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Commerce Past Questions

Study and practice Commerce past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

49 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2
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Past Questions

49 questions
All JAMB WAEC NECO CUSTOM
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Question 1 of 20 49 total questions
Question 11
jamb 2014

The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is

Athe difference between gross profit and trade expenses
Bthe different between gross profit and net sales
Csales less cost of sales including sales returns
Dopening stock add purchases less closing stock
View Explanation & Discuss
Question 12
jamb 2014

Part payments made on allotted shares by subscribers is usually the

Asubscribed capital
Bauthorized capital
Cissued capital
Dcalled-up capital
View Explanation & Discuss
Question 13
jamb 2014

A loan to a customer with a cheque account at a bank in which the account is allowed to go into debit is

Aoverdraft
Badvance
Cinterest
Dcommission
View Explanation & Discuss
Question 14
jamb 2014

Which of the following attracts only interest but leaves the capital unpaid

Aa long-term loan
Ba development bond
Ca redeemable bond
Dan irredeemable bond
View Explanation & Discuss
Question 15
jamb 2014

The document that explains the types of shares available for sale to the public is

Aa prospectus
Ban invoice
Can open indent
Da closed indent
View Explanation & Discuss
Question 16
jamb 2014

An association of voluntary organizations that work together for a common aim while retaining their independence is a

Asyndicate
Bmerger
Ccartel
Dconsortium
View Explanation & Discuss
Question 17
jamb 2014

The coming together of a manufacturing business with a firm that markets its products is

Abackward integration
Ba consortium
Cforward integration
Da syndicate
View Explanation & Discuss
Question 18
jamb 2014

The major aim of establishing a public corporation is to

Aestablish a monopoly
Bprovide essential services
Cprovide employment opportunities
Dencourage specialization
View Explanation & Discuss
Question 19
jamb 2014

The deliberate effort geared towards discarding some cargoes in order to lighten the vessel is

Acaveat emptor
Buberrimae fidei
Cdemurrage
Djettison
View Explanation & Discuss
Question 20
jamb 2014

The distribution of petroleum products in Nigeria is through

Arail
Broad
Csea
Dair
View Explanation & Discuss
Question 21
jamb 2014

A trader who experienced loss through fire can be restored by

Aan insurance company
Ba trade association
Cthe bank
Dan advertising agency
View Explanation & Discuss
Question 22
jamb 2014

The insurance principle that allows an insurance company to take over the rights of the insured once he has been compensated is

Aindemnity
Bproximate cause
Cutmost good faith
Dsubrogation
View Explanation & Discuss
Question 23
jamb 2014

The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is

Asubrogation
Bproximate cause
Cuberrimae fidei
Dcontribution
View Explanation & Discuss
Question 24
jamb 2014

Insurance against burglary is an example of

Aindemnity insurance
Bfidelity guarantee insurance
Cnon-insurable risk
Dnon-indemnity insurance
View Explanation & Discuss
Question 25
jamb 2014

Endowment policy in insurance business is an aspect of

Aaccident insurance policy
Bfidelity guarantee insurance policy
Cmotor vehicle insurance policy
Dlife assurance policy
View Explanation & Discuss
Question 26
jamb 2014

Tourists with no fixed address in a town may receive their letters from post office through a

Aposte restante
Bparcel post
Cprivate mail bag
Drecorded delivery
View Explanation & Discuss
Question 27
jamb 2014
A carton of noodles valued at #2,000 was invoiced at #200 only.The accounting procedure to correct this error is to issue
Aan invoice for #200
Ba debit note for #2,00
Ca credit note for #1,800
Da debit note for #1,800
View Explanation & Discuss
Question 28
jamb 2014

In response to an inquiry from a customer, a wholesaler is expected to send back

Aa consignment note
Ban order
Ca qoutation
Dan advice note
View Explanation & Discuss
Question 29
jamb 2014

A document recording the transactions of an organization with its customer for a specified period which normally shows the indebtedness of one to the other is a

Astatement of account
Bconsular invoice
Cproforma invoice
Dstatement affairs
View Explanation & Discuss
Question 30
jamb 2014

The role of customs and excise authority includes the

Acontrol of the flow of goods in and out of the country
Bcontrol of security agents within and out of the borders
Cprovision of dockyards for ship repairs and maintenance
Dprovision of transport system to facilitate imports and exports
View Explanation & Discuss
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