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 401: A motor dealer who agreed to sell a car to Mr X but delivered it to Mr Y on the delivery date agreed with Mr X. He has discharged the contract by Options:
  A) performance
  B) frustration
  C) an agreement
  D) breach
  Show Answer
  The correct answer is D .
• Question 402:

  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 403: The secretariat of the Niger Basin Commission is located at Options:
  A) Ouagadougou, Burkina Faso
  B) Abuja, Nigeria
  C) Niamey, Niger
  D) Bamako, Mali
  Show Answer
  The correct answer is C .
• Question 404: A demonstration of social responsibility by a business is the payment of Options:
  A) taxes to government
  B) dividends to shareholders
  C) interests on loans
  D) premium on insurance
  Show Answer
  The correct answer is A .
• Question 405: The main purpose of branding is to Options:
  A) create identity for a product
  B) make a product look attractive
  C) create product awareness
  D) increase sales volume
  Show Answer
  The correct answer is A .
• Question 406:

  A feature of supermarkets which distinguishes it from other large scale retail outlets is that items sold are

  Options:
  A) mainly household goods
  B) mainly industrial goods
  C) delivered by post
  D) one line of products
  Show Answer
  The correct answer is A .
• Question 407:

  NAME	INSURED AMOUNT(₦)	ACTUAL VALUE(₦)	ACTUAL LOSS(₦)
  Mr. P Mr. K Mr. R	25,000 30,000 40,000	100,000 120,000 150,000	30,000 40,000 50,000

  What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?

  Options:
  A) insurable interest
  B) uberrimae fidei
  C) subrogation
  D) indemnity
  Show Answer
  The correct answer is B .
• Question 408: The main thrust of government policy of evolving good business environment in Nigeria is the need Options:
  A) to attract local and foreign investors
  B) for more export commodities
  C) for consumer oriented products
  D) to have viable local markets
  Show Answer
  The correct answer is A .
• Question 409:

  A fall in the value of a country's currency vis-a-vis other currencies is known as__________

  Options:
  A) Depreciation
  B) Reduction
  C) Devaluation
  D) Exchange rate
  Show Answer
  The correct answer is C .
• Question 410: The composite functions of management are? Options:
  A) planning, supervising, communicating
  B) planning, controlling, organising and directing
  C) coordinating, supervising , staffing and comunicating
  D) directing, supervising, motivating, and controlling
  Show Answer
  The correct answer is B .