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 1351:

  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 Fixed assets

  Options:
  A) 6500
  B) 2000
  C) 4900
  D) 600
  Show Answer
  The correct answer is C .
• Question 1352:

  The incentive given to a buyer to encourage prompt payment is

  Options:
  A) cash discount
  B) seasonal discount
  C) quantity discount
  D) trade discount
  Show Answer
  The correct answer is A .
• Question 1353: The difference between personal selling and sales promotion is that while sales promotion includes free gifts and samples, personal selling involves? Options:
  A) distributing instructional posters
  B) face-to-face communication with customers
  C) premium programming for customers
  D) publishing promotional booklets
  Show Answer
  The correct answer is B .
• Question 1354: Which of the following is a disadvantage of nationalization Options:
  A) It promotes poor economic planning
  B) The cost of services is not determined by by market forces
  C) It may lead to rationalization of resources
  D) The development of local skills and technologyis retarded
  Show Answer
  The correct answer is D .
• Question 1355: A memorandum of association is applicable to a Options:
  A) partnership
  B) sole trader
  C) joint stock company
  D) public corporation
  Show Answer
  The correct answer is C .
• Question 1356:

  Which of the following is not a component of the marketing mix?

  Options:
  A) product
  B) production
  C) promotion
  D) place
  Show Answer
  The correct answer is B .
• Question 1357: The document lodged with the customs authorities before a ship can leave the port is a Options:
  A) shipping note
  B) ship report
  C) ship manifest
  D) dock warrant
  Show Answer
  The correct answer is C .
• Question 1358: An instrument used in lieu of legal tender is known as ______? Options:
  A) Token money
  B) commodity money
  C) fiat money
  D) representative
  Show Answer
  The correct answer is B .
• Question 1359:

  Given:
  Opening stock: ₦1,800
  Purchases: ₦2,800
  Sales: ₦8,000
  Closing stock: ₦350
  Carriage on sales: ₦500

  Calculate the value of the unused stock.

  Options:
  A) #800
  B) #500
  C) #350
  D) #320
  Show Answer
  The correct answer is C .
• Question 1360: The measure of independence available to the individual business units that come together is the main difference between Options:
  A) vertical and horizontal integration
  B) Mergers and Acquisition
  C) Consortium and imagination
  D) Trust and Cartel
  Show Answer
  The correct answer is B .