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 1221:

  A company which issues a promissory note in lieu of payment for goods purchased

  Options:
  A) Is not bound to renew the note before payment
  B) Can return the goods purchased and refuse to pay
  C) Can refuse to pay on due date since it is only a promise
  D) Is bound to redeem the note for cash on due date
  Show Answer
  The correct answer is D .
• Question 1222: A share premium is an example of? Options:
  A) issued capital
  B) capital stock
  C) equity capital
  D) capital reserve
  Show Answer
  The correct answer is D .
• Question 1223: An example of an activity in the construction industry is Options:
  A) blacksmithing
  B) bricklaying
  C) car assembling
  D) shoemaking
  Show Answer
  The correct answer is C .
• Question 1224: RRF as a scheme introduced by the central bank of Nigeria means Options:
  A) recording and Rediscounting Facility
  B) refinancing and Recording Facility
  C) refinancing and Rediscounting Facility
  D) refinancing and Reinvesting Facility
  Show Answer
  The correct answer is D .
• Question 1225: One of the factors of determining the volume of production is Options:
  A) availablity of forex
  B) availability of storage facilities
  C) the location of the business
  D) the number of skilled manpower
  Show Answer
  The correct answer is B .
• Question 1226:

  A discount deducted from the invoice price of goods to enable the retailer to make profit

  Options:
  A) cash discount
  B) functional discount
  C) trade discount
  D) seasonal discount
  Show Answer
  The correct answer is A .
• Question 1227:

  Which of the following attracts only interest but leaves the capital unpaid?

  Options:
  A) uberrimae fidei
  B) subrogation
  C) contribution
  D) redeemable bond
  Show Answer
  The correct answer is D .
• Question 1228: If the rate of turnover of a company in 1999 was 4 times while the average stock was N49,600, determine the turnover. Options:
  A) N199,400
  B) N198,400
  C) N100,200
  D) N99,200
  Show Answer
  The correct answer is B .
• Question 1229: An internal demand for goods to be purchased or drawn from stock is? Options:
  A) a quoation
  B) a requisition
  C) a tender
  D) an order
  Show Answer
  The correct answer is B .
• Question 1230: The merger of a textile mill, a cement company and a tannery is referred to as? Options:
  A) conglomerate merger
  B) horizontal merger
  C) lateral merger
  D) vertiical merger
  Show Answer
  The correct answer is B .