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 31: The main aim of selling directly to consumers by manufactures is to Options:
  A) dis courage the activities of middlemen
  B) make contacts with comsumers
  C) eliminate transportation cost
  D) maximize the profit margin
  Show Answer
  The correct answer is A .
• Question 32:

  Amina Enterprises Balance Sheet as at 30/3/99
  Liabilities	₦	Assets	₦
  Share capital	400,000	Land	200,000
  Reserve fund	200,000	Buildings	150,000
  Creditors	110,000	Machinery	200,000
  Bills payable	50,000	Implements	20,000
  Undistributed profits	45,000	Office fittings	5,000
  Wages due	5,000	Raw materials	100,000
  		Finished goods	50,000
  		Debtors	20,000
  		Bills receivable	15,000
  		Cash at bank	45,000
  		Cash at hand	5,000

  Determined the circulating capital?

  Options:
  A) N250,000
  B) N245,000
  C) N235,000
  D) N225,000
  Show Answer
  The correct answer is C .
• Question 33: Factoring is a trade debt term used when the agent buys all the trade debts of the Options:
  A) importers
  B) exporters
  C) nation
  D) customers
  Show Answer
  The correct answer is B .
• Question 34: One of the disadvantages of a sole proprietorship is? Options:
  A) secrecy of annual reports
  B) pride of ownership
  C) limited liability
  D) unlimited liability
  Show Answer
  The correct answer is D .
• Question 35: Land as a factor of production does not vary in _______ Options:
  A) quantity
  B) nature
  C) quality
  D) cost
  Show Answer
  The correct answer is B .
• Question 36:

  Which of the following attracts only interest but leaves the capital unpaid?

  Options:
  A) a development bond
  B) a long term loan
  C) an irredeemable bond
  D) redeemable bond
  Show Answer
  The correct answer is C .
• Question 37:

  Use the information below to answer questions 3 and 4.

  Aboki Plc, became the insolvent and decided to wind up to meet the legitimate claims of its creditors.

  Babalawee was called in to manage the dissolution.

  After paying the debts of aboki Plc, the balance goes to?

  Options:
  A) Aboki Plc
  B) Babalawee
  C) shareholders
  D) creditors
  Show Answer
  The correct answer is C .
• Question 38: The factor which critically determines the choice of occupation is? Options:
  A) training
  B) skill
  C) interest
  D) apititude
  Show Answer
  The correct answer is C .
• Question 39:

  Use the information below to answer question 14 and 15.

  Miamani Plc, whose nominal capital is made up of 5000 000 ordinary shares of 50k each, decided to offer 80% of it to the public and realized only 50% of the amount due.

  What is the company's reserve share capital?

  Options:
  A) N2500 000
  B) N4000 000
  C) N5000 000
  D) N2000 000
  Show Answer
  The correct answer is A .
• Question 40:

  The duties paid on goods produced locally is

  Options:
  A) Ad-valorem duty
  B) excise duty
  C) export duty
  D) quota
  Show Answer
  The correct answer is B .