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 711:

  Use the information below to answer question 7 and 8.

  Ojo purchased the following items from Sani at the specified prices on credit:

  200 cartons of milk at N1,000 per carton; 50 bags of rice at N3 000 per bag.

  Sani allowed 10% trade discount and 5% cash discount, if payment is made within the agreed period. Ojo paid within the agrred period.

  What was the the amount paid by Ojo?

  Options:
  A) N382,500
  B) N425,000
  C) N363,375
  D) N61,625
  Show Answer
  The correct answer is C .
• Question 712: The significance of money to modern economic system is that it? Options:
  A) is used as a means of payment
  B) promotes specialization and exchange
  C) measures value and promotes exchange
  D) causes inflation in the economy
  Show Answer
  The correct answer is C .
• Question 713:

  An example of extractive occupation is

  Options:
  A) driving
  B) teaching
  C) banking
  D) mining
  Show Answer
  The correct answer is D .
• Question 714: The selling of new shares to exist shareholders is referred to as? Options:
  A) public issue
  B) offer for sale
  C) rights issue
  D) bonus issue
  Show Answer
  The correct answer is C .
• Question 715: The traditional way of paying cooperative dividend is to distribute profit in proportional to members'? Options:
  A) subscriptions
  B) total savings
  C) volume of purchase
  D) contributions
  Show Answer
  The correct answer is C .
• Question 716: A contract that is acknowledged before the law court is referred to as Options:
  A) informal contract
  B) formal contract
  C) contract of records
  D) specialty contract
  Show Answer
  The correct answer is C .
• Question 717:

  Amina Enterprises Balance Sheet as at 30/3/99
  Liabilities	₦	Assets	₦
  Share capital	400,000	Land	200,000
  Reserve fund	200,000	Buildings	150,000
  Creditors	110,000	Machinery	200,000
  Bills payable	50,000	Implements	20,000
  Undistributed profits	45,000	Office fittings	5,000
  Wages due	5,000	Raw materials	100,000
  		Finished goods	50,000
  		Debtors	20,000
  		Bills receivable	15,000
  		Cash at bank	45,000
  		Cash at hand	5,000

  Determined the circulating capital?

  Options:
  A) N250,000
  B) N245,000
  C) N235,000
  D) N225,000
  Show Answer
  The correct answer is C .
• Question 718:

  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 719: A major merit of the retaining middlemen is to _______ Options:
  A) pay cash to the bank: for manufacturers
  B) stock perishable goods
  C) regulate price for manufacturers
  D) stock goods produced by different manufacturer
  Show Answer
  The correct answer is D .
• Question 720: The effective and efficient delivery of the desired satisfaction by a firm is said to be the practice of Options:
  A) Product concept
  B) Marketing concept
  C) Distribution concept
  D) Price concept
  Show Answer
  The correct answer is B .