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 281: If a firm has a turnover of N50 000 and the cost of goods sold is N40 000, what is the percentage of gross profit on sale? Options:
  A) 30.5%
  B) 20.5%
  C) 20.0%
  D) 10.0%
  Show Answer
  The correct answer is C .
• Question 282: The difference between a private and public limited liability company is that the former? Options:
  A) is unable to offer shares to the public
  B) is unable to declare and pay dividend
  C) has a higher number of shareholders
  D) pays higher salaries to its managers
  Show Answer
  The correct answer is A .
• Question 283: Excise duties are paid on goods that are Options:
  A) imported into the country
  B) manufactured within the company
  C) exported to other clonutries
  D) kept in bond warehouses
  Show Answer
  The correct answer is B .
• Question 284: An example of a non-insurable risk is? Options:
  A) burglary
  B) speculation
  C) fire
  D) accident
  Show Answer
  The correct answer is B .
• Question 285: An individual that links the producer with the retailer is? Options:
  A) an agent
  B) a wholesaler
  C) an entrepreneur
  D) a principal
  Show Answer
  The correct answer is B .
• Question 286: The main purpose of insurance is to Options:
  A) encourage business to surviveand grow
  B) ensures that facilities are available for operators
  C) accepts risk s and extend credit to policy holders
  D) spread individual losses ove all covered participants
  Show Answer
  The correct answer is D .
• Question 287: Berne union is also known as Options:
  A) International Credit Union
  B) International Documentry Credit
  C) International Union of Credit and Investment Insurers
  D) export Credit Guarantee Scheme
  Show Answer
  The correct answer is C .
• Question 288: The type of letters that are delivered through the normal mail or by airmail express service is referred to as Options:
  A) inland letters
  B) registered letters
  C) airmail letters express letters
  D) express letters
  Show Answer
  The correct answer is C .
• Question 289: An announcement of a person's willingness to enter into a contract is referred to as? Options:
  A) a proxy
  B) an offer
  C) a consideration
  D) an acceptance
  Show Answer
  The correct answer is B .
• Question 290: Which of the following is a characteristic of a bearer cheque Options:
  A) it is made with transverse lines
  B) it is made payable to whoever presents it
  C) it is made without transverse lines
  D) it is only payable into the payees account
  Show Answer
  The correct answer is B .