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 121:

  

  Determine the owner's equity.

  Options:
  A) N 38 000 000
  B) N 20 000 000
  C) N 42 000 000
  D) N 25 000 000
  Show Answer
  The correct answer is A .
• Question 122:

  Amina Enterprises Balance Sheet as at 30/3/99
  Liabilities	₦	Assets	₦
  Share capital	400,000	Land	200,000
  Reserve fund	200,000	Buildings	150,000
  Creditors	110,000	Machinery	200,000
  Bills payable	50,000	Implements	20,000
  Undistributed profits	45,000	Office fittings	5,000
  Wages due	5,000	Raw materials	100,000
  		Finished goods	50,000
  		Debtors	20,000
  		Bills receivable	15,000
  		Cash at bank	45,000
  		Cash at hand	5,000

  Determined the circulating capital?

  Options:
  A) N250,000
  B) N245,000
  C) N235,000
  D) N225,000
  Show Answer
  The correct answer is C .
• Question 123: The principle of subrogation stated that Options:
  A) An insured person should be indemnified to the time of the amount insured
  B) An insurance company constant in lace of the insured in dealing with third party.
  C) Only a person who is likely to suffer loss hold take out an insurance cover
  D) There must be accuse connection between the actual loss suffered and risk insure
  Show Answer
  The correct answer is B .
• Question 124:

  The duties paid on goods produced locally is

  Options:
  A) Ad-valorem duty
  B) excise duty
  C) export duty
  D) quota
  Show Answer
  The correct answer is B .
• Question 125: Under normal circumstances, a business enterprise can be ideally structured Options:
  A) by product, function or territories
  B) around the personalities in the enterprise
  C) on the ruling of the management
  D) on the basis of an order from stockholders
  Show Answer
  The correct answer is A .
• Question 126:

  A printer that burns the print image into the photosensitive drum is called?

  Options:
  A) dot matrix printer
  B) laser printer
  C) daisy wheel printer
  D) thermal printer
  Show Answer
  The correct answer is B .
• Question 127: The making of doors from timber planks is a type of? Options:
  A) manufacturing
  B) tertiary production
  C) secondary produuction
  D) primary production
  Show Answer
  The correct answer is C .
• Question 128: The implied provisions in every sale of goods as contained in the Sales of Goods Act of 1893 are conditions and? Options:
  A) consideration
  B) sureties
  C) warranties
  D) guaranties
  Show Answer
  The correct answer is C .
• Question 129: An aspect of the law which allows an exclusive right for a limited number of years is a Options:
  A) copyright
  B) trade mark
  C) raffication
  D) patent
  Show Answer
  The correct answer is D .
• Question 130:

  The agency that currently oversees the privatization and commercialization processes in Nigeria is the

  Options:
  A) Nigerian Stock Exchange
  B) Technical Committee on Privatization and Commercialization
  C) Securities and exchange commission
  D) Bureau of public enterprises
  Show Answer
  The correct answer is D .