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 471: Division of labour ultimately leads to? Options:
  A) conservation
  B) intergration
  C) specialization
  D) repetition
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  The correct answer is C .
• Question 472: Commerce is defined as the study of how Options:
  A) man utilizes the resources in his physical environment
  B) man produces, distributes and consumes his goods and services
  C) man buys, sells and distributes goods and services
  D) raw materials are changed into finished goods
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  The correct answer is B .
• Question 473:

  An example of vertical integration is___________

  Options:
  A) Trust
  B) Cartel
  C) Merger
  D) Price Ring
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  The correct answer is A .
• Question 474: The assembling of products into usable forms is known as? Options:
  A) construction
  B) manufacturing
  C) formation
  D) creation
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  The correct answer is A .
• Question 475: The main advantage of a sole trader is the freedom to Options:
  A) employ anyone he likes
  B) seek advice from any source
  C) take quick decisions
  D) plough all the profits back into the business
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  The correct answer is C .
• Question 476:

  The insurance principle that requires full disclosure of information on the insured is known as ?

  Options:
  A) indemnity
  B) caveat emptor
  C) subrogation
  D) uberrimae Fidel
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  The correct answer is D .
• Question 477: Intranet differs from extranet in that the former? Options:
  A) requires a modem before it could be used
  B) can generally be accessed by the public
  C) is restricted to employees of an organization
  D) requires internet protocols
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  The correct answer is A .
• Question 478: The scope of commerce is limited to ________ Options:
  A) wholesale and entrepot trade
  B) trade and aids-to-trade
  C) wholesale and retail trade
  D) home and foreign trade
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  The correct answer is B .
• Question 479: The difference between total current assets and total current liabilities of a business is known as Options:
  A) quick ratio
  B) liquidity ratio
  C) working capital
  D) circulating capital
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  The correct answer is C .
• Question 480: A contract can be terminated through Options:
  A) physical combat
  B) family intervention
  C) frustration
  D) consultation
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  The correct answer is C .