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 81: A business organization is said to be socially responsible when it? Options:
  A) gets involved in issues relating to the society
  B) rewards its staff for long-term service
  C) offers discounts to customers
  D) invites the public to its annual general meetings
  Show Answer
  The correct answer is A .
• Question 82: The nominal value of a share as specified in the Memorandum of Association and the share certificate is the Options:
  A) discounted value
  B) stock value
  C) face value
  D) par value
  Show Answer
  The correct answer is C .
• Question 83: Berne union is also known as Options:
  A) International Credit Union
  B) International Documentry Credit
  C) International Union of Credit and Investment Insurers
  D) export Credit Guarantee Scheme
  Show Answer
  The correct answer is C .
• Question 84:

  Given:

  i. Shoe maker ii. Policeman iii. Fisherman iv. Gardener v. Broker

  The persons engaged in primary occupation are

  Options:
  A) i,iii and iv
  B) iii and iv
  C) iii and v
  D) i, ii and v
  Show Answer
  The correct answer is B .
• Question 85:

  $\begin{array}{cc}N& N\\ \text{Capital 8000}& \text{Plant and machinery 5000}\\ \text{Net profit 4000}& \text{Motor van 4500}\\ \text{Drawings 200}& \text{Stock 2000}\\ \text{Creditors 2000}& \text{Debtor 1000}\\ \text{Accruals 300}& \text{Bank 100}\\ & \text{Cash 600}\\ 14100& 14100\end{array}$

  What is the acid ratio?

  Options:
  A) 1.13 : 1
  B) 2 : 1
  C) 4.75 : 1
  D) 4.25 : 1
  Show Answer
  The correct answer is A .
• Question 86:

  Use the conversion below to answer question 7 and 8

  MUSA: Taiwo why are you in business?

  TAIWO: To optimized profit, provide quality

  Product and discharge my social

  Responsibilities. What of you, Okon

  And Kalu

  OKON: I am in business to cater for the

  Need of the consumers at all costs.

  KALU: I am in business to make profit,

  Provided quality product

  At reasonable prices

  And establish a good

  Reputation for myself.

  Options:
  A) Musa
  B) Okon
  C) Taiwo
  D) Kalu
  Show Answer
  The correct answer is D .
• Question 87: Which of the following best described the scope of commerce Options:
  A) All forms of commercial exchanges relating to industry
  B) Buying and selling and the construction industry
  C) All occupational exchanges relating to industries and commercial activities
  D) Buying and selling as well as the extraction of natural resources
  Show Answer
  The correct answer is C .
• Question 88: The essential utility derived from the use of a product is known as Options:
  A) augmented benefit
  B) branded benefit
  C) core benefit
  D) formal benefit
  Show Answer
  The correct answer is C .
• Question 89: 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 90: The main advantage of a sole trader is the freedom to Options:
  A) employ anyone he likes
  B) seek advice from any source
  C) take quick decisions
  D) plough all the profits back into the business
  Show Answer
  The correct answer is C .