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 1161: The factor of production that is subject to depreciation is? Options:
  A) capital
  B) land
  C) labour
  D) entrepreneur
  Show Answer
  The correct answer is A .
• Question 1162: Okeze contracted to sell TV sets to Ojo. Unknown to them, the sets were stolen in transit. This contract may be terminated on the ground of Options:
  A) bankruptcy
  B) frustration
  C) fraudulence
  D) breach of contract
  Show Answer
  The correct answer is B .
• Question 1163: The current highest decision-making body on privatization and commercialization of public enterprises in Nigeria is the? Options:
  A) National Council on Privatization
  B) Securities and Exchange Commission
  C) Nigeria Investment Promotion Commission
  D) Bureau of Public ENterprises
  Show Answer
  The correct answer is D .
• Question 1164:

  A public limited liability company having a nominal capital made up of 200 000 ordinary shares of 50k each decided to issued 50% of it to the public.

  What is the authorized capital?

  Options:
  A) N40 000
  B) N50 000
  C) 100 000
  D) 200 000
  Show Answer
  The correct answer is B .
• Question 1165: Compulsory dissolution of a business can arise from Options:
  A) an agreement by the owners
  B) a declaration by a court of law
  C) the termination of its life
  D) an unfavourable economic climtate
  Show Answer
  The correct answer is B .
• Question 1166:

  Given $\frac{\text{index of export price}}{\text{index of import price}}$ X $\frac{100}{1}$

  The formula above can be used to determine the

  Options:
  A) terms of payment
  B) balance of payments
  C) tearms of trade
  D) import tariffs
  Show Answer
  The correct answer is C .
• Question 1167: A demonstration of social responsibility by a business is the payment of Options:
  A) taxes to government
  B) dividends to shareholders
  C) interests on loans
  D) premium on insurance
  Show Answer
  The correct answer is A .
• Question 1168:

  One major characteristic of credit unions and thrift societies is that

  Options:
  A) the contribution of every member depends on the member's ability
  B) the legal processes involved in their formation are rigid
  C) membership is compulsory to people in the same line of business
  D) a minimum of ten people in the same line of business can form the union
  Show Answer
  The correct answer is A .
• Question 1169: A risk that can be estimated and calculated to be compensation is? Options:
  A) a delivery risk
  B) an insurable risk
  C) a credit risk
  D) a systematic risk
  Show Answer
  The correct answer is B .
• Question 1170:

  The resources put together to create goods and services are

  Options:
  A) working capital
  B) producer goods
  C) factors of production
  D) consumer goods
  Show Answer
  The correct answer is C .