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 361: A written partnership contract is known as? Options:
  A) an invoice
  B) a deed
  C) a prospectus
  D) a proposal
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  The correct answer is B .
• Question 362: The term free on board means that the price includes? Options:
  A) costs and insurance only
  B) costs and freight only
  C) freight and insurance only
  D) costs, insurance and freight
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  The correct answer is D .
• Question 363: When an industry or company is nationalized, the state becomes Options:
  A) the major shareholder
  B) the mini shareholder
  C) the only shareholder
  D) an equal shareholder with other individuals
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  The correct answer is C .
• Question 364: Consumers require protection against exploitation to ensure? Options:
  A) adequate consumer awareness
  B) availability of products variety
  C) the sale of quality products
  D) increased aggregate demand
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  The correct answer is C .
• Question 365: One of the functions of seaports is the provision of? Options:
  A) berthing and landing facilities
  B) loading and off-loading facilities
  C) control room for relaying radio messages
  D) warehouses for storage of cargo
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  The correct answer is B .
• Question 366: 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
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  The correct answer is D .
• Question 367: The concept that refers to the sale, transfer or exchange of goods and services is Options:
  A) industry
  B) trade
  C) tariff
  D) marketing
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  The correct answer is B .
• Question 368: A Digital Versatile Disk is an example of a Options:
  A) transmission control protocol
  B) microprocessor
  C) file transfer protocol
  D) computer storage device
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  The correct answer is D .
• Question 369: Commercial banks are referred to as departmental stores of banking because they Options:
  A) have many branches
  B) have many customers
  C) are found in the cities
  D) offer many types of services
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  The correct answer is D .
• Question 370: A function generally performed by authorities of both the air and seaport is the? Options:
  A) maintance of warehouse where goods can be stored
  B) provision of facilities for loading and unloading of cargoes
  C) maintenance of security and order at the ports
  D) provision of facilities for landing and refuelling at the ports
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  The correct answer is D .