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: Partnerships are most effective where? Options:
  A) the partners are family friends
  B) professionals are involved
  C) members can easily raise enough capital
  D) government regulations are favorable
  Show Answer
  The correct answer is B .
• Question 222:

  Use the information below to answer questions 13 and 14

  	#
  Sales	50,000.00
  Debtors	10,000.00
  Cash in hand	5,000.00
  Opening stock	30,000.00
  Creditors	8,000.00
  Purchases	16,000.00
  Overdraft	12,000.00
  Closing stock	10,000.00

  Options:
  A) #35,000.00
  B) #20,000.00
  C) #15,000.00
  D) #14,000.00
  Show Answer
  The correct answer is D .
• Question 223: Entrepot trade usually occurs in? Options:
  A) exchanging goods within a nation
  B) exchanging goods among countries
  C) importing goods to be re-exproted
  D) exproting goods to be re-imported
  Show Answer
  The correct answer is C .
• Question 224: 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 225: The mode of transportation that is noted for on time dependability and low cost peer unit on gods carried is? Options:
  A) pipe line
  B) air
  C) rail
  D) road
  Show Answer
  The correct answer is B .
• Question 226: A wholesaler dealer in securities is known as a Options:
  A) stockborker
  B) speculator
  C) jobber
  D) stag
  Show Answer
  The correct answer is C .
• Question 227: The evolution of commerce in Nigeria is traceable to the? Options:
  A) period of barter economy as human needs became limitless
  B) desire by human beings to satify their needs through the services of other people inthe society
  C) development of human civlizations and the desire to meet their needs
  D) primitive stage of existence of human beings
  Show Answer
  The correct answer is B .
• Question 228:

  A document that instructs an agent to buy goods from a named firm is

  Options:
  A) proforma invoice
  B) open indent
  C) consular invoice
  D) closed indent
  Show Answer
  The correct answer is D .
• Question 229: 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 230: Profit that is expressed as a percentage of the cost of goods sold is referred to as Options:
  A) margin
  B) mark-up
  C) gain percent
  D) gross profit
  Show Answer
  The correct answer is B .