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 121: Digital computer is divided into? Options:
  A) analogue, hybrid and mini
  B) super, maniframe, mini and micro
  C) mainframe, hybrid and micro
  D) super, mainframe, micro and analogue
  Show Answer
  The correct answer is A .
• Question 122:

  The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

  Initial Capital	5000
  Net Profit	1000
  Furniture	2000
  Equipment	2900
  Debtors	100
  Stock	1000
  Bank	500

  From the above, calculate Current liabilities

  Options:
  A) 100
  B) 6000
  C) 600
  D) 3000
  Show Answer
  The correct answer is C .
• Question 123:

  The basic characteristics of co-operative society include all except one

  Options:
  A) It is managed democratically
  B) It follows the principle of one man
  C) Amateur Management
  D) Extra capital is raised through loan
  Show Answer
  The correct answer is C .
• Question 124: A partnership is dissolved due to ________ Options:
  A) liquidity of the firm
  B) death of the employee
  C) insanity of a partner
  D) resignation of an employee
  Show Answer
  The correct answer is C .
• Question 125: A group of assets which a business acquires with the intention of reselling them are referred to as? Options:
  A) current assets
  B) investment assets
  C) fixed assets
  D) intangible assets
  Show Answer
  The correct answer is A .
• Question 126: The major objective of corporate mergers is to Options:
  A) minimize the effects of taxation
  B) increase financial advantage
  C) faclitate profit maximization
  D) enhance economies of scale
  Show Answer
  The correct answer is D .
• Question 127: A bank form used to transfer money from personal to creditor's account is called? Options:
  A) debits transfer form
  B) credit transfer form
  C) customers transfer form
  D) banks transfer form
  Show Answer
  The correct answer is A .
• Question 128:

  Amina Enterprises Balance Sheet as at 30/3/99
  Liabilities	₦	Assets	₦
  Share capital	400,000	Land	200,000
  Reserve fund	200,000	Buildings	150,000
  Creditors	110,000	Machinery	200,000
  Bills payable	50,000	Implements	20,000
  Undistributed profits	45,000	Office fittings	5,000
  Wages due	5,000	Raw materials	100,000
  		Finished goods	50,000
  		Debtors	20,000
  		Bills receivable	15,000
  		Cash at bank	45,000
  		Cash at hand	5,000

  Use the information below to answer question

  What is the total fixed capital?

  Options:
  A) N 570,000
  B) N 570,000
  C) N 575,000
  D) N 675,000
  Show Answer
  The correct answer is C .
• Question 129: Extractive industries may also be denominated as Options:
  A) direct industries
  B) servicing industries
  C) primary industries
  D) indirect industries
  Show Answer
  The correct answer is C .
• Question 130: Which of the following contributed least to the evolution of commercial activities in Nigeria? Options:
  A) Development of banks
  B) Development oftransportation
  C) Development of trader's unions
  D) Development of currencies
  Show Answer
  The correct answer is D .