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 521: The safety and quality of products are the social responsibility of? Options:
  A) the Standards Organization of Nigeria
  B) the Manufacturers' Association of Nigeria
  C) the Corporate Affairs Commission
  D) business organizations
  Show Answer
  The correct answer is A .
• Question 522:

  

  Use the above table to answer this question.

  What insurance principle has Mr P Violated if he decides to overstate the actual value of his property?

  Options:
  A) Indemnity
  B) Insurable interest
  C) Uberrimae fidei
  D) Subrogation
  Show Answer
  The correct answer is C .
• Question 523: Which of the following confirms the accuracy of the duty charged on imported goods? Options:
  A) An indent
  B) Consular invoice
  C) Consignment note
  D) Shipping note
  Show Answer
  The correct answer is B .
• Question 524: The minimum lending rate of a bank is a component of its Options:
  A) current assets
  B) debit balances
  C) credit balance
  D) fixed assets
  Show Answer
  The correct answer is A .
• Question 525: A bond which attracts interest but leaves the capital repaid is referred to as Options:
  A) A redeemable bond
  B) An irredeemable bond
  C) A development bond
  D) A long-term loan
  Show Answer
  The correct answer is B .
• Question 526: The World Tourism Organization has its headquarters in? Options:
  A) New York
  B) Paris
  C) Madrid
  D) London
  Show Answer
  The correct answer is A .
• Question 527: In e-banking, ATM means Options:
  A) Authentic Teller Manchine
  B) Autmatic Teller Machine
  C) All-purpose Teller Machine
  D) Automated Teller Machine
  Show Answer
  The correct answer is D .
• Question 528: A chamber of commerce is an association made up of Options:
  A) enterpreneurs
  B) manufacturers
  C) merchants
  D) importers
  Show Answer
  The correct answer is A .
• Question 529:

  	₦		₦
  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 530: A market where new shares are tracked is known as Options:
  A) Primary Market
  B) Stock Exchange
  C) Secondary Market
  D) Money Market
  Show Answer
  The correct answer is A .