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 671:

  Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

  	₦		₦
  Opening stock Purchase	1000 7000	Sales	8000
  Closing Stock	3000

  Trading Expenses

  Electricity Salaries Rent Depreciations

  ₦ 135 875 180 210

  From the figures given, calculate

  Gross profit

  Options:
  A) 300
  B) 3000
  C) 6000
  D) 11000
  Show Answer
  The correct answer is B .
• Question 672: The circulating capital of a business enterprise is classified into Options:
  A) Cash, work-in-progress and debtors
  B) Cash, Vehicles, land and building
  C) debtors, stocks of raw materials and fitting
  D) Prepayments, debtors and equipment
  Show Answer
  The correct answer is A .
• Question 673: Management of a business involves the development of ideas for the Options:
  A) distribution of goods and services that human wants
  B) transportation of goods and services that human wants
  C) transfer of title of ownership of goodsand services to individuals
  D) production of goods and services that satisfy human needs
  Show Answer
  The correct answer is D .
• Question 674:

  The type of letters that are delivered through the normal mail or by airmail express service is referred to as

  Options:
  A) express letters
  B) registered letters
  C) inland letters
  D) airmail letters
  Show Answer
  The correct answer is C .
• Question 675: The basic elements of a valid contract are Options:
  A) offer, acceptance, consideration and witness
  B) offer, intention, acceptance and legality
  C) offer, acceptance, intention, capacity and legality
  D) offer, acceptance, capacity, legality and consideration
  Show Answer
  The correct answer is D .
• Question 676: Balance of payments is made up of? Options:
  A) visible and current items
  B) invisible and capital items
  C) current and capital items
  D) visible and invisible items
  Show Answer
  The correct answer is C .
• Question 677:

  Services rendered to the public is provided by

  Options:
  A) domestic servants
  B) civil servants
  C) government
  D) professionals
  Show Answer
  The correct answer is B .
• Question 678: The difference between personal selling and sales promotion is that while sales promotion includes free gifts and samples, personal selling involves? Options:
  A) distributing instructional posters
  B) face-to-face communication with customers
  C) premium programming for customers
  D) publishing promotional booklets
  Show Answer
  The correct answer is B .
• Question 679: Under the endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the? Options:
  A) indemnity
  B) surrender value
  C) lump sum benefit
  D) insurance premium
  Show Answer
  The correct answer is C .
• Question 680: A function organization structure is where? Options:
  A) staff performing the same functions are grouped together
  B) department performing similar functions grouped together
  C) activities of similar nature are grouped together
  D) staff performing similar functions are grouped together
  Show Answer
  The correct answer is D .