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 2981:

  	₦		₦
  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

  Calculate the net profit

  Options:
  A) ₦35,000
  B) ₦115,000
  C) ₦105,000
  D) ₦40,000
  Show Answer
  The correct answer is C .
• Question 2982: Consumer sovereignty means that they consumer is Options:
  A) a citizen
  B) always independent
  C) always wrong
  D) always right
  Show Answer
  The correct answer is D .
• Question 2983: A feature common to public and private limited liability companies is that Options:
  A) both can sue and be sued
  B) the minimum number of their shareholders is five
  C) the transfer of their shares is not restricted
  D) their annual accounts are published for public use
  Show Answer
  The correct answer is A .
• Question 2984: Under the endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the? Options:
  A) indemnity
  B) surrender value
  C) lump sum benefit
  D) insurance premium
  Show Answer
  The correct answer is C .
• Question 2985:
  

  What are fixtures and fittings in a balance sheet?

  Options:
  A) liquid capital
  B) current assets
  C) fixed assets
  D) working capital
  Show Answer
  The correct answer is C .
• Question 2986: The organised effort of consumers to protect themselves against the unfair practices of businessmen is known as __ Options:
  A) Stroke
  B) Consumerism
  C) Picketing
  D) Demonstration
  Show Answer
  The correct answer is B .
• Question 2987: In CIF contracts, risk passes at the time of shipment but the property does not pass until? Options:
  A) there is physical transfer of goods
  B) the shipping manifest are signed
  C) the shipping documents are transferred
  D) the goods on board are delivered
  Show Answer
  The correct answer is B .
• Question 2988: The rate at which a country's exports exchange for its imports is called Options:
  A) balance of payments
  B) balance of trade
  C) terms of payment
  D) terms of trade
  Show Answer
  The correct answer is D .
• Question 2989: At the collapse of a business enterprises, the person appointed to dispose off the assets is called ________? Options:
  A) an auctioneer
  B) a broker
  C) a liquidator
  D) an auditor
  Show Answer
  The correct answer is A .
• Question 2990: The physical components of a computer system refers to the? Options:
  A) system unit
  B) hardware
  C) software
  D) compact disk
  Show Answer
  The correct answer is B .