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 1001:

  Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

  	₦		₦
  Opening stock Purchase	1000 7000	Sales	8000
  Closing Stock	3000

  Trading Expenses

  Electricity Salaries Rent Depreciations

  ₦ 135 875 180 210

  From the figures given, calculate

  Gross profit

  Options:
  A) 300
  B) 3000
  C) 6000
  D) 11000
  Show Answer
  The correct answer is B .
• Question 1002:

  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 40,000370,000

  The total sum of financing short term projects is

  Options:
  A) ₦ 30,000
  B) ₦200,000
  C) ₦70,000
  D) ₦40,000
  Show Answer
  The correct answer is B .
• Question 1003:

  A paid presentation about a product with a view to encouraging purchases by an identifiable sponsor is

  Options:
  A) publicity
  B) personal selling
  C) sales promotion
  D) advertisement
  Show Answer
  The correct answer is D .
• Question 1004: The term 4 net 7 on an invoice means that? Options:
  A) 4% surcharge will be made unless payment iss made within seven days
  B) 4% discount will be allowed on the price charged only if the goods are bought within seven days
  C) 4% discount will be allowed on the price charged only if payment is made after seven days
  D) 4% discount will be allowed on the price charge if payment is made within seven days
  Show Answer
  The correct answer is D .
• Question 1005: The focal point of marketing is? Options:
  A) the competitior
  B) the buyer
  C) profit-making
  D) sales
  Show Answer
  The correct answer is D .
• Question 1006:

  A bill of exchange already accepted can be discounted by the holder in

  Options:
  A) the central bank
  B) his bank
  C) at least two banks
  D) any bank
  Show Answer
  The correct answer is D .
• Question 1007: The minimum lending rate of a bank is a component of its Options:
  A) current assets
  B) debit balances
  C) credit balance
  D) fixed assets
  Show Answer
  The correct answer is A .
• Question 1008: Which of the following is classified as an immaterial want? Options:
  A) Protection
  B) Raw materials
  C) Machines
  D) Goods and Services
  Show Answer
  The correct answer is A .
• Question 1009:

  A public company has 2 000 000 ordinary shares of 50k each and offers 50% for subscription at N2 per share.

  If the shares were fully subscribed, calculate the issued capital?

  Options:
  A) N4 000 000
  B) N2 000 000
  C) N1 000 000
  D) 500 000
  Show Answer
  The correct answer is D .
• Question 1010:

  An internal source of finance to an enterpreneur is

  Options:
  A) trade
  B) retained earning
  C) overdraft
  D) debenture
  Show Answer
  The correct answer is B .