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 941: If the rate of turnover of a company in 1999 was 4 times while the average stock was N49,600, determine the turnover. Options:
  A) N199,400
  B) N198,400
  C) N100,200
  D) N99,200
  Show Answer
  The correct answer is B .
• Question 942: An example of indirect service is rendered by Options:
  A) civil servants
  B) family doctors
  C) household servant
  D) entertainers
  Show Answer
  The correct answer is A .
• Question 943: In foreign trade, document of title is known as Options:
  A) bill of lading
  B) bill at sight
  C) certifiate of origin
  D) declaration form
  Show Answer
  The correct answer is A .
• Question 944: The major determinant of fire insurance premium is the Options:
  A) Owner of the property
  B) usefulness of the property to the owner
  C) Type and structure of the property to be insured
  D) extent of fire damaged anticipated.
  Show Answer
  The correct answer is C .
• Question 945: Which of the following statements is TRUE about sea transport? Options:
  A) all ships have specific routes to ply
  B) all ships must be insured at every journey
  C) all ships are insured separately from the crew
  D) all ships normally arrive at their destination with goods
  Show Answer
  The correct answer is C .
• Question 946: A major setback of international trade is? Options:
  A) inadequate exports
  B) economic sanctions
  C) devaluation of currency
  D) exchange rate appreciation
  Show Answer
  The correct answer is B .
• Question 947:

  An arrangement by independent firms to share the market of their products on quota basics Is referred to as

  Options:
  A) Cartel
  B) Syndicate
  C) Trust
  D) Integration
  Show Answer
  The correct answer is A .
• Question 948: Which of the following services does a lawyer render? Options:
  A) industrial services
  B) indirect services
  C) direct services
  D) commercial services
  Show Answer
  The correct answer is C .
• Question 949:

  

  What are fixtures and fittings in a balance sheet?

  Options:
  A) liquid capital
  B) current assets
  C) fixed assets
  D) working capital
  Show Answer
  The correct answer is C .
• Question 950: The term 4 net 7 on an invoice means that Options:
  A) 4% surcharge will be made unless payment is made within seven days
  B) 4% discount will be allowed on the price charged only if the good are bought within seven days
  C) 4% discount will be allowed on the price charge if payment is made after seven days
  D) 4% discount will be allowed on the price charged if payment is made price charged if payment is made price charged if payment is made within seven days.
  Show Answer
  The correct answer is D .