Commerce Past Questions | JAMB, WAEC, NECO and Post UTME Past Questions

This Commerce question is asking about the name for an order made by a creditor to a debtor which requires payment on a specific date. The options provided are: promissory note, letter of credit, money order, and bill of exchange.

Out of the four options, the correct answer is D, bill of exchange. A bill of exchange is a written order by the creditor, also known as the drawer, instructing the debtor, or the drawee, to pay a certain amount of money to another person, known as the payee or holder, on a specified date.

A bill of exchange is an important financial instrument used in international trade to facilitate transactions between parties in different countries. It can be used to provide credit to the importer or exporter, as well as to transfer funds from one country to another.

In summary, the correct answer to this Commerce question is D, bill of exchange, which is an unconditional order by a creditor to a debtor requiring payment on a specified date.

The question is asking about the social responsibility of a company to disseminate information about its products. In other words, it is asking who the company should share information about its products with.

The options provided are shareholders, management, consumers, and employees. The correct answer is option C: consumers.

When a company produces and sells products, it is important for them to provide information about these products to the consumers. This is because consumers need to know details about the products they are buying, such as their features, benefits, prices, and any potential risks or side effects.

By providing accurate and transparent information to consumers, companies can help them make informed decisions about their purchases. This is an important social responsibility because it ensures that consumers are not misled or deceived by false or inadequate information.

While shareholders, management, and employees are also important stakeholders in a company, the primary responsibility for disseminating information about products lies with the company towards its consumers.

In summary, the correct answer is option C: consumers. Companies have a social responsibility to effectively disseminate information about their products to consumers so that they can make informed decisions.

The question is asking about a specific type of trade that occurs when imported goods are re-exported. This means that the goods are brought into a country from another country, and then they are sent out of that country to another destination.

The correct answer to this question is option A, entrepot trade. Entrepot trade refers to the importation of goods into a country solely for the purpose of re-exporting them to another country. It is also known as re-export trade or transit trade.

In entrepot trade, the imported goods are not intended for domestic consumption, but rather for onward shipment to other markets. This type of trade often takes place in free trade zones or special economic zones, where goods can be stored, processed, or assembled before being re-exported.

On the other hand, option B, import trade, refers to the purchase and importation of goods into a country for domestic consumption or for use in local industries. Option C, export trade, refers to the sale and shipment of goods from a country to another country. Option D, visible trade, is a broader term that encompasses both imports and exports of goods.

So, in summary, when imported goods are re-exported, it is called entrepot trade. This type of trade involves bringing goods into a country and then sending them out to another country for sale or further distribution.

Commerce is a subject that deals with trade and business activities. The question is asking how commerce can help in the development of an economy. The options given are:

Option A: provides for proper accountability

Option B: improves the living standard (Correct)

Option C: enhances the even distribution of wealth

Option D: encourages the reduction of inflation

Out of the four options, the correct answer is Option B, which states that commerce improves the living standard. This means that when commerce activities are carried out effectively, it can help to create more jobs, increase income, and provide people with goods and services they need. This can lead to an improvement in the standard of living for individuals and families.

While options A, C, and D are also important factors for economic development, they are not the best answers to the question being asked. For example, option A, which states that commerce provides for proper accountability, implies that commerce activities are carried out transparently and honestly. This is an important aspect of commerce, but it is not directly related to the development of the economy.

In conclusion, commerce can aid the development of an economy by improving the living standards of individuals and families. This is achieved by creating more jobs, increasing income, and providing people with goods and services they need.

The divisions of commerce are Trade and Aids to trade or ancillaries to trade. Aids to trade are the commercial activities which facilitate trade (buying and selling) i.e. they make trade possible. Aids to trade are banking, insurance, transport, advertising, warehousing, communication and tourism.

In this Commerce question, we are being asked to identify who a core investor is in the current phase of privatization in Nigeria. The options we are given are:

Option A: can afford to buy most of the shares of the enterprises (Correct)

Option B: will be at the core of the enterprises

Option C: can mobilize foreign currency equivalent to the value of the enterprises

Option D: has the technical know-how of the enterprises

The correct option is option A, which states that a core investor is someone who can afford to buy most of the shares of the enterprises. This means that they have the financial resources to invest in the enterprises being privatized.

