Commerce Exam Past Questions and Answers | JAMB, WAEC and NECO

Commerce is a structured system for exchanging goods between buyers and sellers. It involves studying the processes and activities related to buying and selling goods and services, particularly on a large scale.

• Question 1:

  	₦		₦
  Stock 1/1	20,000	Net Sales	370,000
  Add purchases	250,000
  Cost of goods available for sale	270,000
  Less stock 31/12	40,000
  Cost of goods sold	230,000
  Rent expenses	35,000

  Find the gross profit

  Options:
  A) ₦150,000
  B) ₦370,000
  C) ₦230,000
  D) ₦140,000
  Show Answer
  The correct answer is D .
• Question 2: Which of the following is a development bank in Nigeria? Options:
  A) Union Bank Plc
  B) First Bank Plc
  C) First City Monument Bank
  D) Federal Mortgage Bank
  Show Answer
  The correct answer is D .
• Question 3: The provision of quality and safe products which guarantee the health of consumers is an example of Options:
  A) quality control
  B) price control
  C) civic responsibility
  D) social responsibility
  Show Answer
  The correct answer is A .
• Question 4: The body regulating the sale and purchase of shares in Nigeria is the? Options:
  A) Corporate Affairs Commision
  B) Securities and Exchange Commision
  C) Securities and Exchange Tribunal
  D) Nigeria Stock Exchange
  Show Answer
  The correct answer is B .
• Question 5: Which of the following groups is paid first when a firm liquidates? Options:
  A) Preference shareholders
  B) Debenture holders
  C) Ordinary shareholders
  D) Cumulative preference shareholders
  Show Answer
  The correct answer is A .
• Question 6:

  

  A company earned a total revenue of ₦108 million with a total cost of ₦91 million in 1991. If it paid 45% tax on its gross profit for that year, determine its net profit.

  Options:
  A) ₦24.65 million
  B) ₦17.00 million
  C) ₦9. 35 million
  D) ₦7.65 million
  Show Answer
  The correct answer is C .
• Question 7: A supplier of flour who intends to sign a contract with a baker through post can establish a binding agreement only Options:
  A) after the offeror has made an offer
  B) when the offeror's letter has reached the offeree
  C) when the offeree's letter has been posted
  D) after the offeree's letter has been recieved by the offeror
  Show Answer
  The correct answer is D .
• Question 8:

  Which of the following has power to order withdrawal of a particular food item from circulation?

  Options:
  A) Federal High Courts in Nigeria
  B) Standard Organization of Nigeria
  C) Local Government Health Inspectors
  D) Food and Drugs Department of the Federal Ministry of Health
  Show Answer
  The correct answer is C .
• Question 9: Which of the middlemen in the channel of distribution has tittle to the goods he distributes? Options:
  A) The merchant wholesaler
  B) The agent
  C) The limited wholersaler
  D) The retailer
  Show Answer
  The correct answer is A .
• Question 10: The person who undertakes any risk in insurance business is known as Options:
  A) a broker
  B) an underwriter
  C) an insurer
  D) an actuary
  Show Answer
  The correct answer is B .