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 181:

  __________ is a source of short term capital?

  Options:
  A) Shares
  B) Overdraft
  C) debenture
  D) leasing
  Show Answer
  The correct answer is B .
• Question 182:

  Given:

  Sales...........................N15 000

  Opening stock...................N5 600

  Purchases.......................N9 700

  Closing stock...................N4 400

  Gross profit....................N4 500

  Net profit......................N2 200

  From the data above, calculate the rate of turnover?

  Options:
  A) 3:50 times
  B) 3:00 times
  C) 2:00 times
  D) 2:18 times
  Show Answer
  The correct answer is D .
• Question 183:

  A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a

  Options:
  A) commission agent
  B) factor
  C) broker
  D) del credere agent
  Show Answer
  The correct answer is D .
• Question 184: The vessels that operate on specific route on high seas and oceans are Options:
  A) Coastal Liners and Cargo Liners
  B) Cargo Liners and Tramp liners
  C) Passenger liners and Tramp liners
  D) Passenger Liners and Cargo Liners
  Show Answer
  The correct answer is D .
• Question 185: A person who is cheated in business transaction can seek legal remedy Options:
  A) even if the agreement is verbal and the amount involved is large
  B) only if the business is a sole proprietorship whose owner is known
  C) regardless of the form of business organization
  D) only if the transaction is documented in a contract
  Show Answer
  The correct answer is D .
• Question 186: Trade fairs in Nigeria are organised by Options:
  A) the Federal Government
  B) Manufacturers'' Association of Nigeria
  C) Ministry of Commerce and Industry
  D) Chambers of Commerce
  Show Answer
  The correct answer is D .
• Question 187: The managerial ability of a supervisor in an organization may be underutilized if the? Options:
  A) morale of the supervisedis high
  B) span of control is wide
  C) span of control is narrow
  D) morale of thr supervisor is low
  Show Answer
  The correct answer is C .
• Question 188: International trade takes place as a result of? Options:
  A) uniformity in costs of production
  B) inequitable distribution of natural resources
  C) parity in the level of industrialization
  D) similarities in climate conditions
  Show Answer
  The correct answer is B .
• Question 189:

  The scope commerce is limited to

  Options:
  A) home and foreign trade
  B) trade and aids-to-trade
  C) wholesale and retail trade
  D) wholesale and entreport trade
  Show Answer
  The correct answer is B .
• Question 190:

  One of these is a current asset

  Options:
  A) machineries
  B) fittings
  C) stock
  D) motor vehicles
  Show Answer
  The correct answer is C .