Privatization is the process of transferring ownership of public enterprises to private entities. This is often done to improve the efficiency and profitability of the enterprises. A core investor is an important part of this process as they provide the necessary capital to purchase the shares of the enterprises.

It is also worth noting that being a core investor does not necessarily mean that the person will be involved in the day-to-day operations of the enterprises (option B) or that they have the technical knowledge of the enterprises (option D). It simply means that they have the financial resources to invest in the privatization process.

In summary, a core investor in the current phase of privatization in Nigeria is someone who can afford to buy most of the shares of the enterprises being privatized.

The question is asking which agency in Nigeria is responsible for making sure that products meet the quality standards set by the government.

The correct answer is Option A: Standards Organization of Nigeria.

The Standards Organization of Nigeria (SON) is a government agency that is in charge of setting and enforcing quality standards for products in Nigeria. They ensure that products are safe, reliable, and meet the required specifications set by the government.

Option B: Nigerian Consumers' Association is an organization that represents the interests of consumers in Nigeria. They advocate for consumer rights and protection, but they are not specifically responsible for ensuring product quality.

Option C: Manufacturers' Association of Nigeria is an association that represents the interests of manufacturers in Nigeria. They work to promote the growth and development of the manufacturing sector, but they do not have the authority to enforce product quality standards.

Option D: Nigerian Chamber of Commerce is an organization that represents the interests of businesses in Nigeria. They work to promote trade and commerce, but they are not directly involved in ensuring product quality.

Therefore, the correct answer is Option A: Standards Organization of Nigeria.

This question is asking us to identify the example of a business organization sponsoring sports and awarding scholarships. We are given four options to choose from. Option A is advertising strategy, Option B is economic responsibility, Option C is marketing strategy, and Option D is social responsibility. The correct answer is Option D: social responsibility.

Social responsibility refers to a business organization's obligation to act in ways that benefit society as a whole. This includes being socially responsible by doing things like sponsoring sports and awarding scholarships to help develop and support individuals and communities. By doing this, the business organization is not only contributing to the development of society, but it is also enhancing its own reputation and goodwill.

On the other hand, options A, B, and C do not accurately describe the actions of the business organization. Advertising strategy refers to the methods used to promote a product or service to customers, while economic responsibility refers to a business organization's obligation to maximize profits and minimize costs. Marketing strategy refers to the methods used to identify and satisfy customers' needs and wants. While all of these are important aspects of business, they do not relate to the specific actions of sponsoring sports and awarding scholarships.

In conclusion, the correct answer to this Commerce question is Option D: social responsibility. Business organizations that sponsor sports and award scholarships are fulfilling their social responsibility by contributing to the development of individuals and communities.

The question is asking about the purpose of commercialization of public enterprises. Commercialization means turning a public enterprise into a business that operates for profit.

Option A is the correct answer. Commercialization is aimed at increasing efficiency and making the enterprises self-sufficient. When a public enterprise becomes commercialized, it is expected to operate more efficiently and generate its own revenue without relying on government funding. This can lead to better management, improved productivity, and financial stability for the enterprise.

Option B, advertising and promoting the goods and services of the enterprises, is not the main objective of commercialization. While commercialized enterprises may engage in advertising and promotion to attract customers, this is not the primary goal of commercialization itself.

Option C, increased assistance and patronage of the enterprises by the public, is not the main objective of commercialization either. Commercialization aims to reduce reliance on public assistance and make the enterprises self-sufficient.

Option D, selling the goods and services of the enterprises, is also not the main objective of commercialization. While commercialized enterprises do sell goods and services, the primary goal of commercialization is to increase efficiency and financial independence, not just selling products.

So, the correct answer is Option A: increasing efficiency and making the enterprises self-sufficient.

This question is asking about the exclusive right an author has to their published and unpublished works. The options for this question are Option A: author's right, Option B: constitution right, Option C: patent right, and Option D: copyright (which is the correct answer).

Copyright is a legal term that grants exclusive rights to the creators of original works, such as books, music, movies, and software. This means that the author has the right to control how their work is used, distributed, and copied. Copyright protection is automatic and begins as soon as the work is created.

It is important for authors to understand their rights under copyright law so they can protect their work from being used without their permission. This can include licensing their work for use in different formats, such as movies or translations, or taking legal action if their work is used without permission.

In summary, an author’s exclusive right to their published and unpublished works is known as copyright. It is a legal term that grants authors control over how their work is used, distributed, and copied.