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 411: Resources harnessed in certain proportion to create goods and services are? Options:
  A) factors of production
  B) technology and labour
  C) land and entrepreneur
  D) raw materials
  Show Answer
  The correct answer is A .
• Question 412: The cost which is incurred asa result of failure to load or unload a ship at the ports within a specified period is referred to as Options:
  A) demurrage charges
  B) premium charges
  C) excess charges
  D) trade charges
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  The correct answer is A .
• Question 413: The effective and efficient delivery of the desired satisfaction by a firm is said to be the practice of Options:
  A) Product concept
  B) Marketing concept
  C) Distribution concept
  D) Price concept
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  The correct answer is B .
• Question 414: A source of business financing which involves pledging of a specific assets is? Options:
  A) bond
  B) mortage
  C) debentures
  D) loan
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  The correct answer is B .
• Question 415: The transformation of cotton into clothings is an example of Options:
  A) secondary production
  B) tertiary production
  C) primary production
  D) direct production
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  The correct answer is A .
• Question 416:

  An agreement that is enforceable in law is

  Options:
  A) an offer
  B) a consideration
  C) a contract
  D) an acceptance
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  The correct answer is C .
• Question 417:

  A document which entitles its holder to the gods named on it, which is stored in a specific warehouse is called________

  Options:
  A) Debit note
  B) Credit note
  C) Warrant
  D) Shipping note
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  The correct answer is C .
• Question 418: The act of interpreting ideas within an organization is Options:
  A) motivating
  B) organizing
  C) planning
  D) communicating
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  The correct answer is D .
• Question 419: Which of the following takes place when firms producing at different stages in the same industry combine? Options:
  A) conglomeration
  B) vertical integration
  C) horizontal integration
  D) cartel
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  The correct answer is B .
• Question 420: The portion of the authorized share capital given out to the public for subscription is Options:
  A) called-up capital
  B) issued capital
  C) paid-up capital
  D) reserved capital
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  The correct answer is B .