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 111:

  The three components of staffing are? 

  Options:
  A) recruitment, interview and appointment
  B) recruitment, selection and placement
  C) recruitment, test and placement
  D) recruitment, procurement and appointment
  Show Answer
  The correct answer is B .
• Question 112: The implied provisions in every sale of goods as contained in the sale of goods act of 1893 are conditions and Options:
  A) Guaranties
  B) Warranties
  C) Sureties
  D) Consideration
  Show Answer
  The correct answer is B .
• Question 113: A carton of noodles valued at #2,000 was invoiced at #200 only.The accounting procedure to correct this error is to issue Options:
  A) an invoice for #200
  B) a debit note for #2,00
  C) a credit note for #1,800
  D) a debit note for #1,800
  Show Answer
  The correct answer is D .
• Question 114: Management is described as Options:
  A) getting things done through people
  B) implementing of business decision
  C) the numbers of levels in an organization
  D) the people in authority in an organization
  Show Answer
  The correct answer is B .
• Question 115:

  

  Use the information above to answer this question.

  What is the ratio?

  Options:
  A) 2.95:1
  B) 4.25:1
  C) 4.75:1
  D) 5,55:1
  Show Answer
  The correct answer is A .
• Question 116: A pro forma invoice is NOT required when Options:
  A) quoting for the supply of goods
  B) goods are sent on approval
  C) dealing regularly with a customer
  D) final prices are uncertain
  Show Answer
  The correct answer is C .
• Question 117: An aid to trade associated with communications is? Options:
  A) banking
  B) transportation
  C) warehousing
  D) insurance
  Show Answer
  The correct answer is B .
• Question 118: Law-making is an example of? Options:
  A) indirect service
  B) commerical occupation
  C) direct service
  D) industrial occupation
  Show Answer
  The correct answer is C .
• Question 119: A company has an authorized capital of 40 million shares at N1 per share, out of which 32 million shares have been issued and fully paid-up. The remaining 8 million shares have Options:
  A) been issued but have not been paid-up
  B) been applied for but not issued
  C) not been paid-up
  D) not yet been issued
  Show Answer
  The correct answer is D .
• Question 120: The principle of insurance which entitles an insurance company to take any advantage due to the insured after full indemnity is? Options:
  A) contribution
  B) subrogation
  C) promiate cause
  D) utmost good faith
  Show Answer
  The correct answer is B .