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 221:

  Given:

  $\begin{array}{cc}\text{Opening stock}& 50,000\\ \text{Purchases}& 200,000\\ \text{Sales}& 350,000\\ \text{Closing stock}& 80,000\end{array}$

  What is the cost of good sold?

  Options:
  A) ₦200,000
  B) ₦190,000
  C) ₦170,000
  D) ₦175,000
  Show Answer
  The correct answer is C .
• Question 222: When an oil exploring and mining company builds a health center in one of the communities where it operates, such a company is Options:
  A) currying favour from local people
  B) finding a way to spend resonsibility
  C) fulfilling part of its social responsibilty
  D) invest its idle funds
  Show Answer
  The correct answer is C .
• Question 223: International trade takes place as a result of? Options:
  A) uniformity in costs of production
  B) inequitable distribution of natural resources
  C) parity in the level of industrialization
  D) similarities in climate conditions
  Show Answer
  The correct answer is B .
• Question 224: Funds used for paying wages, salaries and payments for raw materials are categorized under Options:
  A) liquid capital
  B) circulating capital
  C) fixed capital
  D) nominal capital
  Show Answer
  The correct answer is B .
• Question 225:

  An author's exclusive right to his published and unpublished works is known as

  Options:
  A) constitutional right
  B) author's right
  C) copyright
  D) patent right
  Show Answer
  The correct answer is C .
• Question 226: The primary objective of a business organization is to Options:
  A) cater for the neds of its owners
  B) work towards making returns
  C) assist the government to serve the citizens
  D) improve the standard of living of its proprietors
  Show Answer
  The correct answer is B .
• Question 227: Which of the following is used to inform the addressee that a registered parcel is ready for collection? Options:
  A) Express label
  B) Counterfoil
  C) Telegram
  D) Slip
  Show Answer
  The correct answer is D .
• Question 228:

  Average stock is derived by adding

  Options:
  A) closing stock to purchase divided by 2
  B) closing stock to opening stock
  C) opening stock to closing stock divided by 2
  D) opening stock to purchases
  Show Answer
  The correct answer is C .
• Question 229:

  Which of these is a document used in International trade?

  Options:
  A) Debit note
  B) Credit note
  C) Invoice
  D) Price ring
  Show Answer
  The correct answer is C .
• Question 230: The agreement of insurers to spread risks among themselves is a major feature of? Options:
  A) reinsurance
  B) life insurance
  C) underwriter
  D) marine insurance
  Show Answer
  The correct answer is A .