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 701: An acquired firm in a merger will always receive a? Options:
  A) premium
  B) grant
  C) share
  D) discount
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  The correct answer is C .
• Question 702: Banks are engaged in the business of buying and selling of? Options:
  A) bills of exchange
  B) instruments of credit
  C) intangible products
  D) land
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  The correct answer is A .
• Question 703: If a business uses part of its profit to develop the area where it operates, the business is fulfilling its ______ Options:
  A) economic responsibilities
  B) marketing responsibilities
  C) social responsibilities
  D) managerial responsibilities
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  The correct answer is C .
• Question 704: The computer that functions by taking discrete numbers and performing mathematical calculations is called? Options:
  A) mainframe
  B) digital
  C) hybride
  D) analogue
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  The correct answer is C .
• Question 705: The development of commercial activities in Nigeria was facilitated largely by Options:
  A) a good transport system
  B) the indigenization decree
  C) a convenient medium of exchange
  D) a high level of production
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  The correct answer is C .
• Question 706: Factors considered when setting up a retail business is one of the following _________ Options:
  A) capital, experience and trading
  B) experience, term of trade, and trading
  C) capital, trading and term of trade
  D) capital, type of goods and source of supply
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  The correct answer is D .
• Question 707:

  The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

  Initial Capital	5000
  Net Profit	1000
  Furniture	2000
  Equipment	2900
  Debtors	100
  Stock	1000
  Bank	500

  From the above, calculate Fixed assets

  Options:
  A) 6500
  B) 2000
  C) 4900
  D) 600
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  The correct answer is C .
• Question 708: The type of partnership in which all partners are jointly liable in bearing risk is? Options:
  A) limited partnership
  B) partnership-at-will
  C) ordinary partnership
  D) industral partnership
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  The correct answer is C .
• Question 709:

  What is the difference between current assets and current liabilities?

  Options:
  A) Working capital
  B) nominal capital
  C) capital employed
  D) issued capital
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  The correct answer is A .
• Question 710:

  One of the principles of insurance is

  Options:
  A) Proximate cause
  B) Fidelity guarantee
  C) Consequential loss
  D) Surrender value
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  The correct answer is A .