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 61:

  Which function of money is described in the following statement?

  It serves as a medium through which business transactions are carried out

  Options:
  A) Standard for deferred payments s
  B) Medium of exchange
  C) Store of value
  D) Unit of account
  Show Answer
  The correct answer is A .
• Question 62:

  In the law of contact, a counter offer operates as

  Options:
  A) A contact
  B) an acceptance
  C) a rejection
  D) a rejection
  Show Answer
  The correct answer is D .
• Question 63: The activity which entails buying of goods in bulk and selling in small quantities to retailers is? Options:
  A) assembling
  B) wholesaling
  C) retailing
  D) merchandising
  Show Answer
  The correct answer is B .
• Question 64:

  The document that explains the types of shares available for sale to the public is

  Options:
  A) a prospectus
  B) an invoice
  C) closed indent
  D) an open indent
  Show Answer
  The correct answer is A .
• Question 65: A shortcoming of the Second-tier Foreign Exchange Market in Nigeria is that it Options:
  A) serves as a mechanism for evaluating an unrealistic exchange rate for the naira
  B) creates unhealthy competition amongst users of foreign exchange
  C) contributes to destabilizing national resource allocation
  D) contributes to flooding the market with foreign essential commodities
  Show Answer
  The correct answer is B .
• Question 66: The rewards of rents, wages, interests and profits accrue from? Options:
  A) capital, labour, land and enterpreneur respectively
  B) land, enterpreneur,labour and capital respectively
  C) land, lbour, capital and enterpreneur respectively
  D) labour, enterpreneur, land and capital respectively
  Show Answer
  The correct answer is C .
• Question 67: (i) Companies must be registered as private limited liability companies. (ii)Companies must not have less than 100 shareholders (iii) No shareholder may have more than 75% of issued shared capital. What of the above are requirements for admission into the second-tier securities market? Options:
  A) i and ii only.
  B) i and iii only
  C) i, ii and iii only
  D) ii and iii only.
  Show Answer
  The correct answer is D .
• Question 68: 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 69:

  The part of the computer that has the capacity to interpret instruction is

  Options:
  A) central processing unit
  B) universal power storage
  C) monitor
  D) keyboard
  Show Answer
  The correct answer is A .
• Question 70: The concept that refers to the sale, transfer or exchange of goods and service is? Options:
  A) industry
  B) trade
  C) tariff
  D) marketing
  Show Answer
  The correct answer is B .