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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.

1,707 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2

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Past Questions

1,707 questions

Question 1 of 20 1,707 total questions

Question 21

jamb 2025

Use the following information below to answer the question
Ojo bought a bicycle for #20,000, and repaired it at a cost of #5,000. He then sold the bicycle for ₦30,000
What is the cost of goods sold?

A₦20,000

B₦30,000

C₦15,000

D₦25,000

View Explanation & Discuss

Question 22

jamb 2025

Use the following information below to answer the question
Ojo bought a bicycle for ₦20,000, and repaired it at a cost of ₦5,000. He then sold the bicycle for ₦30,000
What is the percentage of expenses over cost?

A25%

B17%

C33%

D50%

View Explanation & Discuss

Question 23

jamb 2025

Use the following information below to answer the question
Ojo bought a bicycle for ₦20,000, and repaired it at a cost of ₦5,000. He then sold the bicycle for ₦30,000
What was his net profit?

A₦5,000

B₦15,000

C₦35,000

D₦25,000

View Explanation & Discuss

Question 24

jamb 2025

Examples of current assets are

Atrade debtors, trade creditors and cash

Bcash and trade creditors

Ctrade creditors and trade debtors

Dcash and trade debtors

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Question 25

jamb 2025

The difference between a country's imports and exports of goods in a particular year is

Abalance of trade

Bbalance of payment

Cterms of trade

Dterms of payment

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Question 26

jamb 2025

In which of the following organizations are members entitled to one vote, irrespective of the number of shares held?

APartnership

BCo-operative society

CLimited company

DPublic corporation

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Question 27

jamb 2025

Taxes imposed on locally made goods are known as

Aad valorem duties

Bexcise duties

Cimport duties

Dexport drawback

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Question 28

jamb 2025

The expert who calculates premium for an insurance company is?

AA broker

BAn assessor

CAn actuary

DAn underwriter

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Question 29

jamb 2025

Which of the following does not belong to the group?

APosters

BFree samples

CHoarding of goods

DWindow display

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Question 30

jamb 2025

Which of the following functions of the wholesaler helps to stabilize prices

AProvision of credit

BAdvice to retailers

CWarehousing

DFinancing

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Question 31

jamb 2025

The net profit is calculated as

Asales less purchases

Bgross profit less expenses

Cgross profit less purchases

Dsales less expenses

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Question 32

jamb 2025

The charge paid by a speculator for non-settlement of his account within the specified period is

Abackwardation

Bbrokerage

Ccommission

Dcontango

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Question 33

jamb 2025

Unlimited liability in business implies that the

Arisk of the owner is limited only to the amount invested

Bproperty of the owners should not be used to secure loans

Cowners private property can be used to settle the business debts

Ddebts are paid with subventions

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Question 34

jamb 2025

Which of the following is most appropriate for a "Cash with Order" terms of sale?

ADebit note

BConsignment note

CCredit note

DProforma invoice

View Explanation & Discuss

Question 35

jamb 2025

Public enterprises are financed mainly by

Acommercial banks

Bthe shareholders

Cthe world bank

Dgovernment grants

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Question 36

jamb 2025

A new offer of contract that terminates the original offer is

Aan invalid offer

Ba void contract

Ca counter offer

Dquasi contract

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Question 37

jamb 2025

Which of the following describes the reason for international trade?

ABalance of payment

BAbsolute cost advantage

CBalance of trade

DComparative cost advantage

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Question 38

jamb 2025

A contract to take possession of goods on installment

Atrade-in-sale

Bhire purchase

Cconditional sale

Dcredit sale

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Question 39

jamb 2025

Which of the following is a source of capital to a sole proprietorship?

AIssue of debenture

BIssue of shares

CLoans from friends

DAdmission of new member

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Question 40

jamb 2025

The principle that applies when Greene and Sunwar Insurance Companies jointly indemnified Fatou for the destruction of her
storey building by fire is

Acontribution

Bsubrogation

Cproximate cause

Dinsurable interest

View Explanation & Discuss

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