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 171: Mr Taiwo entered into a contract to let a car to Mr Bunmi for his wedding for two days. However, the car had an accident before the first day. Mr Bunmi attempted to claim damages but failed. This implies the contract was terminated by Options:
  A) bankruptcy
  B) frustration
  C) breach
  D) lapse of time
  Show Answer
  The correct answer is B .
• Question 172: Authorized share capital is also known as? Options:
  A) called-up share capital
  B) paid-up share
  C) registered share capital
  D) issued share capital
  Show Answer
  The correct answer is C .
• Question 173: Which of the following is a development bank in Nigeria? Options:
  A) Union Bank Plc
  B) First Bank Plc
  C) First City Monument Bank
  D) Federal Mortgage Bank
  Show Answer
  The correct answer is D .
• Question 174: In business, the computer is very important especially in? Options:
  A) financial amnagement
  B) marketing management
  C) educational management
  D) information management
  Show Answer
  The correct answer is D .
• Question 175: A cheque that has been drawn but not presented for payment can still be honored? Options:
  A) wintin 6 months
  B) after 9 months
  C) within 9 months
  D) after 6 months
  Show Answer
  The correct answer is A .
• Question 176: Product X was introduced into the market at N4.00 with its cost of product at N3.90 while competing products are at N4.50. What pricing policy are producers of X adopting? Options:
  A) market skimming
  B) market penetration
  C) product live promotion
  D) above the market pricing
  Show Answer
  The correct answer is A .
• Question 177:

  The service of a retailer is part of production because it

  Options:
  A) creates a link between consumers and producers
  B) enables finished goods to reach consumers
  C) increases consumers standard of living
  D) is a commercial occupation
  Show Answer
  The correct answer is B .
• Question 178: If a firm's turnover is N15,000 and the cost of goods sold is N 10,000 What is the percentage of gross profit on sales? Options:
  A) 23.3%
  B) 33.3%
  C) 50.0%
  D) 66.6%
  Show Answer
  The correct answer is B .
• Question 179: The use of vending machines in retailing is hindered in a developing economy owing to? Options:
  A) poor distribution network
  B) low level of education
  C) inffective communication system
  D) lack os steady power supply
  Show Answer
  The correct answer is D .
• Question 180:

  Excise duties are paid on goods that are?

  Options:
  A) imported into the country
  B) manufactured within the country
  C) exported to other countries
  D) kept in bonded warehouse
  Show Answer
  The correct answer is B .