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 861: The business unit that applies the principle of one man, one vote is ______ Options:
  A) sole proprietorship
  B) partnership
  C) public company
  D) co-operative society
  Show Answer
  The correct answer is D .
• Question 862:

  Which is the fastest means of transportation?

  Options:
  A) Water
  B) air
  C) rail
  D) Road
  Show Answer
  The correct answer is B .
• Question 863: In a common market, member countries agree basically to Options:
  A) place bans on the other countries’ product
  B) wage war against other countries’ product
  C) establish common barriers against countries outside the market
  D) negotiate with countries outside the market for favourable terms of trade .
  Show Answer
  The correct answer is C .
• Question 864: 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 865: An account maintained with a commercial bank for the purpose of foreign exchange transaction is the? Options:
  A) foreign account
  B) international account
  C) domiciliary account
  D) foreign reserves account
  Show Answer
  The correct answer is C .
• Question 866: The cost of transporting goods to consumers called Options:
  A) carried inward
  B) carried forward
  C) carried paid
  D) carried outward
  Show Answer
  The correct answer is D .
• Question 867: The macro-environment forces and trends which are a constraint on business operations are referred to as? Options:
  A) technological factors
  B) economic factors
  C) external factors
  D) internal factors
  Show Answer
  The correct answer is A .
• Question 868: Which of the following is a limitation of division of labour? Options:
  A) Decline in craftmanship
  B) Monotony of work
  C) Reduction in output
  D) Reduction in labour force
  Show Answer
  The correct answer is D .
• Question 869:

  The incentive given to a buyer to encourage prompt payment is

  Options:
  A) cash discount
  B) seasonal discount
  C) quantity discount
  D) trade discount
  Show Answer
  The correct answer is A .
• Question 870:

  A public company has 2 000 000 ordinary shares of 50k each and offers 50% for subscription at N2 per share.

  If the shares were fully subscribed, calculate the issued capital?

  Options:
  A) N4 000 000
  B) N2 000 000
  C) N1 000 000
  D) 500 000
  Show Answer
  The correct answer is D .