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 41: The price quoted which includes the cost of insurance, freight and all delivery charges to the importer's warehouse is? Options:
  A) Free Alongside Ship
  B) Franco
  C) Free On Board
  D) Free On Rail
  Show Answer
  The correct answer is C .
• Question 42: 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
  Show Answer
  The correct answer is A .
• Question 43: The sole legal right held by the author to publish his book is Options:
  A) trademark
  B) copyright
  C) patent right
  D) bookmark
  Show Answer
  The correct answer is B .
• Question 44: In the line type of organizational structure, Options:
  A) the lines of authority are vertical
  B) there is the application of division of labour
  C) specialization is carried to a maximum degree
  D) the lines of authority are horizontal
  Show Answer
  The correct answer is C .
• Question 45: How much was the trade discount? Options:
  A) N42.500
  B) N27,500
  C) N22,500
  D) N20,000
  Show Answer
  The correct answer is A .
• Question 46:

  In the law of contact, a counter offer operates as

  Options:
  A) A contact
  B) an acceptance
  C) a rejection
  D) a rejection
  Show Answer
  The correct answer is D .
• Question 47: The business organization that can effectively combine management with control is? Options:
  A) private limited liability company
  B) sole proprietorship
  C) public limited liability company
  D) co-operation society
  Show Answer
  The correct answer is B .
• Question 48: A specialized institution in Nigeria that deals in capital investments in the form of stocks, share, bond and debentures is the? Options:
  A) Securities and Exchanfge commission
  B) commodity market
  C) Nigerian Stock Exchange
  D) Central Bank of Nigeria
  Show Answer
  The correct answer is A .
• Question 49: The three major function unit which the modern computer has are Options:
  A) the input the processor and the output units
  B) the black box, output and input units
  C) BASIC, COBOL and output uits
  D) BASIC, the processor and PASCAL
  Show Answer
  The correct answer is A .
• Question 50: One of the major problems of a sole proprietor is sourcing for? Options:
  A) raw materials
  B) labour
  C) machineries
  D) funds
  Show Answer
  The correct answer is D .