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 131:

  The two main categories under which marine losses fall into are

  Options:
  A) Total loss and partial loss
  B) Voyage policy loss and time policy loss
  C) Particular loss and average loss
  D) Actual loss and general loss
  Show Answer
  The correct answer is A .
• Question 132: The federal Government made efforts at rendering public enterprises more efficient and profit-oriented through the process of Options:
  A) privatization
  B) commercialization
  C) indigenization
  D) nationalization
  Show Answer
  The correct answer is B .
• Question 133: A worker who process rice is engaged in? Options:
  A) constructive activity
  B) comercial activity
  C) extractive activity
  D) manufactural activity
  Show Answer
  The correct answer is D .
• Question 134: One of the determinants of choice of occupation is ______ Options:
  A) level of exposure
  B) resources control
  C) government policies
  D) peer group
  Show Answer
  The correct answer is D .
• Question 135:

  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

  Percentage of net profit to turnover

  Options:
  A) 30%
  B) 5%
  C) 10%
  D) 20%
  Show Answer
  The correct answer is D .
• Question 136:

  Given:

  $\begin{array}{cc}\text{Opening stock}& 50,000\\ \text{Purchases}& 200,000\\ \text{Sales}& 350,000\\ \text{Closing stock}& 80,000\end{array}$

  What is the cost of good sold?

  Options:
  A) ₦200,000
  B) ₦190,000
  C) ₦170,000
  D) ₦175,000
  Show Answer
  The correct answer is C .
• Question 137: 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 138:

  The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is

  Options:
  A) uberrimae fidei
  B) subrogation
  C) contribution
  D) proximate cause
  Show Answer
  The correct answer is A .
• Question 139: A major benefit a debtor can derive from using a credit facility is? Options:
  A) better service
  B) goodwill
  C) convenience
  D) control
  Show Answer
  The correct answer is C .
• Question 140: The internet is a system of telecommunication used for Options:
  A) Sending electronic message
  B) Communicating messages through telegrams
  C) Communicating long-distance
  D) Sending and renewing text message
  Show Answer
  The correct answer is A .