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 501: Which of the following is a limitation of division of labour? Options:
  A) Decline in craftmanship
  B) Monotony of work
  C) Reduction in output
  D) Reduction in labour force
  Show Answer
  The correct answer is D .
• Question 502: 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 503: Mr Amusa says to Mr Bello 'i will sell you this hat for N30'. And Mr Bello replied 'i will pay N29'. The contract is Options:
  A) an offer and acceptance
  B) an implied contract
  C) a complete simple contract
  D) an offer but no acceptance
  Show Answer
  The correct answer is D .
• Question 504:

  A responsibility to control environmental pollution is the responsibility of____

  Options:
  A) The business
  B) The government
  C) The consumer
  D) The employee
  Show Answer
  The correct answer is A .
• Question 505: The market structure, business conditions and financial system in Nigeria constitute the? Options:
  A) economic enironment
  B) political environment
  C) cultural environment
  D) technological environment
  Show Answer
  The correct answer is A .
• Question 506: When a buyer has been overcharged for goods supplied, the seller issues a _______? Options:
  A) debit note
  B) proforma invoice
  C) letter of credit
  D) credit note
  Show Answer
  The correct answer is D .
• Question 507:

  Use this information to answer the question below.

  Aboki Plc became insolvent and decided to wind up to meet the legitimate claims of its creditors. Babalawee was called in to manage the dissolution.

  Babalawee is ___________?

  Options:
  A) a claimant
  B) a manager
  C) an assessor
  D) a reciever
  Show Answer
  The correct answer is D .
• Question 508:

  Which is the fastest means of transportation?

  Options:
  A) Water
  B) air
  C) rail
  D) Road
  Show Answer
  The correct answer is B .
• Question 509: The principal objectives of the Central Bank of Nigeria can be classified broadly into? Options:
  A) bankers' bank lender of last resort and issuance of currency
  B) service, currency management and financial intermediation
  C) banking services, foreign exchange operations and open markets operations
  D) service, monetary policy and developmental functions
  Show Answer
  The correct answer is A .
• Question 510: Resources obtained from the extractive sector that are transformed into finished products are examples of? Options:
  A) primary production
  B) tertiary production
  C) direct production
  D) secondary production
  Show Answer
  The correct answer is A .