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 871: The rewards of rents, wages, interests and profits accrue from? Options:
  A) capital, labour, land and enterpreneur respectively
  B) land, enterpreneur,labour and capital respectively
  C) land, lbour, capital and enterpreneur respectively
  D) labour, enterpreneur, land and capital respectively
  Show Answer
  The correct answer is C .
• Question 872:

  One of these is not a major in the production process?

  Options:
  A) Producers
  B) Distributors
  C) Marketers
  D) Consumers
  Show Answer
  The correct answer is C .
• Question 873:

  The creation of goods and services to satisfy human wants is referred to as

  Options:
  A) manufacturing
  B) commercialization
  C) production
  D) entrepreneurship
  Show Answer
  The correct answer is C .
• Question 874: Which of the following types of occupation involues services that can be referred to as auxiliaries trade? Options:
  A) Constructive occupation
  B) Manufacturing occupation
  C) Industrial occupation
  D) Commercial occupation
  Show Answer
  The correct answer is D .
• Question 875: The major responsibility of an entrepreneur is? Options:
  A) Employing all factors of production in the business
  B) coordinating and determining the proportion of what to produce
  C) planning and organizing all activities in the business
  D) directing and controlling all the affairs of the business
  Show Answer
  The correct answer is A .
• Question 876: Funds used for paying wages, salaries and payments for raw materials are categorized under Options:
  A) liquid capital
  B) circulating capital
  C) fixed capital
  D) nominal capital
  Show Answer
  The correct answer is B .
• Question 877: An agency contract must involve? Options:
  A) a principal and a consumer
  B) a principal and a producer
  C) a principal and a third party
  D) a principal and an agent
  Show Answer
  The correct answer is D .
• Question 878: The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is Options:
  A) the difference between gross profit and trade expenses
  B) the different between gross profit and net sales
  C) sales less cost of sales including sales returns
  D) opening stock add purchases less closing stock
  Show Answer
  The correct answer is A .
• Question 879: The development of commercial activate in Nigeria was harnessed by Options:
  A) A good storage system
  B) Availability of market
  C) Increase in production
  D) Activities
  Show Answer
  The correct answer is A .
• Question 880: The promotion of savings culture is a feature of a? Options:
  A) trade association
  B) consumers' cooperative society
  C) thirft cooperative society
  D) business association
  Show Answer
  The correct answer is C .