answer is D .
• Question 347: A source of short-term finance to companies is? Options:
  A) share capital
  B) debentures
  C) retained earnings
  D) corperate tax
  Show Answer
  The correct answer is C .
• Question 348: The most essential element of a product is the Options:
  A) price
  B) utility
  C) design
  D) colour
  Show Answer
  The correct answer is B .
• Question 349: The World Tourism Organization has its headquarters in? Options:
  A) New York
  B) Paris
  C) Madrid
  D) London
  Show Answer
  The correct answer is A .
• Question 350: The promotion of team spirit in an organization is referred to as Options:
  A) unity of direction
  B) espirit de corps
  C) unity of purpose
  D) discipline
  Show Answer
  The correct answer is B .