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 1411:

  A specially-designed mode of transport for conveying liquid and gas is a

  Options:
  A) coaster
  B) tanker
  C) liner
  D) ferry
  Show Answer
  The correct answer is B .
• Question 1412: The right of the public to protection against questionable products and marketing practices is Options:
  A) an economic aspect of the business
  B) a social responsibility of business
  C) a legal aspect of the business
  D) a political aspect of the business
  Show Answer
  The correct answer is C .
• Question 1413:

  Ojo's Balance Sheet as at 31st December, 2006
  	₦		₦
  Capital	10,000	Land and building	12,000
  Drawings	600	Fittings	850
  	9,400	Motor vans	1,600
  Profit	6,200	Cash	2,150
  	15,600	Prepayments	700
  Creditors	1,800	Debtors	100
  	17,400		17,400

  10% IS CHARGED ON DEPRECIATION OF FIXED ASSETS

  Determine the value of Ojo's fixed assets

  Options:
  A) ₦14450
  B) ₦13450
  C) ₦13005
  D) ₦12005
  Show Answer
  The correct answer is A .
• Question 1414:

  The scope of commerce is limited to________

  Options:
  A) home and foreign trade
  B) wholesaler and retail trade
  C) trade and aids to trade
  D) wholesale and entreport trade
  Show Answer
  The correct answer is C .
• Question 1415: The rate of turnover of a firm in a given year is 5 times while the average stock is #12,500. what is the turnover of the firm? Options:
  A) #24,000
  B) #46,500
  C) #62,500
  D) #65,000
  Show Answer
  The correct answer is C .
• Question 1416: The most suitable organizational structure for small or medium sized enterprises is Options:
  A) line structure
  B) staff structure
  C) committee structure
  D) functional structure
  Show Answer
  The correct answer is A .
• Question 1417: Which of the following information is contained in the Articles of Association of a limited liability company? Options:
  A) Rights and obligations of directors
  B) Objectives of the company
  C) Amount of share capital
  D) Limitation of liability of shareholders.
  Show Answer
  The correct answer is A .
• Question 1418: Goods imported into a country for the purpose of re-exporting attracts a rebate known as Options:
  A) customs draw back
  B) export royalty
  C) incentive
  D) export rebate
  Show Answer
  The correct answer is A .
• Question 1419:

  Use the information below to answer question 14 and 15.

  Miamani Plc, whose nominal capital is made up of 5000 000 ordinary shares of 50k each, decided to offer 80% of it to the public and realized only 50% of the amount due.

  What is the company's reserve share capital?

  Options:
  A) N2500 000
  B) N4000 000
  C) N5000 000
  D) N2000 000
  Show Answer
  The correct answer is A .
• Question 1420: One of the facilities enjoyed by a current account holder is? Options:
  A) a dividend
  B) a bonus
  C) an overdraft
  D) interest on deposits
  Show Answer
  The correct answer is C .