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 691: The financial institution established to boost Nigeria's trade with the rest of the world is called Options:
  A) Nigerian Deposit Insurance Corporation
  B) Nigerian Economic Reconstruction Fund
  C) Nigerian Industrial Development Bank
  D) Nigerian Export-Import Bank
  Show Answer
  The correct answer is D .
• Question 692:

  The main advantage of a sole trader is the freedom to?

  Options:
  A) employ anyone he likes
  B) take quick decision
  C) seek advise from any source
  D) plough all the profits
  Show Answer
  The correct answer is B .
• Question 693: The body that organizes, promotes and participates in local and foreign trade fairs is the Options:
  A) Ministry of Commerce and Tourism
  B) Ministry of finance
  C) Chambers of Commerce
  D) Export Promotion Council
  Show Answer
  The correct answer is C .
• Question 694:

  Ojo's Balance Sheet as at 31st December, 2006
  	₦		₦
  Capital	10,000	Land and building	12,000
  Drawings	600	Fittings	850
  	9,400	Motor vans	1,600
  Profit	6,200	Cash	2,150
  	15,600	Prepayments	700
  Creditors	1,800	Debtors	100
  	17,400		17,400

  10% IS CHARGED ON DEPRECIATION OF FIXED ASSETS

  Determine the value of Ojo's fixed assets

  Options:
  A) ₦14450
  B) ₦13450
  C) ₦13005
  D) ₦12005
  Show Answer
  The correct answer is A .
• Question 695:

  The face-to-face meeting of the seller with the buyer for the purpose of making sales is

  Options:
  A) mass selling
  B) impulse buying
  C) personal selling
  D) sale promotion
  Show Answer
  The correct answer is C .
• Question 696: 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 .
• Question 697:

  Use the information below to answer 38 and 39.

  Companies i, ii, iii and iv produce and sell electronic videos.

  Company i, sells video for N14,000 each and offers advice on how to fix and operate them .

  Company ii, sells at N14,000 and its representatives go to install at no additional cost.

  Company iii, sells at N15,500 and offers credit sales at N15,000 each.

  Which of these companies are more engaged in public activities?

  Options:
  A) i and ii
  B) i and iii
  C) ii and iv
  D) iii and iv
  Show Answer
  The correct answer is A .
• Question 698: An underlined principle in the marketing of goods is that firms should Options:
  A) Train their personnel
  B) be consumers oriented
  C) advertise the goods
  D) sell through outlets
  Show Answer
  The correct answer is B .
• Question 699: Entrepot trade usually occurs in? Options:
  A) exchanging goods within a nation
  B) exchanging goods among countries
  C) importing goods to be re-exproted
  D) exproting goods to be re-imported
  Show Answer
  The correct answer is C .
• Question 700: Which of the following is an example of a conglomerate? Options:
  A) National Electric Power Authority
  B) United Africa Company Nigeria Plc
  C) The Nigeria Railway Corporation
  D) First Bank of Nigeria Plc
  Show Answer
  The correct answer is B .