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 371:

  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 372: Commerce includes all the occupations concerned with? Options:
  A) sales
  B) production
  C) marketing
  D) distribution
  Show Answer
  The correct answer is D .
• Question 373: The business organization in which shareholder's have equal vote is Options:
  A) sole pprietorship
  B) partneeship
  C) co-operative
  D) limited liability company
  Show Answer
  The correct answer is C .
• Question 374: In which of the following sets of occupations can an industrial worker be found? Options:
  A) extraction commerce and construction
  B) manufacturing extraction and banking
  C) construction, quarrying and insurance
  D) manufacturing , extraction and construction
  Show Answer
  The correct answer is D .
• Question 375: A contract which is devoid of legal effect is Options:
  A) void contract
  B) unenforceable contract
  C) voidable contract
  D) valid contract
  Show Answer
  The correct answer is C .
• Question 376: Who is the offeree in this contract ? Options:
  A) Musa
  B) Audu
  C) Adamu
  D) Jacob
  Show Answer
  The correct answer is C .
• Question 377: The daily official publications of the Nigeria Stock Exchange give detailed information on the? Options:
  A) changes in the official rules set by the market
  B) method of transactions agreed upon by members
  C) participation of members in a day
  D) changes in the price of securities
  Show Answer
  The correct answer is C .
• Question 378: A company that is registered with the corporate Affairs Commission only without being enlisted on the Stock Exchange is a? Options:
  A) public liability company
  B) joint venture company
  C) limited company
  D) registered company
  Show Answer
  The correct answer is D .
• Question 379: Which of the following is a characteristic of a bearer cheque Options:
  A) it is made with transverse lines
  B) it is made payable to whoever presents it
  C) it is made without transverse lines
  D) it is only payable into the payees account
  Show Answer
  The correct answer is B .
• Question 380: An agent who takes title to goods and has authority to buy and sell on behalf of another is Options:
  A) A jobber
  B) A broker
  C) A factor
  D) An auctioneer
  Show Answer
  The correct answer is A .