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.

50 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2
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Past Questions

50 questions
Question 1 of 20 50 total questions
Question 1
waec 2012

The exclusive right of an author over his book is

ATrade mark
BBrand name
CCopyright
DPatent right
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Question 2
waec 2012

The document in which full details of goods and the ship carrying the goods are contained is known as

Abill of exchange
Bbill of sight
Ccertificate of origin
Dshipping advice note
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Question 3
waec 2012

Throwing cargo overboard in order to save a ship from sinking is

Ajettison
Babandonment
Cpiracy
Dflotsam
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Question 4
waec 2012

The functions of credit and thrift society does not include

Acharging low interest rate on loans
Bproviding savings facilities
Cencouraging mutual co-operation of members
Dproviding security for member's property
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Question 5
waec 2012

The abbreviation E & O.E. on an invoice seeks to

Adraw the attention of the buyer to the contents of the document
Bshow that there is no error about price quoted on the invoice
Cprotect the seller against any error on the document
Ddraw the attention of the seller to the contents of the document
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Question 6
waec 2012

Industrial occupation does not involve the

Agrowing and extraction of raw materials
Buse of machinery
Cconstruction and manufacturing of goods
Dmovement of people and goods
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Question 7
waec 2012

The size of of profit of a business is measured by the

Aclosing stock
Bopening stock
Ctotal purchases
Drate of turnover
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Question 8
waec 2012

Mr Lou who assured his life with XYZ Assurance Company, was involved in an accident and had a broken leg; the sum of #80,000 was paid to Mr Lou for his broken leg. The money received is known as

Acompensation
Bcommission
Cpremium
Dindemnity
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Question 9
waec 2012

Which of the following arrangement of documents is the correct sequence as used in the retail trade? i. Quotation ii. Enquiry iii.Order iv Invoice

Ai,ii,iii,iv
Bii,i,iii,iv
Ci,iv,iii only
Di,iii,iv only
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Question 10
waec 2012

An activity involving buying, selling, distribution of goods and services is known as

Atrade
Bmarketing mix
Cexchange
Dcommerce
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Question 11
waec 2012

The document which is used when a country imposes ad valorem duties is

Abill of lading
Bconsular invoice
Ccertificate of origin
Dopen indent
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Question 12
waec 2012

The satisfaction of customers in all business activities is emphasized by

Amarket research
Bmarketing concept
Cmarketing mix
Dproduct differentiation
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Question 13
waec 2012

Who among the following generally has no capacity to enter into a valid contract

ASchool principals
BInfants
CAgents
DReligious ministers
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Question 14
waec 2012

The document which specifies the manufacturer from whom goods are to be imported is

Aclosed indent
Bopen indent
Cexport invoice
Dconsignment note
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Question 15
waec 2012

The combination of product, price, promotion and distribution decisions employed by a company is referred to as

Apricing policy
Bmarketing mix
Cproduct mix
Dmarketing concept
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Question 16
waec 2012

The document which helps in ascertaining the correct value of imports in order to assess the custom duty is

Abill of lading
Bconsular invoice
Cbill of sight
Dships manifest
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Question 17
waec 2012

The buyer in a hire purchase contract becomes the legal owner of the goods by paying

Ainitial deposit
Bthe last installment
Chalf of the purchase price
Dtwo-third of the purchase price
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Question 18
waec 2012

A ceiling on the quantity of commodity to be imported into the country is called

Aban
Btariff
Cprice limit
Dquota
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Question 19
waec 2012

The difference between the cost price and selling price of an article is

Acommission
Bmark-up
Crebate
Ddiscount
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Question 20
waec 2012

A percentage reduction from the quoted price of goods given to a buyer to encourage bulk purchase is called

Acash discount
Btrade discount
Ccommission
Dbonus
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