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 431: 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
  Show Answer
  The correct answer is B .
• Question 432: The insurance principle that allows an insurance an insurance company to take over the rights of the insured once he has been compensated is Options:
  A) indemnity
  B) proximate cause
  C) utmost good faith
  D) subrogation
  Show Answer
  The correct answer is D .
• Question 433: The main advantage of road transport is that it is Options:
  A) convenient and flexible
  B) cheap and direct
  C) common and fast
  D) safe and available
  Show Answer
  The correct answer is A .
• Question 434: The stock Exchange helps to provide capital for of industrial project because it Options:
  A) determines value of shares, stocks and other securities
  B) assist government in implementing its monetary plicies
  C) assist companies to exchange their securities into cash
  D) renders agency services to organizations and government
  Show Answer
  The correct answer is C .
• Question 435: Q,act as an agent of P, lawfully and reasonably incur the amount of N350 as expenses.If Q comes to P, for payment , this is an instance of P'S duty to Options:
  A) remunerate Q
  B) reply Q
  C) indemnify Q
  D) settle Q
  Show Answer
  The correct answer is C .
• Question 436:

  Mr. Taju entered into a contract to let a car to Mr. Funbi for his wedding for two days. However, the car had an accident before the first day. Mr. Funbi attempted to Claim damages but failed. This implies that the contract was terminated by

  Options:
  A) bankruptcy
  B) breach
  C) lapse of time
  D) frustration
  Show Answer
  The correct answer is D .
• Question 437: When a price is quoted at F.O.B. it means that the price? Options:
  A) excludes loading charges incurred in bringing the goods to port of destinction
  B) exclude all necessary shipping charges payable for insurrance
  C) includes all charges payable on shipping a consignment to the port destination
  D) includes charges payable for for loading goods onto the ship
  Show Answer
  The correct answer is C .
• Question 438: Complying with the rules relating to the conduct of business activities in a country is an aspect of Options:
  A) cultural enviroment
  B) demographic environment
  C) legal environment
  D) political environment
  Show Answer
  The correct answer is C .
• Question 439: The main objective of a trade association can best be described as promoting and protecting Options:
  A) the products
  B) common interest
  C) the market
  D) customer's interest
  Show Answer
  The correct answer is D .
• Question 440:

  One of the disadvantages of Sole Proprietorship is__________

  Options:
  A) It requires small operations
  B) It involves small capital
  C) It lacks specialization
  D) Grants from government
  Show Answer
  The correct answer is C .