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 741: Petrol voucher is an example of a Options:
  A) bankdraft
  B) legal tender
  C) token money
  D) partial money
  Show Answer
  The correct answer is D .
• Question 742: A document recording the transactions of an organization with its customer for a specified period which normally shows the indebtedness of one to the other is a Options:
  A) statement of account
  B) consular invoice
  C) proforma invoice
  D) statement affairs
  Show Answer
  The correct answer is A .
• Question 743: The major types of warehouse are? Options:
  A) manufacturer, bonded, departemental and private
  B) bonded, public, coldroom and private
  C) manufacturer, bonded, public and departmental
  D) wholesaler, manufacturer, public and bonded
  Show Answer
  The correct answer is D .
• Question 744: The cost which is incurred asa result of failure to load or unload a ship at the ports within a specified period is referred to as Options:
  A) demurrage charges
  B) premium charges
  C) excess charges
  D) trade charges
  Show Answer
  The correct answer is A .
• Question 745:

  

  The organizational structure above represents

  Options:
  A) line and functional structure
  B) line and staff structure
  C) functional structure
  D) line structure
  Show Answer
  The correct answer is B .
• Question 746: Production ends when goods and services ________ Options:
  A) reach the final consumer
  B) are used for manufacturing
  C) are packaged and labelled
  D) are sold to the middlemen
  Show Answer
  The correct answer is A .
• Question 747: A partnership is dissolved when? Options:
  A) the business suffers a loss
  B) there is bankruptcy
  C) there is consistent theft
  D) there is misunderstanding between partners
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  The correct answer is B .
• Question 748: The agency in Nigeria which ensure that products conform to government quality specification is the Options:
  A) Nigerian consumers’ association
  B) Manufacturers' Association of Nigeria
  C) Standard Organization of Nigeria
  D) Nigerian Chamber of commerce
  Show Answer
  The correct answer is C .
• Question 749: Goods and services transferred from seller to buyer without immediate payment is referred to as ______ Options:
  A) hire purchase
  B) mutual understanding
  C) credit sale
  D) leasing
  Show Answer
  The correct answer is C .
• Question 750: Which of the following document permit an importer to inspect his goods before the arrival of the bill of lading? Options:
  A) Bill of sight
  B) Import invoice
  C) Consular invoice
  D) Bill of exchange
  Show Answer
  The correct answer is C .