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 41:

  A request for goods from another country by an importer would be made using

  Options:
  A) an invoice
  B) an indent
  C) an order
  D) a quotation
  Show Answer
  The correct answer is B .
• Question 42: A firm that disposes its wastes properly is discharging its? Options:
  A) community responsibility
  B) evironmental responsibility
  C) civic responsibility
  D) social responsibility
  Show Answer
  The correct answer is B .
• Question 43: Given

  	N
  sales	15,000
  opening stock	5,600
  purchase	9,700
  closing stock	4,400
  gross profit	4,500
  net profit	2,000

  What is the rate of turnover from the table?

  Options:
  A) 3.50 times
  B) 3.00 times
  C) 2.00 times
  D) 2.18
  Show Answer
  The correct answer is D .
• Question 44: A business whose owners enjoys loan facilities on the basis of personal goodwill is a? Options:
  A) commercial bank
  B) thrift society
  C) co-operative society
  D) community bank
  Show Answer
  The correct answer is B .
• Question 45:

  A demonstration of social responsibility by a business is the payment of

  Options:
  A) interests on loans
  B) taxes to government
  C) dividends to shareholders
  D) premium on insurance
  Show Answer
  The correct answer is B .
• Question 46: The Continental West African Conference is a Options:
  A) group of all West African countries trading in the same products
  B) conference to foster unity among the West African countries
  C) gorups of shipping lines operating on the same West African route
  D) trust with shareholders fromall West African countries
  Show Answer
  The correct answer is D .
• Question 47: The process of dividing task into jobs and departments and of delegating authority is known as? Options:
  A) staffing
  B) leading
  C) directing
  D) organizing
  Show Answer
  The correct answer is D .
• Question 48: Resources harnessed in certain proportion to create goods and services are? Options:
  A) factors of production
  B) technology and labour
  C) land and entrepreneur
  D) raw materials
  Show Answer
  The correct answer is A .
• Question 49:

  The conversion of raw materials into finished products creates

  Options:
  A) form utility
  B) time utility
  C) marginal utility
  D) place utility
  Show Answer
  The correct answer is A .
• Question 50: The main frame of selling directly to the consumers by manufacturers is to? Options:
  A) reduce transportation cost
  B) make contact with individual consumers
  C) discourage the activities of middlemen
  D) maximize profit margin
  Show Answer
  The correct answer is C .