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 701: The most important difference between community banks and peoples’ bank is that the? Options:
  A) latter is owned solely by government while the former are not
  B) former cater for ruler dwellers while the latter cater for both rural and urban dwellers
  C) former are service oriented while the latter are profit oriented
  D) latter advances loans to the public while former advance loans to the rural dwellers only.
  Show Answer
  The correct answer is A .
• Question 702: The principal objectives of the Central Bank of Nigeria can be classified broadly into? Options:
  A) bankers' bank lender of last resort and issuance of currency
  B) service, currency management and financial intermediation
  C) banking services, foreign exchange operations and open markets operations
  D) service, monetary policy and developmental functions
  Show Answer
  The correct answer is A .
• Question 703: The World Tourism Organization has its headquarters in? Options:
  A) New York
  B) Paris
  C) Madrid
  D) London
  Show Answer
  The correct answer is A .
• Question 704: In an organization, civic consideration arises from? Options:
  A) the profit derived from the enviroment
  B) its operations witthin the environment
  C) irs social negative impacts on the community
  D) the fact that it is registered in that locality
  Show Answer
  The correct answer is B .
• Question 705: Mr Taiwo entered into a contract to let a car to Mr Bunmi for his wedding for two days. However, the car had an accident before the first day. Mr Bunmi attempted to claim damages but failed. This implies the contract was terminated by Options:
  A) bankruptcy
  B) frustration
  C) breach
  D) lapse of time
  Show Answer
  The correct answer is B .
• Question 706: Secondary production has to do with changing the? Options:
  A) shape of raw materials through construction operations
  B) physical form of raw materials into finished goods
  C) utility of raw materials by an engineering process
  D) nature of raw materials through manufacturing processes
  Show Answer
  The correct answer is B .
• Question 707:

  An example of vertical integration is___________

  Options:
  A) Trust
  B) Cartel
  C) Merger
  D) Price Ring
  Show Answer
  The correct answer is A .
• Question 708: Second-tier securities market differs from the first-tier securities market in that the former is Options:
  A) highly restricted
  B) Regulated by SEC
  C) Regulated by NIPC
  D) less restricted.
  Show Answer
  The correct answer is A .
• Question 709: An invoice can be described as a Options:
  A) contractual agreement for the sale of goods
  B) document specifying quantity, description, prices and total value of purchase
  C) receipt containing necessary information about the goods
  D) letter specifying the contractual sales of goods between two parties
  Show Answer
  The correct answer is B .
• Question 710: Which of the following gives the correct order in which the listed documents are used? Options:
  A) debit note, order, delivery note, invoice and statement
  B) order, delivery note, invoice, debit note and statement
  C) statement, order, invoice, delivery note and debit note
  D) invoice, order, statement, debit note and delivery note
  Show Answer
  The correct answer is B .