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 641: Which of the following confirms the accuracy of the duty charged on imported goods? Options:
  A) An indent
  B) Consular invoice
  C) Consignment note
  D) Shipping note
  Show Answer
  The correct answer is B .
• Question 642: Nigerian Postal Services (NIPOST) facilitates commerce in all the following ways except through Options:
  A) cash on delivery service
  B) recorded delivery service
  C) express service
  D) free on board service
  Show Answer
  The correct answer is D .
• Question 643:

  Bank giro is a system where?

  Options:
  A) commercial banks can give loan to all customers.
  B) a central bank opens accounts for commercial banks
  C) a customer uses a cheque to pay several bills.
  D) a customer closes his account by writing a cheque
  Show Answer
  The correct answer is C .
• Question 644: The most important function of commerce is? Options:
  A) helping people to improve thir profits
  B) facilitaing exchanges among indiviuals and firms
  C) assisting trade through banking and insurance
  D) enhancing business relationships
  Show Answer
  The correct answer is B .
• Question 645: The document a seller uses in dispatching goods to a customer by a carrier is Options:
  A) a bill of landing
  B) an invoice
  C) an advice note
  D) a delivery note
  Show Answer
  The correct answer is D .
• Question 646: The most effective type of advertising for branded product is? Options:
  A) direct advertising
  B) Indirect advertising
  C) informative advertising
  D) competitive advertising
  Show Answer
  The correct answer is D .
• Question 647: The comprehensive import supervision scheme was set up by the federal government in order to Options:
  A) reverse Nigeria's unfavourable balance of trade
  B) promote fair trade between Nigeria and other countries
  C) counteract all fraudulent business deals of Nigeria with other nationals
  D) ensue that import into Nigeria are of the correct quality, value and quantity
  Show Answer
  The correct answer is D .
• Question 648:

  The excess of the assets over the liabilities of a business is called

  Options:
  A) capital employed
  B) net worth
  C) working capital
  D) initial capital
  Show Answer
  The correct answer is B .
• Question 649:

  The difference between Articles of association and memorandum of Association is that the latter deals

  Options:
  A) with the Internal working relationship of the company and its members
  B) with the powers and relationships of the company with outsiders
  C) The method of issue, transfer and future of the company's shares
  D) The rights and responsibilities of shareholders
  Show Answer
  The correct answer is B .
• Question 650: The partner that only contributes part of the capital used in the formation and running of a business is known as? Options:
  A) a passive partner
  B) an active partner
  C) a dormant partner
  D) a nominal partner
  Show Answer
  The correct answer is C .