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 21: The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is Options:
  A) the difference between gross profit and trade expenses
  B) the different between gross profit and net sales
  C) sales less cost of sales including sales returns
  D) opening stock add purchases less closing stock
  Show Answer
  The correct answer is A .
• Question 22:

  The elements in marketing mix that ensures goods are available when and where needed is

  Options:
  A) Promotion
  B) price
  C) product
  D) place
  Show Answer
  The correct answer is D .
• Question 23: The agency in Nigeria which ensure that products conform to government quality specification is the Options:
  A) Nigerian consumers’ association
  B) Manufacturers' Association of Nigeria
  C) Standard Organization of Nigeria
  D) Nigerian Chamber of commerce
  Show Answer
  The correct answer is C .
• Question 24:

  The risks that can be forecast and measured is termed___________

  Options:
  A) Gambling
  B) Insurable risks
  C) Non-Insurable risks
  D) Indenmity Insurance
  Show Answer
  The correct answer is B .
• Question 25:

  Tourism involving residents of the given country travelling only within this country is called__________

  Options:
  A) Domestic Tourism
  B) Inbound Tourism
  C) Outbound Tourism
  D) Traveller's Tourism
  Show Answer
  The correct answer is A .
• Question 26:

  	₦		₦
  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 27: The type of activity which turns processed raw materials into consumer and industrial goods is described as ________ Options:
  A) extractive
  B) manufacturing
  C) constructive
  D) processing
  Show Answer
  The correct answer is B .
• Question 28:

  Good and services transferred from seller to buyer without immediate payment is referred to as

  Options:
  A) leasing
  B) hire purchase
  C) credit sale
  D) mutual understanding
  Show Answer
  The correct answer is C .
• Question 29:

  A document that lists the goods that are being sent from one place to another is

  Options:
  A) mail transfer
  B) shipping note
  C) consular invoice
  D) bill of lading
  Show Answer
  The correct answer is D .
• Question 30: The elimination of fault in a computer programme is called? Options:
  A) console
  B) debug
  C) dump
  D) loop
  Show Answer
  The correct answer is B .