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 1021: The term ‘5 Net 7’ on an invoice means that? Options:
  A) 5% discount will be allowed on the price charged if payment is made within seven days
  B) 5% discount will be allowed on the price charged if payment is made after seven days
  C) 5% surcharge will be made unless payment is made within seven days
  D) 5% dicount will be allowed on the charged if the goods are bought within seven days
  Show Answer
  The correct answer is A .
• Question 1022:

  A document issued by the seller's own courier and signed by the customer to acknowledge receipt of the goods is

  Options:
  A) advice note
  B) consignment note
  C) delivery note
  D) freight note
  Show Answer
  The correct answer is B .
• Question 1023: The cost of transporting goods to consumers called Options:
  A) carried inward
  B) carried forward
  C) carried paid
  D) carried outward
  Show Answer
  The correct answer is D .
• Question 1024: The right of an insurance company to stand in place of an insured against a third party , who is liable for the occurrence of a loss, is the principle of Options:
  A) proximate cause
  B) insurable interest
  C) insurance priority
  D) subrogation
  Show Answer
  The correct answer is C .
• Question 1025:

  Thee major aim of consumer orientation is_________

  Options:
  A) consumer satisfaction
  B) consumer sovereignty
  C) what to produce
  D) market research
  Show Answer
  The correct answer is A .
• Question 1026:

  

  Determine the owner's equity.

  Options:
  A) N 38 000 000
  B) N 20 000 000
  C) N 42 000 000
  D) N 25 000 000
  Show Answer
  The correct answer is A .
• Question 1027:

  A specially-designed mode of transport for conveying liquid and gas is a

  Options:
  A) coaster
  B) tanker
  C) liner
  D) ferry
  Show Answer
  The correct answer is B .
• Question 1028: A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a Options:
  A) commission agent
  B) del credere agent
  C) broker
  D) factor
  Show Answer
  The correct answer is B .
• Question 1029: If a firm has a turnover of N50 000 and the cost of goods sold is N40 000, what is the percentage of gross profit on sale? Options:
  A) 30.5%
  B) 20.5%
  C) 20.0%
  D) 10.0%
  Show Answer
  The correct answer is C .
• Question 1030:

  Current account holders withdraw money through

  Options:
  A) Credit card
  B) Cheque
  C) Transfer
  D) Withdrawal form
  Show Answer
  The correct answer is B .