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 601: Which of the following sets of items was used for exchange in Nigeria before money was introduced? Options:
  A) cowries, iron rods, brass rods and copper rods
  B) iron rods, copper rods, manilla and cowries
  C) cowries, manilla, brass rod andcopper wires
  D) copper wires, brass wires, cowries and iron rod
  Show Answer
  The correct answer is C .
• Question 602: An association that acts as a watchdog between enterpreneurs and government to protect trade from any unfavourable laws is said to be a Options:
  A) cartel
  B) syndicate
  C) Chamber of Commerce
  D) Nigeria Bar Association
  Show Answer
  The correct answer is C .
• Question 603:

  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 604: The act of a person employing another to enter into a contract on his behalf is known as? Options:
  A) business
  B) sale of goods
  C) bilateral agreement
  D) agency
  Show Answer
  The correct answer is D .
• Question 605: An agreement between two parties which is enforceable by law is a? Options:
  A) promise
  B) warranty
  C) contract
  D) condition
  Show Answer
  The correct answer is C .
• Question 606: Recognized members of the Stock Exchange who buy and sell securities on their own behalf are known as ? Options:
  A) bulls
  B) jobbers
  C) brokers
  D) stags
  Show Answer
  The correct answer is B .
• Question 607: The most reliable and efficient means of conveying urgent documents is through Options:
  A) postal order
  B) ordinary letters
  C) registered letters
  D) courier services
  Show Answer
  The correct answer is D .
• Question 608:

  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

  Use the information below to answer question

  What is the total fixed capital?

  Options:
  A) N 570,000
  B) N 570,000
  C) N 575,000
  D) N 675,000
  Show Answer
  The correct answer is C .
• Question 609: Sole enterprise may flourish best in Options:
  A) a mining business
  B) a retailing business
  C) an oil exploration business
  D) a car assembly business
  Show Answer
  The correct answer is B .
• Question 610: Bank giro is a system where? Options:
  A) commercial banks can give loan to all customers
  B) a central bank opens account for commercial banks
  C) a customer uses cheque to pay serveral bills
  D) a customer closes his account by writting cheque
  Show Answer
  The correct answer is D .