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 621: The components of capital employed in a business are? Options:
  A) owners' equity and long-term debts
  B) total assets and current liabilities
  C) share capital and long-term debts
  D) share capital and current liabilities
  Show Answer
  The correct answer is B .
• Question 622: A major objective of all business resources is ______ Options:
  A) public relation
  B) profit sharing
  C) human relation
  D) profit making
  Show Answer
  The correct answer is D .
• Question 623:

  The maximum number of shareholders in a public liability company is

  Options:
  A) twenty
  B) one hundred
  C) fifty
  D) unlimited
  Show Answer
  The correct answer is D .
• Question 624: The machine used for sending telex messages is known as a? Options:
  A) radar
  B) fax machine
  C) dictaphone
  D) teleprinter
  Show Answer
  The correct answer is B .
• Question 625:

  $\begin{array}{cccc}\text{Name}& \text{Insure amount}& \text{Actual value}& \text{Actual loss}\\ \text{Mr A}& 30,000& 100,000& 40,000\\ \text{Mr B}& 40,000& 120,000& 50,000\\ \text{Mr C}& 50,000& 15,000& 70,000\end{array}$

  If Mr A takes a fire insurance policy with average clause, his compensation will be

  Options:
  A) N15,000
  B) N20,000
  C) N12,000
  D) N25, 000
  Show Answer
  The correct answer is C .
• Question 626: At the collapse of a business enterprises, the person appointed to dispose off the assets is called ________? Options:
  A) an auctioneer
  B) a broker
  C) a liquidator
  D) an auditor
  Show Answer
  The correct answer is A .
• Question 627:

  In law of contract, a counter offer operates as

  Options:
  A) an acceptance
  B) a rejection
  C) an offer
  D) a contract
  Show Answer
  The correct answer is B .
• Question 628: The focal point of marketing is? Options:
  A) the competitior
  B) the buyer
  C) profit-making
  D) sales
  Show Answer
  The correct answer is D .
• Question 629:

  A demerit of communication is that it

  Options:
  A) increase the cost of goods in transit
  B) give room for distortion of fact
  C) hinder quick reception of messages over a long distance
  D) makes payment for goods cumbersome
  Show Answer
  The correct answer is B .
• Question 630: The amount of authorized capital that shareholders have subscribed to is Options:
  A) issued share capital
  B) authorized share capital
  C) owner's equity
  D) working capital
  Show Answer
  The correct answer is B .