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: When one person approves an act previously done by another in the former's name without authority, this is known as? Options:
  A) ratification
  B) estoppel
  C) illegality
  D) misrepresentation
  Show Answer
  The correct answer is B .
• Question 862: The document issued by the seller which gives detail of the goods he sells is known as? Options:
  A) catalogue
  B) tender
  C) price list
  D) invoice
  Show Answer
  The correct answer is D .
• Question 863: The forum for the selling and buying of securities of small and medium companies is called. Options:
  A) Securities and Exchange Commission
  B) Second tier Security Market
  C) Foreign exchange Market
  D) Second tier foreign Exchange market
  Show Answer
  The correct answer is B .
• Question 864:

  When a company insures the lives of all its employees collectively, the policy is

  Options:
  A) accident insurance
  B) fleet insurance
  C) fidelity guarantee insurance
  D) group insurance
  Show Answer
  The correct answer is D .
• Question 865: Commerce makes it possible for man to live in a Options:
  A) complex and organized society
  B) society characterized by subsistency
  C) society characterized by dependency
  D) simple and organized society
  Show Answer
  The correct answer is C .
• Question 866: A retail cooperative society aims at? Options:
  A) hoarding manufactured goods
  B) cutting off the profit of the middlemen
  C) lending money to members at a low interest rates
  D) encouraging members to save money
  Show Answer
  The correct answer is B .
• Question 867: Who is the offeree in this contract ? Options:
  A) Musa
  B) Audu
  C) Adamu
  D) Jacob
  Show Answer
  The correct answer is C .
• Question 868: A country's terms of trade are said to improve when the ratio of her export Options:
  A) decreases
  B) remains constant
  C) increases
  D) equals import
  Show Answer
  The correct answer is C .
• Question 869:

  Amina Enterprises Balance Sheet as at 30/3/99
  Liabilities	₦	Assets	₦
  Share capital	400,000	Land	200,000
  Reserve fund	200,000	Buildings	150,000
  Creditors	110,000	Machinery	200,000
  Bills payable	50,000	Implements	20,000
  Undistributed profits	45,000	Office fittings	5,000
  Wages due	5,000	Raw materials	100,000
  		Finished goods	50,000
  		Debtors	20,000
  		Bills receivable	15,000
  		Cash at bank	45,000
  		Cash at hand	5,000

  Use the information below to answer question

  What is the total fixed capital?

  Options:
  A) N 570,000
  B) N 570,000
  C) N 575,000
  D) N 675,000
  Show Answer
  The correct answer is C .
• Question 870: The application of division of labour should generally bring about Options:
  A) increase in the quantity of goods and service
  B) increase in the variety of goods and services
  C) cheapness of goods and services
  D) cost efficiency in the production of goods and services
  Show Answer
  The correct answer is A .