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 581: When a buyer has been overcharged for goods supplied, the seller issues a _______? Options:
  A) debit note
  B) proforma invoice
  C) letter of credit
  D) credit note
  Show Answer
  The correct answer is D .
• Question 582: A Major funtion of commerce is to Options:
  A) facilitiate human satisfaction through exchange
  B) eliminate trade barriers
  C) provide raw materials for manufacturers
  D) influence government policies
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  The correct answer is A .
• Question 583: Which of the following is the best method for computing working capital Options:
  A) Total assets less current liabilities
  B) Current liabilities less current assets
  C) Fixed liabilities less current assets
  D) Current assets less current liabilities
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  The correct answer is A .
• Question 584: One of the requirements necessary for setting up a business is? Options:
  A) registration
  B) advertisement
  C) knowledge of the business
  D) documentation
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  The correct answer is C .
• Question 585: A close indent is an instrument to an agent to Options:
  A) order goods from a particular manufacturer
  B) order goods from any manufacturer
  C) sell gods to any firm
  D) sell goods to a certain firm
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  The correct answer is A .
• Question 586: A machine which enable s sales without the physical presence of a sales attendant is a Options:
  A) computer machine
  B) vending machine
  C) telex machine
  D) fax machine
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  The correct answer is B .
• Question 587:

  The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is

  Options:
  A) indemnity
  B) contribution
  C) proximate cause
  D) uberrimae fidei
  Show Answer
  The correct answer is B .
• Question 588: A current account holder pays fees for services in form of Options:
  A) bank charges
  B) interest rates
  C) commission on turnover
  D) minimum lending rate
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  The correct answer is A .
• Question 589: Which of the following is a quality of money Options:
  A) Availability
  B) Scarcity
  C) Indivisibility
  D) Convertibility
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  The correct answer is A .
• Question 590: A carton of noodles valued at #2,000 was invoiced at #200 only.The accounting procedure to correct this error is to issue Options:
  A) an invoice for #200
  B) a debit note for #2,00
  C) a credit note for #1,800
  D) a debit note for #1,800
  Show Answer
  The correct answer is D .