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 761: Sole enterprise may flourish best in Options:
  A) a mining business
  B) a retailing business
  C) an oil exploration business
  D) a car assembly business
  Show Answer
  The correct answer is B .
• Question 762: A worker who process rice is engaged in? Options:
  A) constructive activity
  B) comercial activity
  C) extractive activity
  D) manufactural activity
  Show Answer
  The correct answer is D .
• Question 763: The factor of production that is subject to depreciation is? Options:
  A) capital
  B) land
  C) labour
  D) entrepreneur
  Show Answer
  The correct answer is A .
• Question 764: A distinguishing characteristic of labour is that it is Options:
  A) constant
  B) expensive
  C) mobile
  D) cost
  Show Answer
  The correct answer is C .
• Question 765: Factors of production can be described as the? Options:
  A) resources required for the provision of goods and services
  B) skills involves in deciding and directing the flow of goods
  C) monetary tools employed by government to ensure stable production
  D) elements involved in the process of formulating policies on production
  Show Answer
  The correct answer is A .
• Question 766:

  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
  Show Answer
  The correct answer is C .
• Question 767: A core investor in the current phase of privatization in Nigeria is one who? Options:
  A) can afford to buy most of the shares of the enterprises
  B) will be at the core of the enterprises
  C) can mobilize foreign currency equivalent to the value of the enterprises
  D) has the technical know-how of the enterprises
  Show Answer
  The correct answer is A .
• Question 768: The difference between indemnity insurance and non-indemnity insurance is that the latter provides Options:
  A) cover for exporters against risks
  B) cover for importers against risks
  C) full payment to the insured
  D) consolation payment to the insured
  Show Answer
  The correct answer is D .
• Question 769:

  One of the principles of insurance is

  Options:
  A) Proximate cause
  B) Fidelity guarantee
  C) Consequential loss
  D) Surrender value
  Show Answer
  The correct answer is A .
• Question 770:

  An abridged version of a company's income statement for 11993 contains the following information:

  Turnover N286.5

  Cost of goods sold N147.5

  Overhead and other expenses N85.5

  Taxes due for the year N26.9

  What was the company's profit before tax for 1993?

  Options:
  A) 26.9 million
  B) 53.5 million
  C) 139.2 million
  D) 286.5 million
  Show Answer
  The correct answer is B .