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 231: A business organization is said to be socially responsible when it? Options:
  A) gets involved in issues relating to the society
  B) rewards its staff for long-term service
  C) offers discounts to customers
  D) invites the public to its annual general meetings
  Show Answer
  The correct answer is A .
• Question 232:

  The basic characteristics of co-operative society include all except one

  Options:
  A) It is managed democratically
  B) It follows the principle of one man
  C) Amateur Management
  D) Extra capital is raised through loan
  Show Answer
  The correct answer is C .
• Question 233:

  Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

  	₦		₦
  Opening stock Purchase	1000 7000	Sales	8000
  Closing Stock	3000

  Trading Expenses

  Electricity Salaries Rent Depreciations

  ₦ 135 875 180 210

  From the figures given, calculate

  Gross profit

  Options:
  A) 300
  B) 3000
  C) 6000
  D) 11000
  Show Answer
  The correct answer is B .
• Question 234:

  

  Use the above table to answer this question.

  What insurance principle has Mr P Violated if he decides to overstate the actual value of his property?

  Options:
  A) Indemnity
  B) Insurable interest
  C) Uberrimae fidei
  D) Subrogation
  Show Answer
  The correct answer is C .
• Question 235:

  An article used as a means of exchange in the early days of trade in West Africa was

  Options:
  A) cedis
  B) cowrie
  C) dalasi
  D) naira
  Show Answer
  The correct answer is B .
• Question 236: In order to prevent Liquidity in commercial banks, the central banks uses? Options:
  A) moral suasion
  B) fiscal policy
  C) reserve ratio
  D) taxation
  Show Answer
  The correct answer is C .
• Question 237: 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 238: Manufacturing and constructive activities are classified under? Options:
  A) primary production
  B) tertiary production
  C) secondary production
  D) direct service
  Show Answer
  The correct answer is C .
• Question 239: One of the effects of the devaluation of the Naira is that the Options:
  A) goods that can be imported with the naira have become cheaper
  B) value of other currencies relative to the naira have become cheaper
  C) goods that can be exported from Nigeria have become costlier
  D) imports that can be bought with the naira have become costlier
  Show Answer
  The correct answer is D .
• Question 240:

  The safe keeping of goods produced until they are needed is

  Options:
  A) hoarding
  B) marketing
  C) packaging
  D) warehousing
  Show Answer
  The correct answer is D .