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 2351:

  What is the difference between current assets and current liabilities?

  Options:
  A) Working capital
  B) nominal capital
  C) capital employed
  D) issued capital
  Show Answer
  The correct answer is A .
• Question 2352: The most important business objective is to Options:
  A) improve investments
  B) provide quality products
  C) target consumers for satisfaction
  D) carve a niche for the business
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  The correct answer is C .
• Question 2353: The significance of money to modern economic system is that it? Options:
  A) is used as a means of payment
  B) promotes specialization and exchange
  C) measures value and promotes exchange
  D) causes inflation in the economy
  Show Answer
  The correct answer is C .
• Question 2354: The major determinant of fire insurance premium is the Options:
  A) Owner of the property
  B) usefulness of the property to the owner
  C) Type and structure of the property to be insured
  D) extent of fire damaged anticipated.
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  The correct answer is C .
• Question 2355: A document recording the transactions of an organization with its customer for a specified period which normally shows the indebtedness of one to the other is a Options:
  A) statement of account
  B) consular invoice
  C) proforma invoice
  D) statement affairs
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  The correct answer is A .
• Question 2356:

  An internal source of finance to an enterpreneur is

  Options:
  A) trade
  B) retained earning
  C) overdraft
  D) debenture
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  The correct answer is B .
• Question 2357: The basic distinction between cash discount and trade discount is that while trade discount is Options:
  A) for a period of 30 days, cash discount is for a period of 3 months
  B) given by a wholesaler, cash discount is given by a bank
  C) a reduction in the catalogue pirce f an article, cash dis count is a reduction in the invoice value
  D) a reduction in the value of sales, cash discount is a reduction in price of goods
  Show Answer
  The correct answer is D .
• Question 2358:

  The quality of money which makes it possible to buy goods in small quantities is

  Options:
  A) portability
  B) homogeneity
  C) divisibility
  D) durability
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  The correct answer is C .
• Question 2359: One disadvantages of advertising is that it — Options:
  A) could be misleading
  B) decreases sales
  C) reduces profit
  D) causes over stocking
  Show Answer
  The correct answer is A .
• Question 2360: A document which gives a legal status to a company is the certificate of? Options:
  A) incorporation
  B) trading
  C) commencement of business
  D) business registration
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  The correct answer is A .