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 241: An example of extractive occupation is ______ Options:
  A) mining
  B) teaching
  C) banking
  D) driving
  Show Answer
  The correct answer is A .
• Question 242: Given

  	N
  sales	15,000
  opening stock	5,600
  purchase	9,700
  closing stock	4,400
  gross profit	4,500
  net profit	2,000

  What is the rate of turnover from the table?

  Options:
  A) 3.50 times
  B) 3.00 times
  C) 2.00 times
  D) 2.18
  Show Answer
  The correct answer is D .
• Question 243: An engineer in government employ is to be rendering? Options:
  A) primary service
  B) tertiary service
  C) indirect service
  D) direct service
  Show Answer
  The correct answer is C .
• Question 244: Which of the following best describes an invoice? Options:
  A) Contractual agreement for the sale of goods
  B) Document specifying quantity, description, prices and total value of purchase .
  C) Receipt containing necessary information about the goods.
  D) Letter specifying the contractual sales of goods between two parties
  Show Answer
  The correct answer is B .
• Question 245: One of the function of the Niger Basin Commission is to Options:
  A) Ensure equal treatment of African nations
  B) Foster closer co-operation among West African nations
  C) Map out regulation that will guide all navigation for all West African nations
  D) guarantee freedom of navigation for all West African nations
  Show Answer
  The correct answer is C .
• Question 246: The characteristics which ensures that money is free from forgery is its? Options:
  A) legality
  B) durability
  C) recongnition
  D) credibility
  Show Answer
  The correct answer is A .
• Question 247: A formal letter to a dealer to enquire details about certain items for sale is referred to as Options:
  A) an inquiry
  B) an invoice
  C) an order
  D) a quotation
  Show Answer
  The correct answer is A .
• Question 248: A machine which enable s sales without the physical presence of a sales attendant is a Options:
  A) computer machine
  B) vending machine
  C) telex machine
  D) fax machine
  Show Answer
  The correct answer is B .
• Question 249: The allocation of tasks to different skills in a production process is referred to as Options:
  A) production technique
  B) production function
  C) division of labour
  D) delegation of responsibility
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  The correct answer is C .
• Question 250: Freight note is a document Options:
  A) used by government to transport goods from one country to another
  B) issued by a shipping company giving details of charges
  C) used for payment for imported goods
  D) given by an importer to pay for goods at a future period
  Show Answer
  The correct answer is B .