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 801:

  Given:
  Opening stock: ₦1,800
  Purchases: ₦2,800
  Sales: ₦8,000
  Closing stock: ₦350
  Carriage on sales: ₦500

  Calculate the value of the unused stock.

  Options:
  A) #800
  B) #500
  C) #350
  D) #320
  Show Answer
  The correct answer is C .
• Question 802: One advantage the co-operative society has over the company is that the Options:
  A) the latter pays tax while the former does not
  B) former attract more capitals than the later
  C) members of the former is usually morethan the latter
  D) former, unlike the latter, has limited liabities
  Show Answer
  The correct answer is A .
• Question 803:

  A business unit in which savings of members are lent to others is a

  Options:
  A) consumer cooperative society
  B) producer cooperative society
  C) credit and thrift society
  D) wholesale cooperative society
  Show Answer
  The correct answer is C .
• Question 804: Pooling of risk in insurance means that? Options:
  A) compensations are paid out of a common fund
  B) two people can pool their risks to be insured
  C) two insurance companies can buy two policies
  D) insurance companies should encourage taking risks.
  Show Answer
  The correct answer is A .
• Question 805: The difference between the total payments for imports and the receipts from exports within a given period is referred to as Options:
  A) balance of payments
  B) balance of trade
  C) comparative cost advantage
  D) comparative advantage
  Show Answer
  The correct answer is A .
• Question 806: The most important difference between community banks and peoples’ bank is that the? Options:
  A) latter is owned solely by government while the former are not
  B) former cater for ruler dwellers while the latter cater for both rural and urban dwellers
  C) former are service oriented while the latter are profit oriented
  D) latter advances loans to the public while former advance loans to the rural dwellers only.
  Show Answer
  The correct answer is A .
• Question 807: The body charged with the responsibility of regulating foods and drugs in Nigeria is the? Options:
  A) SON
  B) NDLEA
  C) NAFDAC
  D) CAC
  Show Answer
  The correct answer is C .
• Question 808: The acronym PLC is used to identify a? Options:
  A) company limited by shares
  B) private company limited by shares
  C) public company limited by shares
  D) company limited by guarantee
  Show Answer
  The correct answer is C .
• Question 809: The secretariat of the Niger Basin Commission is located at Options:
  A) Ouagadougou, Burkina Faso
  B) Abuja, Nigeria
  C) Niamey, Niger
  D) Bamako, Mali
  Show Answer
  The correct answer is C .
• Question 810: The application of division of labour would generally bring about Options:
  A) Increase in quantity of goods and services
  B) Increase in variety of goods and services
  C) Cheapness of goods and services
  D) Cost efficiency in the production of goods and series.
  Show Answer
  The correct answer is A .