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Commerce Past Questions

Study and practice Commerce past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

47 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2

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Past Questions

47 questions

Question 1 of 7 47 total questions

Question 21

neco 2004

Under utmost good faith as an insurance principle, a person must

Abelieve in the sincerity of the insurance company

Bcommunicate with the insurance company

Cdisclose all material facts to the insurance company

Dhave utmost personality

Epay outstanding premium

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Question 22

neco 2004

The concept that the satisfaction of the consumer's wants is to be emphasized at all stages of production and distribution is known as consumer...........

Aautonomy

B. independence

Cpreferential

Dproduction

Esovereignty

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Question 23

neco 2004

Which of the following is NOT an importance of warehousing?

AEnsures that unexpected fluctuation in consumer’s needs are met through reserves

BGives a feeling of security to the traders

CProtects goods against pilfering

DProvides for economy of scale by maintaining steady rate of production

EProvides protection and security for goods or products from going bad

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Question 24

neco 2004

A credit note is used to

Ainform the buyer that he can buy more goods on credit

Binform the buyer that his account has been credited

Cinform the customer about his state of solvency

Dtell the customer that his account is in red

Ewarn the customer that his debt is over due

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Question 25

neco 2004

Which of the following is NOT a function of the central bank?

ABanker's bank

BGovernment's bank

CLender of last resort

DPrinting of currency

EServicing of National debt

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Question 26

neco 2004

A bill of lading is best described as the

Acertificate of quality of goods

Bcertificate of value for the goods on board

Cdocument of title to the goods on board a ship

Ddocument showing where the goods are going to

Eevidence of payment of custom duties

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Question 27

neco 2004

The excess value of all the assets of a business over the value of its liabilities is called

Acapital employed

Bcapital owned

Ccirculating capital

Dloan capital

Eshare capital

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