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 621: The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is Options:
  A) subrogation
  B) proximate cause
  C) uberrimae fidei
  D) contribution
  Show Answer
  The correct answer is C .
• Question 622: The major components of modern retailing include? Options:
  A) branding, doorstep selling and customer stimulation
  B) branding, sales promotion and mail order
  C) chain store, customer stimulating and doorstep selling
  D) branding, supermarkets and after sales-service
  Show Answer
  The correct answer is D .
• Question 623: A contract for the sale of goods involved the? Options:
  A) producer, seller and the buyer of goods
  B) offering of goods to customers
  C) transfering of the title to goods for money
  D) exchange of goods
  Show Answer
  The correct answer is C .
• Question 624: What document is required when a country imposes ad valorem import duties on goods? Options:
  A) A mail transfer
  B) A shipping note
  C) A billb of lading
  D) A consular invoice
  Show Answer
  The correct answer is B .
• Question 625: The deliberate effort geared towards discarding some cargoes in order to lighten the vessel is Options:
  A) caveat emptor
  B) uberrimae fidei
  C) demurrage
  D) jettison
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  The correct answer is D .
• Question 626: Which of the following industries is normally located near the source of its raw materials? Options:
  A) Footware industry
  B) Cement industry
  C) Textile industry
  D) Automobile assembly
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  The correct answer is B .
• Question 627: The major determinant of fire insurance premium is the Options:
  A) Owner of the property
  B) usefulness of the property to the owner
  C) Type and structure of the property to be insured
  D) extent of fire damaged anticipated.
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  The correct answer is C .
• Question 628: The financial instrument that entitles the holder to receive dividend and capital gains is a? Options:
  A) share
  B) bond
  C) bill of exchange
  D) treasury bill
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  The correct answer is A .
• Question 629: A company which issues a promissory note in lieu of payment for goods purchased Options:
  A) can refuse to pay ondue date since it is only a promise
  B) is bound to redeem the note for cash on due date
  C) is not bound to renew the note before payment
  D) can return the goods purchase and refuse to pay
  Show Answer
  The correct answer is B .
• Question 630: Which of the following legislation aims primarily at the protection of consumers? Options:
  A) Law of contract
  B) Trade description Act
  C) Company's Act
  D) Partnership Act
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  The correct answer is B .