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 471: The fixed and current assets of a business are called? Options:
  A) called up capital
  B) capital employed
  C) paid-up capital
  D) authorized capital
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  The correct answer is B .
• Question 472: Which of the following best described the scope of commerce Options:
  A) All forms of commercial exchanges relating to industry
  B) Buying and selling and the construction industry
  C) All occupational exchanges relating to industries and commercial activities
  D) Buying and selling as well as the extraction of natural resources
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  The correct answer is C .
• Question 473:

  From which of the following sources can partnership increase their capital?

  Options:
  A) Sales of shares
  B) Admission of new partners
  C) Discharge of mortgage
  D) Grants from relatives
  Show Answer
  The correct answer is B .
• Question 474:

  What do we call agreement between two people enforced by law?

  Options:
  A) Consideration
  B) offer
  C) contract
  D) agreement
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  The correct answer is C .
• Question 475:

  

  Use the document below to answer the question.

  Okon Etim Esin is the

  Options:
  A) debtor
  B) creditor
  C) exporter
  D) importer
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  The correct answer is B .
• Question 476: The type of activity which turns processed raw materials into consumer and industrial goods is described as ________ Options:
  A) extractive
  B) manufacturing
  C) constructive
  D) processing
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  The correct answer is B .
• Question 477: A software application which enables a user to display and interact with texts, images and videos is the? Options:
  A) web server
  B) Internet Protocol
  C) coreldraw
  D) web browser
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  The correct answer is C .
• Question 478: Trading position of Nigeria is the same as her Options:
  A) desire to trade with many countries
  B) willingness to grant grant credit to foreigners
  C) balance of trade
  D) terms of trade
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  The correct answer is A .
• Question 479: The concept that refers to the sale, transfer or exchange of goods and service is? Options:
  A) industry
  B) trade
  C) tariff
  D) marketing
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  The correct answer is B .
• Question 480: An internal demand for goods to be purchased or drawn from stock is? Options:
  A) a quoation
  B) a requisition
  C) a tender
  D) an order
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  The correct answer is B .