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 791: Which software program can be used to generate financial reports from a company's client list? Options:
  A) MS Word
  B) Database
  C) MS Excel
  D) Adobe
  Show Answer
  The correct answer is C .
• Question 792:

  	₦		₦
  Stock 1/1	20,000	Net Sales	370,000
  Add purchases	250,000
  Cost of goods available for sale	270,000
  Less stock 31/12	40,000
  Cost of goods sold	230,000
  Rent expenses	35,000

  Find the gross profit

  Options:
  A) ₦150,000
  B) ₦370,000
  C) ₦230,000
  D) ₦140,000
  Show Answer
  The correct answer is D .
• Question 793: The function of commerce in relation to production is ______ Options:
  A) helping in the extraction of raw material from nature
  B) providing a link between the different stage of conversion of good
  C) yielding result
  D) satisfying
  Show Answer
  The correct answer is D .
• Question 794: Bank overdraft as a short term source of fund is Options:
  A) an overdrawn account
  B) granted to a newly opened account
  C) repayable after more than a year
  D) a current liability
  Show Answer
  The correct answer is A .
• Question 795: Rights issue means the Options:
  A) issue of shares to the directors of a company on favourable terms
  B) Issue of shares by a company only to the founders of the company
  C) right of shareholders to vote on any issue
  D) issue of shares to shareholders on favourable terms
  Show Answer
  The correct answer is D .
• Question 796:

  	₦		₦
  Stock 1/1	20,000	Net sales	370,000
  Add purchases	250,000
  Cost of goods available for sale	270,000
  Less stock 31/12	40,000
  Cost of goods sold	230,000
  Rent expenses	35,000

  Calculate the net profit

  Options:
  A) ₦35,000
  B) ₦115,000
  C) ₦105,000
  D) ₦40,000
  Show Answer
  The correct answer is C .
• Question 797:

  The duties paid on goods produced locally is

  Options:
  A) export duty
  B) excise duty
  C) Ad-valorem duty
  D) quota
  Show Answer
  The correct answer is B .
• Question 798: 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 799: The insurance policy which provides full cover against all risks at sea is known as Options:
  A) Policy with Particular Average
  B) Policy Free of Particular Average
  C) Marine Freight Insurance
  D) Marine Voyage Policy Insurance
  Show Answer
  The correct answer is D .
• Question 800:

  The marketing concept emphasizes

  Options:
  A) sales of goods directly to customers
  B) use of promotional tools to stimulate sale
  C) mass production of goods
  D) consumer's satisfaction at a profit
  Show Answer
  The correct answer is D .