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: One advantage the co-operative society has over the company is that the Options:
  A) the latter pays tax while the former does not
  B) former attract more capitals than the later
  C) members of the former is usually morethan the latter
  D) former, unlike the latter, has limited liabities
  Show Answer
  The correct answer is A .
• Question 82: The documents used in the purchase and sale of goods which contain other terms of trade are? Options:
  A) debit note and credit note
  B) delivery note and advice nopt
  C) invoice and order
  D) quotation and invoice
  Show Answer
  The correct answer is C .
• Question 83:

  Which of the following are the components of commerce?

  I Trading and advertising

  II Warehousing and transportation

  III Packaging and branding

  IV Insurance and banking

  Options:
  A) I and II
  B) I and III
  C) I, II and IV
  D) II, III and IV
  Show Answer
  The correct answer is C .
• Question 84: Computers that process all data as binary zeros and ones are Options:
  A) analog computers
  B) digital computers
  C) hybrid computers
  D) desktop computers
  Show Answer
  The correct answer is B .
• Question 85: A document which serves as an order with details of goods required by an intending purchaser is Options:
  A) a freight note
  B) an indent
  C) a bill of landing
  D) a way bill
  Show Answer
  The correct answer is B .
• Question 86:

  A cheque is specially crossed if

  Options:
  A) the name of the account holder is written between two parallel lines drawn across it
  B) it could be paid over the counter
  C) the name of the bank is written between two parallel lines drawn across it
  D) only two parallel lines are drawn across it
  Show Answer
  The correct answer is C .
• Question 87: The difference between total current assets and total current liabilities of a business is known as Options:
  A) quick ratio
  B) liquidity ratio
  C) working capital
  D) circulating capital
  Show Answer
  The correct answer is C .
• Question 88: When 'FOB' is written on a document, it implies that the buyer bears the? Options:
  A) cost of goods and advert
  B) loading costs and insurance
  C) insurance and transport costs
  D) transport and communication costs
  Show Answer
  The correct answer is C .
• Question 89:

  The board of directors of public enterprise is appointed by who?

  Options:
  A) government
  B) management
  C) employees
  D) shareholders
  Show Answer
  The correct answer is A .
• Question 90:

  One of the criteria for differenciating consumer markets from industrial ones is the?

  Options:
  A) type of demand
  B) type of supply
  C) nature of service rendered
  D) price of the goods
  Show Answer
  The correct answer is C .