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 571:

  Which of these is not a merit of division of labour

  Options:
  A) results in specialization
  B) brings about an element of automation
  C) Training in new jobs is facilitated
  D) Creates monotony in the worktask
  Show Answer
  The correct answer is D .
• Question 572: Resources harnessed in certain proportion to create goods and services are? Options:
  A) factors of production
  B) technology and labour
  C) land and entrepreneur
  D) raw materials
  Show Answer
  The correct answer is A .
• Question 573: When a business enterprise provides free service to its environment, the service is said to be a Options:
  A) civic responsibility
  B) philanthropic consideration
  C) social responsibility
  D) political consideration
  Show Answer
  The correct answer is C .
• Question 574:

  A pro forma invoice is sent to inform a buyer about the?

  Options:
  A) quantity of goods
  B) price of goods
  C) designation of goods
  D) quality of goods
  Show Answer
  The correct answer is B .
• Question 575: The arrangement and interrelationship of the various components and positions of a business is referred to as? Options:
  A) organizational structure
  B) clarity of objective
  C) unity of direction
  D) line structure
  Show Answer
  The correct answer is A .
• Question 576: Musa obtains wool from his sheep, spins and transforms it into cloth which he sells to consumers. This is a form of Options:
  A) vertical integration
  B) horizontal integration
  C) forward intergration
  D) backward integration
  Show Answer
  The correct answer is A .
• Question 577: A written agreement for hiring a ship for transporting goods is a? Options:
  A) consular invoice
  B) bill of lading
  C) charter party
  D) certificate of origin
  Show Answer
  The correct answer is C .
• Question 578: The function of money that is mostly affected by inflation is Options:
  A) store of value
  B) medium of exchange
  C) measure of value
  D) unit of account
  Show Answer
  The correct answer is A .
• Question 579: The most important pieces of legislation governing business and commercial activities in Nigeria currently is the Options:
  A) Companies degree,1968
  B) Trade Disputes degree, 1976
  C) Companies and Allied matters degree,1990
  D) Banks and Other Financial institution degree,1991
  Show Answer
  The correct answer is C .
• Question 580: The role of customs and exercise authority includes the Options:
  A) control of the flow of goods in and out of the country
  B) control of security agents within and out of the borders
  C) provision of dockyards for ship repairs and maintenance
  D) provision of transport system to facilitate imports and exports
  Show Answer
  The correct answer is A .