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: The proposed monetary integration within ECOWAS sub-region has the overriding benefit of a Options:
  A) improved exchange
  B) enhanced trade
  C) enhance development
  D) improved relations
  Show Answer
  The correct answer is B .
• Question 242: The most important attributes in a sale of goods contract are? Options:
  A) offer and consideration
  B) price and goods
  C) offer and acceptance
  D) demand and supply
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  The correct answer is C .
• Question 243:

  	₦		₦
  Stock 1/1	20,000	Net Sales	370,000
  Add purchases	250,000
  Cost of goods available for sale	270,000
  Less stock 31/12	40,000
  Cost of goods sold	230,000
  Rent expenses	35,000

  Find the gross profit

  Options:
  A) ₦150,000
  B) ₦370,000
  C) ₦230,000
  D) ₦140,000
  Show Answer
  The correct answer is D .
• Question 244:

  Privatization is

  Options:
  A) Transfer of ownership from individual to government
  B) Transfer of ownership from government to stakeholders
  C) Transfer of ownership from government to individuals
  D) Government taking charge of all businesses
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  The correct answer is C .
• Question 245:

  A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as

  Options:
  A) indigenisation
  B) commercialisation
  C) nationalisation
  D) privatisation
  Show Answer
  The correct answer is A .
• Question 246:

  

  From the diagram above, what does I stand for?

  Options:
  A) Aids to trade
  B) Publicity
  C) Home trade
  D) Advertising
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  The correct answer is A .
• Question 247: The production process that combines two or more raw materials into end product is Options:
  A) conditioning
  B) blending
  C) merging
  D) synthesis
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  The correct answer is B .
• Question 248:

  One of the functions of commerical banks that cannot be performed by central banks is

  Options:
  A) collection of old notes
  B) collection of deposits from the public
  C) issuance of treasury bills
  D) printing of bank notes
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  The correct answer is B .
• Question 249: An order sent by an importer to an overseas supplier stating the details of goods required is known as? Options:
  A) export invoice
  B) ship's manifest
  C) an indent
  D) bill of lading
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  The correct answer is C .
• Question 250:

  The activity which entails buying of goods in bulk and selling in small quantities to retailers is

  Options:
  A) wholesaling
  B) retailing
  C) merchandising
  D) assembling
  Show Answer
  The correct answer is A .