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 691:

  The insurance principle that requires full disclosure of information on the insured is known as ?

  Options:
  A) indemnity
  B) caveat emptor
  C) subrogation
  D) uberrimae Fidel
  Show Answer
  The correct answer is D .
• Question 692: To increase the supply of money in a country, the central bank has to? Options:
  A) reduce cash ratio
  B) sell securities
  C) call on special deposits
  D) raise cash ratio
  Show Answer
  The correct answer is A .
• Question 693:

  Which of the following is a verbal means of communication

  Options:
  A) Telephone
  B) Express mail
  C) Business reply services
  D) Telex
  Show Answer
  The correct answer is A .
• Question 694: A console is a device used in Options:
  A) moving an indicator on the screen
  B) communicating between operator and programmer
  C) holding magnetic tape reel
  D) forming characters by heating sensitive ribbon
  Show Answer
  The correct answer is A .
• Question 695: An agent employed to sell goods delivered to him by the principal is referred to as a Options:
  A) special agent
  B) del credere agent
  C) factor
  D) universal agent
  Show Answer
  The correct answer is B .
• Question 696:

  The most important resources of business is_______

  Options:
  A) Human resources
  B) Money resources
  C) Material resources
  D) Opportunities
  Show Answer
  The correct answer is A .
• Question 697: The purchase of goods under the CWO system of payment implies that? Options:
  A) money must be enclosed when ordering
  B) payment must be made on delivery
  C) payment must be made within few days
  D) cash must be paid on the spot
  Show Answer
  The correct answer is B .
• Question 698:

  One major characteristic of credit unions and thrift societies is that

  Options:
  A) the contribution of every member depends on the member's ability
  B) the legal processes involved in their formation are rigid
  C) membership is compulsory to people in the same line of business
  D) a minimum of ten people in the same line of business can form the union
  Show Answer
  The correct answer is A .
• Question 699: Manufacturers' Association of Nigeria contributes to development by advising the government on? Options:
  A) industrial policy and harmony
  B) budget and budgetary control
  C) budget and industrial control
  D) environmental protection policy
  Show Answer
  The correct answer is A .
• Question 700: Product X was introduced into the market at N4.00 with its cost of product at N3.90 while competing products are at N4.50. What pricing policy are producers of X adopting? Options:
  A) market skimming
  B) market penetration
  C) product live promotion
  D) above the market pricing
  Show Answer
  The correct answer is A .