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 831: Entrusting the management of a company to the courts to enable the settlement of the company’s obligations is an indication of? Options:
  A) distress
  B) closure
  C) bankruptcy
  D) liquidation
  Show Answer
  The correct answer is C .
• Question 832:

  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

  Use the information below to answer question

  What is the total fixed capital?

  Options:
  A) N 570,000
  B) N 570,000
  C) N 575,000
  D) N 675,000
  Show Answer
  The correct answer is C .
• Question 833: Which of the following is NOT backed by gold but by government securites? Options:
  A) Fiduciary note
  B) Token money
  C) Commodity money
  D) Fiat money
  Show Answer
  The correct answer is A .
• Question 834: The concept that refers to the sale, transfer or exchange of goods and services is Options:
  A) industry
  B) trade
  C) tariff
  D) marketing
  Show Answer
  The correct answer is B .
• Question 835:

  Which of the following is not a characteristic of a commercial bank?

  Options:
  A) Established as limited liability company
  B) Established by individuals or organizations
  C) Established to issue bank notes
  D) Established with the view of making profit
  Show Answer
  The correct answer is C .
• Question 836:

  The sale of second hand securities is done in which market

  Options:
  A) Building society
  B) cooperative society
  C) stock exchange
  D) capital market
  Show Answer
  The correct answer is C .
• Question 837:

  The bank which acts as the lender of last resort is the

  Options:
  A) Central bank
  B) Commercial bank
  C) Merchant bank
  D) Mortegage bank
  Show Answer
  The correct answer is A .
• Question 838: Which of the following is a disadvantage of nationalization Options:
  A) It promotes poor economic planning
  B) The cost of services is not determined by by market forces
  C) It may lead to rationalization of resources
  D) The development of local skills and technologyis retarded
  Show Answer
  The correct answer is D .
• Question 839: A feature common to public and private limited liability companies is that Options:
  A) both can sue and be sued
  B) the minimum number of their shareholders is five
  C) the transfer of their shares is not restricted
  D) their annual accounts are published for public use
  Show Answer
  The correct answer is A .
• Question 840:

  A title, symbol, or design that distinguishes a company is called

  Options:
  A) Brand name
  B) Trademark
  C) copyright
  D) Patent right
  Show Answer
  The correct answer is B .