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 1591:

  A document that instructs an agent to buy goods from a named firm is

  Options:
  A) proforma invoice
  B) open indent
  C) consular invoice
  D) closed indent
  Show Answer
  The correct answer is D .
• Question 1592: An advantage of division of labour is _______? Options:
  A) productivity and total output is increased
  B) monotony of task is eliminated
  C) loss of individual craftmanship is minimized
  D) interdependence of workers increase remuneration
  Show Answer
  The correct answer is A .
• Question 1593:

  In a law of contract, what is given in exchange for a promise to perform is_____

  Options:
  A) offer
  B) acceptance
  C) warranty
  D) consideration
  Show Answer
  The correct answer is D .
• Question 1594:

  An agency contract must involve

  Options:
  A) a principal and a consumer
  B) a principal and an agent
  C) a principal and a producer
  D) a principal and a third party
  Show Answer
  The correct answer is B .
• Question 1595:

  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 1596: In which of the following circumstances is a court order NOT necessary for the winding up of a company? Options:
  A) supension of businesss for one year
  B) special resolution of members
  C) reduction in the number of members below the legal minimum
  D) inability to pay it debts
  Show Answer
  The correct answer is B .
• Question 1597: Discounts offered by firms to middlemen for bulk purchases are? Options:
  A) trade discounts
  B) sales bonanza
  C) cash discounts
  D) seasonal discount
  Show Answer
  The correct answer is A .
• Question 1598: After-sales service is a function usually rendered by? Options:
  A) a retailer
  B) a wholesaler
  C) an agent
  D) an enterpreneur
  Show Answer
  The correct answer is A .
• Question 1599: The major achievement of ECOWAS is? Options:
  A) the expansion of regional trade
  B) the emergance of a monetary union
  C) infrastructural development in member countries
  D) mobility of labour among member countries
  Show Answer
  The correct answer is A .
• Question 1600: Mr Olatude took up a fire insurance on a property valued at N1000 and the amount insured is N 800. If the insurance was taking with the clause ‘with average ‘, What is the amount to be paid by the insurance company? Options:
  A) N320
  B) N420
  C) N460
  D) N560
  Show Answer
  The correct answer is A .