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 1271: Recognized members of the Stock Exchange who buy and sell securities on their own behalf are known as ? Options:
  A) bulls
  B) jobbers
  C) brokers
  D) stags
  Show Answer
  The correct answer is B .
• Question 1272:

  An association formed by computer distributors to safeguard and promote their interest is a

  Options:
  A) chamber of commerce
  B) cooperative society
  C) trade association
  D) trade union
  Show Answer
  The correct answer is C .
• Question 1273: Social responsibility of an organization to? Options:
  A) tackle the socio-economic problem of its community
  B) meet the needs of its community
  C) contribute to sustaining and developing its community
  D) operate without disrupting the very essence of the enviroment
  Show Answer
  The correct answer is C .
• Question 1274: A source of business financing which involves pledging of a specific assets is? Options:
  A) bond
  B) mortage
  C) debentures
  D) loan
  Show Answer
  The correct answer is B .
• Question 1275: The partner that only contributes part of the capital used in the formation and running of a business is known as? Options:
  A) a passive partner
  B) an active partner
  C) a dormant partner
  D) a nominal partner
  Show Answer
  The correct answer is C .
• Question 1276:

  A document used to ensure correct payment of duty at the importing country is

  Options:
  A) documentary credit
  B) consular invoice
  C) certificate of origin
  D) bill of lading
  Show Answer
  The correct answer is D .
• Question 1277:

  Given:

  Sales...........................N15 000

  Opening stock...................N5 600

  Purchases.......................N9 700

  Closing stock...................N4 400

  Gross profit....................N4 500

  Net profit......................N2 200

  From the data above, calculate the rate of turnover?

  Options:
  A) 3:50 times
  B) 3:00 times
  C) 2:00 times
  D) 2:18 times
  Show Answer
  The correct answer is D .
• Question 1278: Which of the following best describes an invoice? Options:
  A) Contractual agreement for the sale of goods
  B) Document specifying quantity, description, prices and total value of purchase .
  C) Receipt containing necessary information about the goods.
  D) Letter specifying the contractual sales of goods between two parties
  Show Answer
  The correct answer is B .
• Question 1279:

  One of the disadvantages of sole proprietorship is

  Options:
  A) limited liability
  B) pride of ownership
  C) unlimited liability
  D) secrecy of annual reports
  Show Answer
  The correct answer is C .
• Question 1280: The type of communication from a superior to a subordinate in an organization is referred as? Options:
  A) horizontal communication
  B) lateral communication
  C) downward communication
  D) upward communication
  Show Answer
  The correct answer is C .