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 621:

  Use the following information to answer this question.

  The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

  Initial Capital	5000
  Net Profit	1000
  Furniture	2000
  Equipment	2900
  Debtors	100
  Stock	1000
  Bank	500

   

  From the above, calculate Current assets

   

  Options:
  A) 1600
  B) 1060
  C) 1500
  D) 600
  Show Answer
  The correct answer is A .
• Question 622: Any activity directed at conveying commodities to buyers is an aspect _________ Options:
  A) selling
  B) delivering
  C) advertising
  D) marketing
  Show Answer
  The correct answer is B .
• Question 623: Sabo and Gambo entered into a contract for the sale of two baskets of tomatoes belonging to Gambo. Before the date the date of delivery and without any default by Gambo, the tomatoes were stolen. This is an example of termination of contract by Options:
  A) breach
  B) performance
  C) fault
  D) frustration
  Show Answer
  The correct answer is D .
• Question 624:

  Given:
  I. Retail
  II. Export
  III. Transport
  IV. Import
  V. Insurance
  VI. Banking and finance
  VII. Wholesale
  VIII. Communication.

  Which of the above are aids to trade?

  Options:
  A) III, V, VI and VIII
  B) I, II, III and VI
  C) I, III, V, and VI
  D) II, V, VI and VII
  Show Answer
  The correct answer is A .
• Question 625: An agreement that is enforceable in law is ________? Options:
  A) a contract
  B) an offer
  C) an acceptance
  D) a consideration
  Show Answer
  The correct answer is A .
• Question 626:

  A retail business that sells goods by post, using catalogue is a

  Options:
  A) chain store
  B) department store
  C) mail order firm
  D) shopping mail
  Show Answer
  The correct answer is C .
• Question 627:

  The primary memory component of a computer is the

  Options:
  A) console
  B) cache
  C) compliers
  D) assemblers
  Show Answer
  The correct answer is B .
• Question 628: Mrs Jones who lives in the riverine community of Rivers State makes her living through crabbing and fishing . This type of occupation she is in is Options:
  A) commercial
  B) manufacturing
  C) service
  D) extractive
  Show Answer
  The correct answer is D .
• Question 629: The principle of span of control stipulates that Options:
  A) an employee should report to only one superior
  B) manager must demand accountability from their surbordinates
  C) resources have to be economized within the various division
  D) the number of employee reporting to one superior should be kept to workable maximum
  Show Answer
  The correct answer is D .
• Question 630: One of the duties of the employer to his employee is to Options:
  A) delegate his duties to others staff
  B) charge the employee on the use of equipment
  C) serve faithfully and honestly
  D) provide job security
  Show Answer
  The correct answer is D .