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 241: A bill of exchange already accepted can be discounted by the holder in? Options:
  A) the central bank
  B) at least two banks
  C) his bank
  D) any bank
  Show Answer
  The correct answer is D .
• Question 242: A new company requiring a large amount of equity finance may source funds from the? Options:
  A) capital market
  B) central bank
  C) money market
  D) commercial banks
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  The correct answer is D .
• Question 243:

  When does production ends?

  Options:
  A) When the goods are distributed to the wholesalers
  B) When the goods reaches the retailer
  C) When the goods reaches the final consumers
  D) When the goods are fully packaged
  Show Answer
  The correct answer is C .
• Question 244: If a customer pays within nine days of receiving goods and takes advantage of 3% off the invoice price, this is stated as Options:
  A) 3/9;net 30
  B) 9/27;net 30
  C) 30;net 9/3
  D) 9/30;net 3
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  The correct answer is D .
• Question 245: Which of the following confirms the accuracy of the duty charged on imported goods? Options:
  A) An indent
  B) Consular invoice
  C) Consignment note
  D) Shipping note
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  The correct answer is B .
• Question 246: A form of money that has gone out of use is? Options:
  A) paper money
  B) bank money
  C) commodity money
  D) foreign money
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  The correct answer is C .
• Question 247: Which of the following requires payment into the payee's account? Options:
  A) Crossed cheque
  B) Traveller's cheque
  C) Open cheque
  D) Certified chegues
  Show Answer
  The correct answer is A .
• Question 248:

  Examples of current assets are

  Options:
  A) cash and trade debtors
  B) cash and trade creditors
  C) trade debtors, trade creditors and cash
  D) trade creditors and trade debtors
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  The correct answer is A .
• Question 249:

  The creation of goods and services to satisfy human wants is referred to as

  Options:
  A) manufacturing
  B) commercialization
  C) production
  D) entrepreneurship
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  The correct answer is C .
• Question 250: The concept that refers to the sale, transfer or exchange of goods and services is Options:
  A) industry
  B) trade
  C) tariff
  D) marketing
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  The correct answer is B .