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 841: Emeka ordered goods for his retail shop. The manufacturer sells the goods at retail price of N 500 but would give it to Emeka at N 400. What kind of discount did he get? Options:
  A) Cash discount
  B) Trade discount
  C) Quantity discount
  D) Seasonal discount.
  Show Answer
  The correct answer is A .
• Question 842: Given

  	N
  sales	15,000
  opening stock	5,600
  purchase	9,700
  closing stock	4,400
  gross profit	4,500
  net profit	2,000

  What is the rate of turnover from the table?

  Options:
  A) 3.50 times
  B) 3.00 times
  C) 2.00 times
  D) 2.18
  Show Answer
  The correct answer is D .
• Question 843: A bus driver operating between Lagos and Jos pledged the owner's credit in Benin in order to have the engine repaired and the bill sent to the owner.This is a case of Options:
  A) del credere agency
  B) agency by necessity
  C) agency by rafication
  D) agency by estoppel
  Show Answer
  The correct answer is B .
• Question 844: One way government reduces the repatriation of capital is through Options:
  A) nationalization
  B) divestiture
  C) indidenization
  D) naturalization
  Show Answer
  The correct answer is C .
• Question 845: Which of the following will not be stated in a Memorandum of Association Options:
  A) Name clause
  B) rights of shareholders
  C) object clause
  D) registered office
  Show Answer
  The correct answer is C .
• Question 846: The letters E and OE stand for? Options:
  A) errors of exception
  B) errors and omissions expected
  C) estimate and order error
  D) end of error
  Show Answer
  The correct answer is B .
• Question 847:

  The function of management that establish objectives for the organization and trying to determine the best ways to accomplish them

  Options:
  A) organizing
  B) planning
  C) directing
  D) controlling
  Show Answer
  The correct answer is B .
• Question 848:

  The part of issued share capital that the company has asked the subscribers to pay for

  Options:
  A) authorised capital
  B) called-up capital
  C) nominal capital
  D) paid-up capital
  Show Answer
  The correct answer is B .
• Question 849: The role of a wholesaler in the channel of distribution is to? Options:
  A) produce goods in large quantities and sell in small quantities
  B) buy goods directly from the manufacturers
  C) buy goods in large quantities and sell in small quantities
  D) sell goods directly to the consumers
  Show Answer
  The correct answer is C .
• Question 850: Mr Taiwo entered into a contract to let a car to Mr Bunmi for his wedding for two days. However, the car had an accident before the first day. Mr Bunmi attempted to claim damages but failed. This implies the contract was terminated by Options:
  A) bankruptcy
  B) frustration
  C) breach
  D) lapse of time
  Show Answer
  The correct answer is B .