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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.

88 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2

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Past Questions

88 questions

Question 1 of 20 88 total questions

Question 31

jamb 2021

NAME	INSURED AMOUNT(₦)	ACTUAL VALUE(₦)	ACTUAL LOSS(₦)
Mr. P Mr. K Mr. R	25,000 30,000 40,000	100,000 120,000 150,000	30,000 40,000 50,000

What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?

Ainsurable interest

Buberrimae fidei

Csubrogation

Dindemnity

View Explanation & Discuss

Question 32

jamb 2021

NAME	INSURED AMOUNT(₦)	ACTUAL VALUE(₦)	ACTUAL LOSS(₦)
Mr. P Mr. K Mr. R	25,000 30,000 40,000	100,000 120,000 150,000	30,000 40,000 50,000

Use the table above to answer questions 27 and 28

If Mr. P takes a fire insurance policy with average clause, his compensation will be

A₦7,500

B₦5,000

C₦70,000

D₦75,000

View Explanation & Discuss

Question 33

jamb 2021

A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a

Acommission agent

Bfactor

Cbroker

Ddel credere agent

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Question 34

jamb 2021

The main objective of a trade association is to

Aprotect its members against litigation

Bprotect its members against victimization

Cboost the trade of its members

Dsecure credit for its members

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Question 35

jamb 2021

When two or more companies agree to execute a project too large for one to handle, this is referred to as

Aan amalgamation

Ba cartel

Ca consortium

Da merger

View Explanation & Discuss

Question 36

jamb 2021

Inbound tourism occurs when

Aresidents of a country travel within it

Bnon-residents of a country travel to other countries

Cresidents of a country travel to other countries

Dnon-residents of a country travel within it

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Question 37

jamb 2021

An agency contract must involve

Aa principal and a consumer

Ba principal and an agent

Ca principal and a producer

Da principal and a third party

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Question 38

jamb 2021

The best mode of ensuring that items posted get to the named addresses is through

Arecorded delivery

Bcertificate of posting

Cregistered mail

Dexpress mail

View Explanation & Discuss

Question 39

jamb 2021

The transmission of the telephone services from one country to another is facilitated by

Ainternational facility

Binternet services

Cinterconnectivity

Dcommunication satellite

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Question 40

jamb 2021

The primary memory component of a computer is the

Aconsole

Bcache

Ccompliers

Dassemblers

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Question 41

jamb 2021

A person who buys new issues with a view of reselling at a higher price in the near future is referred to as a

Abear

Bbull

Cdealer

Dstag

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Question 42

jamb 2021

An activity that involves derivation of raw materials from land and sea is

Aagriculture

Bfarming

Cextraction

Dconstruction

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Question 43

jamb 2021

The major determinant of fire insurance premium is the

Ausefulness of the property to the owner

Btype and structure of the property to be insured

Cowner of the property to be insured

Dextent of fire damage anticipated

View Explanation & Discuss

Question 44

jamb 2021

A distinctive advantage of GSM is its

Acost

Bstability

Ccoverage

Dmobility

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Question 45

jamb 2021

Use the information below to answer this question

A B C Balance Sheet as at 31/12/2004

₦
Share capital 200,000
Reserves 100,000
Long term liabilities 40,000
Current liabilities 30,000
370,000

₦
Fixed assets 180,000
Investment 100,000
Current assets 50,000
Fictitious assets 40,000
370,000

What is the capital employed?

A₦ 340,000

B₦ 200,000

C₦ 300,000

D₦ 170,000

View Explanation & Discuss

Question 46

jamb 2021

Use the information below to answer this question

A B C Balance Sheet as at 31/12/2004

₦
Share capital 200,000
Reserves 100,000
Long term liabilities 40,000
Current liabilities 30,000
370,000

₦
Fixed assets 180,000
Investment 100,000
Current assets 50,000
Fictitious assets 40,000
370,000

The total sum of financing short term projects is

A₦ 30,000

B₦200,000

C₦70,000

D₦40,000

View Explanation & Discuss

Question 47

jamb 2021

The excess of the assets over the liabilities of a business is called

Acapital employed

Bnet worth

Cworking capital

Dinitial capital

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Question 48

jamb 2021

The type of communication from a superior to a subordinate in an organization is referred to as

Adownward communication

Bupward communication

Clateral communication

Dhorizontal communication

View Explanation & Discuss

Question 49

jamb 2021

The instruments of credit include

Abillboards and postal stamps

Bpayment vouchers and statement of account

Cbills of exchange and salary voucher

Dbills of exchange and promissory notes

View Explanation & Discuss

Question 50

jamb 2021

Communication process involves the transmission of a message over a selected channel to the

Aencoder

Breceiver

Caudience

Dsender

View Explanation & Discuss

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A B C Balance Sheet as at 31/12/2004

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