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 431:

  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 432: A demonstration of social responsibility by a business is the payment of _______ Options:
  A) taxes to government
  B) dividends to shareholder
  C) interest on loans
  D) premium on insurance
  Show Answer
  The correct answer is A .
• Question 433:

  Given:
  ₦
  Opening Stock 1,800
  Purchases 2,800
  Sales 8,000
  Closing stock 350
  Carriage on sales 500

  Calculate the value of the unused stock.

  Options:
  A) ₦800
  B) ₦500
  C) ₦320
  D) ₦350
  Show Answer
  The correct answer is D .
• Question 434: On liquidation of a public limited liability company, the residual owners are the Options:
  A) creditors
  B) ordinary shareholders
  C) preference shareholders
  D) debenture holders
  Show Answer
  The correct answer is B .
• Question 435: The difference between a private are public limited liability company is that the former Options:
  A) Is unable to declare and pay dividend.
  B) Has a higher number of share holder
  C) Is unable to offer shares to the public.
  D) pays higher salaries to its member
  Show Answer
  The correct answer is C .
• Question 436: A type of long-term loan granted to companies with fixed interest as well as with redeemable and irredeemable features is referred to as? Options:
  A) a denbenture
  B) a bond
  C) a term loan
  D) an overdraft
  Show Answer
  The correct answer is A .
• Question 437: The difference between a factor and a broker is that the former Options:
  A) is licensed to sell goods on auction
  B) has a lien on the goods he possesses
  C) is not in possession of the goods
  D) cannot sell in his own name
  Show Answer
  The correct answer is B .
• Question 438: The current highest decision-making body on privatization and commercialization of public enterprises in Nigeria is the? Options:
  A) National Council on Privatization
  B) Securities and Exchange Commission
  C) Nigeria Investment Promotion Commission
  D) Bureau of Public ENterprises
  Show Answer
  The correct answer is D .
• Question 439:

  One advantage of small scale retail outlets is

  Options:
  A) availability of self service facilities
  B) ability to buy in bulk
  C) easy acess to large amount of capital
  D) personal attention to customers
  Show Answer
  The correct answer is D .
• Question 440: The turnover of firm maybe affected by Options:
  A) the demand for its product
  B) the cost of its goods sold
  C) its closing stock
  D) its net assets
  Show Answer
  The correct answer is A .