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 301: One of the major problems of a sole proprietor is sourcing for? Options:
  A) raw materials
  B) labour
  C) machineries
  D) funds
  Show Answer
  The correct answer is D .
• Question 302:

  A business organization that exploits the capabilities of a member to remedy the weakness of another is a

  Options:
  A) joint venture
  B) partnership
  C) nominal partnership
  D) cooperative
  Show Answer
  The correct answer is D .
• Question 303: The development of a continer and a graphic design for a product is called? Options:
  A) packaging
  B) promotion
  C) processing
  D) production
  Show Answer
  The correct answer is A .
• Question 304:

  	₦		₦
  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 305:

  NACCIMA stands for

  Options:
  A) Nigerian American Centre for Culture, Industries, Mines and Arts
  B) Nigerian Association for Culture, Civics, Industries, Minerals and arts Arts
  C) National Agency for Culture, Civilization, Investment, Manufacturing and Agriculture
  D) Nigeria Association of Chambers of Commerce, Industries, Mines and Agriculture
  Show Answer
  The correct answer is D .
• Question 306: Risk bearing in business organisation is a function of the _____ Options:
  A) employees
  B) customers
  C) entrepreneur
  D) manager
  Show Answer
  The correct answer is C .
• Question 307: One of the facilities enjoyed by a current account holder is? Options:
  A) a dividend
  B) a bonus
  C) an overdraft
  D) interest on deposits
  Show Answer
  The correct answer is C .
• Question 308:

  

  The document represents a

  Options:
  A) Bill of exchange
  B) Cheque
  C) Money order
  D) A. Promissory note
  Show Answer
  The correct answer is A .
• Question 309: A source of capital that has elements of debt and equity is a? Options:
  A) debenture
  B) warrant
  C) loan
  D) share
  Show Answer
  The correct answer is D .
• Question 310: 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 .