Commerce Past Questions


Exam Body:

Correct answers are highlighted in green.

Question 1

An unconditional order by a creditor to a debtor requiring payment on a specified date is called

Options

A) promissory note

B) letter of credit

C) money order

D) bill of exchange

Exam Body: NECO

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Question 2

The effective dissemination of information about products is a social responsibility of a company to its

Options

A) shareholders

B) management

C) consumers

D) employees

Exam Body: NECO

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Question 3

The trade that takes place when imported goods are re-exported is known as

Options

A) entrepot trade

B) import trade

C) export trade

D) visible trade

Exam Body: NECO

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Question 4

Commerce aids the development of any economy as it

Options

A) provides for proper accountability

B) improves the living standard

C) enhances the even distribution of wealth

D) encourages the reduction of inflation

Exam Body: NECO

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Question 5

commerce-1

From the diagram above, what does stand for?

Options

A) Aids to trade

B) Publicity

C) Home trade

D) Advertising

Exam Body: JAMB

Explanation:

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.

Explanation provided by Nigerian Scholars

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Question 6

A core investor in the current phase of privatization in Nigeria is one who?

Options

A) can afford to buy most of the shares of the enterprises

B) will be at the core of the enterprises

C) can mobilize foreign currency equivalent to the value of the enterprises

D) has the technical know-how of the enterprises

Exam Body: JAMB

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Question 7

The agency in Nigeria which ensures that products conform to government quality specifications is the?

Options

A) Standards Organization of Nigeria

B) Nigerian Consumers’ Association

C) Manufacturers’ Association of Nigeria

D) Nigerian Chamber of commerce

Exam Body: JAMB

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Question 8

Awarding scholarships and sponsoring sports by a business organization are example of?

Options

A) advertising strategy

B) economic responsibility

C) marketing strategy

D) social responsibility

Exam Body: JAMB

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Question 9

The commercialization of public enterprises is aimed at

Options

A) increasing efficiency and making the enterprises self-sufficient

B) advertising and promoting the goods and services of the enterprises

C) increased assistance and patronage of the enterprises by the public

D) selling the goods and services of the enterprises

Exam Body: JAMB

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Question 10

An author’s exclusive righto his published and unpublished works is known as?

Options

A) authors right

B) constitution right

C) patent right

D) copyright

Exam Body: JAMB

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Question 11

Under the endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the?

Options

A) indemnity

B) surrender value

C) lump sum benefit

D) insurance premium

Exam Body: JAMB

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Question 12

The machine used for sending telex messages is known as a

Options

A) radar

B) fax machine

C) dictaphone

D) teleprinter

Exam Body: JAMB

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