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 641: If a firm has a turnover of N50 000 and the cost of goods sold is N40 000, what is the percentage of gross profit on sale? Options:
  A) 30.5%
  B) 20.5%
  C) 20.0%
  D) 10.0%
  Show Answer
  The correct answer is C .
• Question 642: A current account is beneficial to its holder as? Options:
  A) cheques can be issued to anybody
  B) customers cannot withdraw frequently
  C) it is only the holder that can make withdrawals
  D) it allows customers the use of passbooks
  Show Answer
  The correct answer is A .
• Question 643: One of the major problems of a sole proprietor is sourcing for? Options:
  A) raw materials
  B) labour
  C) machineries
  D) funds
  Show Answer
  The correct answer is D .
• Question 644: The object of the business are determined by the Options:
  A) workers
  B) government
  C) society
  D) promoters
  Show Answer
  The correct answer is C .
• Question 645:

  On liquidation of a public limited liability company, the residual owners are the?

  Options:
  A) creditors
  B) debenture shareholders
  C) preference shareholders
  D) ordinary shareholder
  Show Answer
  The correct answer is D .
• Question 646:

  What’s the first form an applicant must complete before taking an insurance policy?

  Options:
  A) Cover note
  B) advice note
  C) proposal form
  D) certificate of insurance
  Show Answer
  The correct answer is C .
• Question 647: Service rendered to the public is provided by? Options:
  A) governement
  B) civil servants
  C) professionals
  D) domestic servants
  Show Answer
  The correct answer is B .
• Question 648: A wholesaler who possesses the title of goods he sells is known as? Options:
  A) a merchant wholesaler
  B) a multiple wholesaler
  C) a general wholesaler
  D) an agent wholesaler
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  The correct answer is A .
• Question 649: The provision of quality and safe products which guarantee the health of consumers is an example of Options:
  A) quality control
  B) price control
  C) civic responsibility
  D) social responsibility
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  The correct answer is A .
• Question 650:

  The Nigerian Stock Exchange consist of

  Options:
  A) primary and secondary -tier market
  B) commercial and mortgage market
  C) secondary and primary market
  D) money and commodities market
  Show Answer
  The correct answer is C .