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 251:

  Which of the following is not a right of a consumer?

  Options:
  A) Right to a fair hearing
  B) Right to buy on credit
  C) Right to obtain replacement
  D) Right to safe product
  Show Answer
  The correct answer is B .
• Question 252:

  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 253: The second tier security market is Options:
  A) an appendage to the Nigeria stock exchange
  B) a member of the Nigeria stock exchange
  C) meant for the shares of quoted private companies
  D) a regulating arm of the Nigerian stock exchange
  Show Answer
  The correct answer is B .
• Question 254:

  

  Use the document below to answer the question.

  Okon Etim Esin is the

  Options:
  A) debtor
  B) creditor
  C) exporter
  D) importer
  Show Answer
  The correct answer is B .
• Question 255:

  When it becomes necessary to liquidate a company, the first step to be taken is the appointment of a?

  Options:
  A) a receiver
  B) an auditor
  C) an account
  D) a liquidator
  Show Answer
  The correct answer is D .
• Question 256: A form of money with face value which is greater than the value of the metal content is Options:
  A) legal tender
  B) bank notes
  C) token money
  D) commodity money
  Show Answer
  The correct answer is C .
• Question 257: Entrusting the management of a company to the courts to enable the settlement of the company’s obligations is an indication of? Options:
  A) distress
  B) closure
  C) bankruptcy
  D) liquidation
  Show Answer
  The correct answer is C .
• Question 258: The act of a person employing another to enter into a contract on his behalf is known as? Options:
  A) business
  B) sale of goods
  C) bilateral agreement
  D) agency
  Show Answer
  The correct answer is D .
• Question 259:

  Use the information below to answer this question

  A B C Balance Sheet as at 31/12/2004

  ₦ Share capital 200,000 Reserves 100,000 Long term liabilities 40,000 Current liabilities 30,000 370,000

  ₦ Fixed assets 180,000 Investment 100,000 Current assets 50,000 Fictitious assets 40,000370,000

  The total sum of financing short term projects is

  Options:
  A) ₦ 30,000
  B) ₦200,000
  C) ₦70,000
  D) ₦40,000
  Show Answer
  The correct answer is B .
• Question 260: Rights issue means the Options:
  A) issue of shares to the directors of a company on favourable terms
  B) Issue of shares by a company only to the founders of the company
  C) right of shareholders to vote on any issue
  D) issue of shares to shareholders on favourable terms
  Show Answer
  The correct answer is D .