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 521: Business environment refers to all elements that are? Options:
  A) outside an organization but relevant to its operations
  B) inside an organization but irrelevant to its operations
  C) internal to an organization and relevant to its operations
  D) external to an organization but indirectly related to its operations
  Show Answer
  The correct answer is D .
• Question 522: Okeze contracted to sell TV sets to Ojo. Unknown to them, the sets were stolen in transit. This contract may be terminated on the ground of Options:
  A) bankruptcy
  B) frustration
  C) fraudulence
  D) breach of contract
  Show Answer
  The correct answer is B .
• Question 523: The government agency involved in issuing of export licences is _______? Options:
  A) Nigeria Export Processing Zone
  B) Nigeria Export Promotion council
  C) Nigeria Port Authority
  D) Customs and Excise Authority
  Show Answer
  The correct answer is B .
• Question 524: A document sent by a broker to his client to confirm a purchase of sale made on his behalf is Options:
  A) delivery note
  B) consignment note
  C) transfer form
  D) contract note
  Show Answer
  The correct answer is D .
• Question 525:

  What’s the first form an applicant must complete before taking an insurance policy?

  Options:
  A) Cover note
  B) advice note
  C) proposal form
  D) certificate of insurance
  Show Answer
  The correct answer is C .
• Question 526: The creation of utilities is to satisfy human wants is referred to as? Options:
  A) production
  B) consumption
  C) industrialization
  D) occupation
  Show Answer
  The correct answer is A .
• Question 527:

  A terms of payment in which the buyer pays cash immediately for goods bought before he takes them away is called____

  Options:
  A) Prompt cash
  B) Cash on delivery
  C) Spot cash
  D) Cash with order
  Show Answer
  The correct answer is C .
• Question 528: The allocation of tasks to different skills in a production process is referred to as Options:
  A) production technique
  B) production function
  C) division of labour
  D) delegation of responsibility
  Show Answer
  The correct answer is C .
• Question 529: (i) Companies must be registered as private limited liability companies. (ii)Companies must not have less than 100 shareholders (iii) No shareholder may have more than 75% of issued shared capital. What of the above are requirements for admission into the second-tier securities market? Options:
  A) i and ii only.
  B) i and iii only
  C) i, ii and iii only
  D) ii and iii only.
  Show Answer
  The correct answer is D .
• Question 530: The macro-environment forces and trends which are a constraint on business operations are referred to as? Options:
  A) technological factors
  B) economic factors
  C) external factors
  D) internal factors
  Show Answer
  The correct answer is A .