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 321: If a buyer is given 12.5% discount on N50,000 worth of goods, how much will he pay? Options:
  A) N56 250
  B) N43 750
  C) N43 250
  D) N6250
  Show Answer
  The correct answer is B .
• Question 322: What is the reward accruable to land? Options:
  A) Rent
  B) profits
  C) wages
  D) Interest
  Show Answer
  The correct answer is A .
• Question 323:

  An undertaking given by a person to another assuring his integrity is

  Options:
  A) proximate cause
  B) insurable interest
  C) fidelity guarantee
  D) subrogation
  Show Answer
  The correct answer is C .
• Question 324: The conversion of raw materials into finished products creates? Options:
  A) form utility
  B) marginal utility
  C) place utility
  D) time utility
  Show Answer
  The correct answer is A .
• Question 325: Balance of payment problems arise if a country's? Options:
  A) exports is more than imports
  B) imports is more than exports
  C) currency devaluation
  D) invisible exports is more than visible exports
  Show Answer
  The correct answer is B .
• Question 326: A group of assets which a business acquires with the intention of reselling them are referred to as? Options:
  A) current assets
  B) investment assets
  C) fixed assets
  D) intangible assets
  Show Answer
  The correct answer is A .
• Question 327: The manufacturers' Association of Nigeria is an example of a? Options:
  A) labour union
  B) pressure group
  C) conglomerate
  D) cartel
  Show Answer
  The correct answer is B .
• Question 328:

  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 329:

  One of the disadvantages of Sole Proprietorship is__________

  Options:
  A) It requires small operations
  B) It involves small capital
  C) It lacks specialization
  D) Grants from government
  Show Answer
  The correct answer is C .
• Question 330: Manufacturers' Association of Nigeria contributes to development by advising the government on? Options:
  A) industrial policy and harmony
  B) budget and budgetary control
  C) budget and industrial control
  D) environmental protection policy
  Show Answer
  The correct answer is A .