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 1281: 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 1282: A major objective of all business resources is ______ Options:
  A) public relation
  B) profit sharing
  C) human relation
  D) profit making
  Show Answer
  The correct answer is D .
• Question 1283: A company has an authorized capital of 40 million shares at N1 each, out f which 32 million are issued and fully paid-up. What happens to the remaining 8 million shares? Options:
  A) it has been issued but not paid-up
  B) it has been applied for but not issued
  C) it is not paid-up
  D) it has not yet been issued
  Show Answer
  The correct answer is D .
• Question 1284: A business firm that is involved in conveying goods or people is known as a? Options:
  A) consignor
  B) commercial firm
  C) carrier
  D) transporter
  Show Answer
  The correct answer is C .
• Question 1285: 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 1286:
  

  Use the information above to answer the question below.

  What is the owners' equity?

  Options:
  A) N 250 000
  B) N 300 000
  C) N 420 000
  D) N 200 000
  Show Answer
  The correct answer is A .
• Question 1287:

  Use the following information to answer this question.

  Oladosu Bookshop

  54, Ahmadu Bello Way

  Kaduna

  P.O.BOOX 336

  6 January 1989

  Olu Stationery ltd

  17, Kakawa Street

  Lagos

  Dear Sir,

  We require 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books.

  Please give us quotes for the respective articles for immediate delivery and a statement of your terms of trade.

  Yours Faithfully

  Manager.

  From the question above, the document the firm or organization will send to the buyer is

  Options:
  A) Delivery notes
  B) Advice notes
  C) An order form
  D) Quotations
  Show Answer
  The correct answer is D .
• Question 1288: An agreement by the insurer to compensate the insured for losses suffered is? Options:
  A) policy
  B) surrender value
  C) caveat emptor
  D) indemnity
  Show Answer
  The correct answer is D .
• Question 1289:

  Payment made to a carrier for transportation of goods is

  Options:
  A) freight
  B) fee
  C) fare
  D) duty
  Show Answer
  The correct answer is A .
• Question 1290:

  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 .