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 1121: A firm that disposes its wastes properly is discharging its? Options:
  A) community responsibility
  B) evironmental responsibility
  C) civic responsibility
  D) social responsibility
  Show Answer
  The correct answer is B .
• Question 1122: Tolu purchase goods from Yemisi and is to pay custom duties before collection. The goods are likely to be collected from. Options:
  A) a manufacturer's warehouse
  B) a bonded warehouse
  C) an importer's warehouse
  D) a wholesaler's warehouse
  Show Answer
  The correct answer is B .
• Question 1123:

  The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________

  Options:
  A) The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be
  B) Aviation Insurance
  C) Marine Insurance
  D) Life Assurance
  Show Answer
  The correct answer is C .
• Question 1124: A business organization must always consider the overall effect of its actions on the Options:
  A) competitor
  B) product
  C) profit
  D) society
  Show Answer
  The correct answer is C .
• Question 1125:

  The duties paid on goods produced locally is

  Options:
  A) export duty
  B) excise duty
  C) Ad-valorem duty
  D) quota
  Show Answer
  The correct answer is B .
• Question 1126: The main advantage of a sole trader is the freedom to Options:
  A) employ anyone he likes
  B) seek advice from any source
  C) take quick decisions
  D) plough all the profits back into the business
  Show Answer
  The correct answer is C .
• Question 1127:

  One of the disadvantages of sole proprietorship is

  Options:
  A) limited liability
  B) pride of ownership
  C) unlimited liability
  D) secrecy of annual reports
  Show Answer
  The correct answer is C .
• Question 1128:

  $\begin{array}{cc}\text{Opening stock}& 1800\\ \text{Purchases}& 2800\\ \text{Sales}& 800\\ \text{Closing stock}& 800\\ \text{Carriage on sale}& 500\end{array}$

  Calculate the value of the unused stock.

  Options:
  A) N320
  B) N350
  C) N500
  D) N800
  Show Answer
  The correct answer is D .
• Question 1129: The document submitted to the customs authority when full description of imported goods is not provided is Options:
  A) a bill of sight
  B) an invoice
  C) an indent
  D) a bill of entry
  Show Answer
  The correct answer is C .
• Question 1130:

  The provision of services is classified under

  Options:
  A) batch production
  B) flow production
  C) secondary production
  D) tertiary production
  Show Answer
  The correct answer is D .