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 921: The most important attributes in a sale of goods contract are? Options:
  A) offer and consideration
  B) price and goods
  C) offer and acceptance
  D) demand and supply
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  The correct answer is C .
• Question 922: A formal letter to a dealer to enquire details about certain items for sale is referred to as Options:
  A) an inquiry
  B) an invoice
  C) an order
  D) a quotation
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  The correct answer is A .
• Question 923: Spot market goods are those which are available for Options:
  A) immidiate delivery
  B) short-term delivery
  C) long-term delivery
  D) end of the delivery
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  The correct answer is A .
• Question 924: Assurance is different from insurance in that the former is based on Options:
  A) probability
  B) possibility
  C) risk
  D) uncertainty
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  The correct answer is B .
• Question 925: A major function of a chamber of commerce is? Options:
  A) increaseing productivity
  B) promoting both home and foreign trade
  C) promoting trade in a particular line
  D) maximizing profit
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  The correct answer is B .
• Question 926: A bank statement is a document Options:
  A) ordering a bank to pay on demand a stated sum of money
  B) containing records of receipts, payments and balance on an account
  C) used for paying into bank account
  D) used for regular withdrawal of money from a savings account
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  The correct answer is B .
• Question 927: One advantage of personal selling over all other elements of promotion is that Options:
  A) it can provide instant feedback
  B) it is very cheap in terms of cost per contact
  C) it does not need to use mass media
  D) sales people are wewll trained
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  The correct answer is A .
• Question 928: The central focus of commercial activities is? Options:
  A) pricing
  B) advertising
  C) trading
  D) marketing
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  The correct answer is C .
• Question 929: A major disadvantage of the privatization policy is that? Options:
  A) the economy would be private-sector-led
  B) citizens would benefit less from government
  C) more money would be bought into circulation
  D) government would loss control of the economy
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  The correct answer is D .
• Question 930: Stevedores as a term in foreign trade means men who Options:
  A) inspect goods in ships
  B) import goods by ships
  C) collect duties in ships
  D) load and unload ships
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  The correct answer is D .