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 461:

  A distinguishing characteristic of a limited liability company is that

  Options:
  A) is a collection of many sole proprietors
  B) is a multiple partnership
  C) has limited resources
  D) can sue and be sued
  Show Answer
  The correct answer is C .
• Question 462:

  Which of the following are the components of commerce?

  I Trading and advertising

  II Warehousing and transportation

  III Packaging and branding

  IV Insurance and banking

  Options:
  A) I and II
  B) I and III
  C) I, II and IV
  D) II, III and IV
  Show Answer
  The correct answer is C .
• Question 463: A cheque which a bank draws on its own funds is a? Options:
  A) bankdraft
  B) cashier's cheque
  C) bank cheque
  D) crossed cheque
  Show Answer
  The correct answer is A .
• Question 464: Labour as an input in production can be motivated by Options:
  A) training
  B) profit
  C) remuneration
  D) promotion
  Show Answer
  The correct answer is C .
• Question 465:

  Money is generally acceptable for transaction due to

  Options:
  A) The rule of the law
  B) Its acceptability in the global market
  C) The legal backing
  D) The central bank’s Governor’s signature
  Show Answer
  The correct answer is C .
• Question 466: In response to an inquiry from a customer, a wholesaler is expected to send back Options:
  A) a consignment note
  B) an order
  C) a qoutation
  D) an advice note
  Show Answer
  The correct answer is C .
• Question 467:

  Given:

  $\begin{array}{cc}\text{Opening stock}& 50,000\\ \text{Purchases}& 200,000\\ \text{Sales}& 350,000\\ \text{Closing stock}& 80,000\end{array}$

  What is the cost of good sold?

  Options:
  A) ₦200,000
  B) ₦190,000
  C) ₦170,000
  D) ₦175,000
  Show Answer
  The correct answer is C .
• Question 468: A trader who experienced loss through fire can be restored by Options:
  A) an insurance company
  B) a trade association
  C) the bank
  D) an advertising agency
  Show Answer
  The correct answer is B .
• Question 469:

  

  What is the working capital as at December 31, 1992?

  Options:
  A) ₦65 250
  B) ₦60 000
  C) ₦48 650
  D) ₦41 950
  Show Answer
  The correct answer is D .
• Question 470: Which of the following is an example of trade associations? Options:
  A) European Union
  B) National Marketing Board
  C) Organization of African Unity
  D) National Farmers' Council
  Show Answer
  The correct answer is B .