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 591: The process of changing the form of a new material is known as? Options:
  A) fabrication
  B) extraction
  C) conversion
  D) production
  Show Answer
  The correct answer is D .
• Question 592:

  Given:
  Opening stock: ₦40 000
  Purchases: ₦115 000
  Closing stock: ₦60 000
  Sales: ₦250 000

  What is the cost of goods sold?

  Options:
  A) ₦155 000
  B) ₦95 000
  C) ₦50 000
  D) ₦30 000
  Show Answer
  The correct answer is B .
• Question 593: One of the major disadvantages of pipeline transportation is its? Options:
  A) high cost of construction
  B) limitation in scope
  C) vulnerability to climate changes
  D) high maintainance cost
  Show Answer
  The correct answer is A .
• Question 594: Factors considered when setting up a retail business is one of the following _________ Options:
  A) capital, experience and trading
  B) experience, term of trade, and trading
  C) capital, trading and term of trade
  D) capital, type of goods and source of supply
  Show Answer
  The correct answer is D .
• Question 595: The circulating capital of a business enterprise is classified into Options:
  A) Cash, work-in-progress and debtors
  B) Cash, Vehicles, land and building
  C) debtors, stocks of raw materials and fitting
  D) Prepayments, debtors and equipment
  Show Answer
  The correct answer is A .
• Question 596: The effects of devaluation includes all except _______ Options:
  A) exports become cheaper
  B) expansion of local industries
  C) increase in standard of living
  D) increase in import
  Show Answer
  The correct answer is D .
• Question 597: Nationalization of an industry means that its ownership becomes that of Options:
  A) government
  B) shareholders
  C) taxpayers
  D) indigenes
  Show Answer
  The correct answer is A .
• Question 598: The comprehensive import supervision scheme was set up by the federal government in order to Options:
  A) reverse Nigeria's unfavourable balance of trade
  B) promote fair trade between Nigeria and other countries
  C) counteract all fraudulent business deals of Nigeria with other nationals
  D) ensue that import into Nigeria are of the correct quality, value and quantity
  Show Answer
  The correct answer is D .
• Question 599: The function of a merchant wholesaler is to Options:
  A) buy in bulk, store and sell to retailerss as desired
  B) posses title to the goods, store and sale to retailers
  C) bring buyers and sellers together
  D) find markets for producers' finished goods
  Show Answer
  The correct answer is A .
• Question 600:

  An example of a computer operating system is

  Options:
  A) the page maker
  B) windows 2000
  C) Microsoft word 2000
  D) the word perfect
  Show Answer
  The correct answer is B .