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 731: The three components of a country's balance of payments are? Options:
  A) current account, capital account and monetary movement account
  B) capital account, trade account and business record
  C) sales account, profit and loss account and capital account
  D) monetary movement account, trade account and sales ledger
  Show Answer
  The correct answer is A .
• Question 732: The major aim of establishing a public corporation is to Options:
  A) establish a monopoly
  B) provide essential services
  C) provide employment opportunities
  D) encourage specialization
  Show Answer
  The correct answer is B .
• Question 733:

  Which of the following is not a function of a consumer association?

  Options:
  A) Ensuring that consumers buy quality goods
  B) Educating consumers on their rights
  C) Penalizing importers of fake goods
  D) Ensuring that fair prices are charged
  Show Answer
  The correct answer is B .
• Question 734:

  $\begin{array}{cccc}\text{Name}& \text{Insure amount}& \text{Actual value}& \text{Actual loss}\\ \text{Mr A}& 30,000& 100,000& 40,000\\ \text{Mr B}& 40,000& 120,000& 50,000\\ \text{Mr C}& 50,000& 15,000& 70,000\end{array}$

  If Mr A takes a fire insurance policy with average clause, his compensation will be

  Options:
  A) N15,000
  B) N20,000
  C) N12,000
  D) N25, 000
  Show Answer
  The correct answer is C .
• Question 735:

  A document used to ensure correct payment of duty at the importing country is

  Options:
  A) documentary credit
  B) consular invoice
  C) certificate of origin
  D) bill of lading
  Show Answer
  The correct answer is D .
• Question 736: Which of the following best described the scope of commerce Options:
  A) All forms of commercial exchanges relating to industry
  B) Buying and selling and the construction industry
  C) All occupational exchanges relating to industries and commercial activities
  D) Buying and selling as well as the extraction of natural resources
  Show Answer
  The correct answer is C .
• Question 737: The measure of independence available to the individual business unit that come together is the main different between Options:
  A) veritcal and horizontal integration
  B) mergers and acquisition
  C) consortium and almalgamation
  D) trust and cartel
  Show Answer
  The correct answer is B .
• Question 738: The principle of subrogation states that Options:
  A) an insured person should be indemnifed to the tune of the amount insured
  B) an insurance company can stand in place of the insured in dealing with third party
  C) oly a person who is likely to sufferrd loss should take take out an insurance cover
  D) ther must be a close connection between the actual loss suffered and risk insured
  Show Answer
  The correct answer is B .
• Question 739:
  

  10% IS CHARGED ON DEPRECIATION OF FIXED ASSETS

  Determine the value of Ojo's fixed assets

  Options:
  A) N 14450
  B) N13450
  C) N13005
  D) N12005
  Show Answer
  The correct answer is A .
• Question 740:

  Examples of current assets are

  Options:
  A) cash and trade debtors
  B) cash and trade creditors
  C) trade debtors, trade creditors and cash
  D) trade creditors and trade debtors
  Show Answer
  The correct answer is A .