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 561:

  Which of the following organizations provide essential goods and services at low cost to citizens?

  Options:
  A) Thrift societies
  B) Public enterprises
  C) Private companies
  D) Cooperative societies
  Show Answer
  The correct answer is B .
• Question 562: One of the requirements necessary for setting up a business is? Options:
  A) registration
  B) advertisement
  C) knowledge of the business
  D) documentation
  Show Answer
  The correct answer is C .
• Question 563: 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 564: The merchant wholesaler is referred to as Options:
  A) del-credere agent
  B) a broker
  C) rack jobber
  D) a factor
  Show Answer
  The correct answer is A .
• Question 565:

  The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

  Initial Capital	5000
  Net Profit	1000
  Furniture	2000
  Equipment	2900
  Debtors	100
  Stock	1000
  Bank	500

  From the above, calculate Fixed assets

  Options:
  A) 6500
  B) 2000
  C) 4900
  D) 600
  Show Answer
  The correct answer is C .
• Question 566: A protection right which can be reviewed or renewed after seven years is known as? Options:
  A) patent
  B) design
  C) registration name
  D) trade mark
  Show Answer
  The correct answer is A .
• Question 567:

  A company which issues a promissory note in lieu of payment for goods purchased

  Options:
  A) Is not bound to renew the note before payment
  B) Can return the goods purchased and refuse to pay
  C) Can refuse to pay on due date since it is only a promise
  D) Is bound to redeem the note for cash on due date
  Show Answer
  The correct answer is D .
• Question 568:

  A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a

  Options:
  A) commission agent
  B) factor
  C) broker
  D) del credere agent
  Show Answer
  The correct answer is D .
• Question 569: The promotion and protection of trade industry and agriculture through trade fairs is a function of Options:
  A) NACRDB
  B) NACCIMA
  C) the consumer protection council
  D) the chamber of commerce
  Show Answer
  The correct answer is D .
• Question 570: Which of the following is an example of a conglomerate? Options:
  A) National Electric Power Authority
  B) United Africa Company Nigeria Plc
  C) The Nigeria Railway Corporation
  D) First Bank of Nigeria Plc
  Show Answer
  The correct answer is B .