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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.

50 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2

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Past Questions

50 questions

Question 1 of 10 50 total questions

Question 21

jamb 2003

The concept that refers to the sale, transfer or exchange of goods and service is?

Aindustry

Btrade

Ctariff

Dmarketing

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Question 22

jamb 2003

The basic functin of the Nigeria Ports Authority is to?

Aensure that the right calibre of personnel is employed at the ports

Bcoordinate and regulate the activities of shipping lines

Cfacilitate and control the movement of goods and services into and out of the country

Dcoordinate the activities of all the seaports in the country

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Question 23

jamb 2003

Ojo purchased the following items from Sani at the specified prices on credit:
200 cartons of milk at N1,000 per carton; 50 bags of rice at N3 000 per bag.
Sani allowed 10% trade discount and 5% cash discount if payment is made within the agreed period. Ojo paid within the agreed period.

How much was the trade discount?

AN42.500

BN27,500

CN22,500

D20,000

View Explanation & Discuss

Question 24

jamb 2003

Use the information below to answer questions 7 and 8.

Ojo purchased the following items from Sani at the specified prices on credit:
200 cartons of milk at N1,000 per carton; 50 bags of rice at N3 000 per bag.
Sani allowed 10% trade discount and 5% cash discount if payment is made within the agreed period. Ojo paid within the agreed period.

What was the amount paid by Ojo?

AN382,500

BN425,000

CN363,375

DN61,625

View Explanation & Discuss

Question 25

jamb 2003

Goods that are manufactured or acquired by the seller after the contract of sale are?

Aspecialty goods

Bfuture goods

Cspecific goods

Dgeneral goods

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Question 26

jamb 2003

A pattern that shows the kinds of participants involved in the production, distribution and ultimate use of a product is referred to as?

Aselection

Bstrategy

Cstructure

Dsynergy

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Question 27

jamb 2003

The main motive of chambers of commerce and trade association is to?

Aassist governemnt in achieving its objective

Bprotect the interest of consumers

Cmaximize profit

Dprotect and promote the interests of members

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Question 28

jamb 2003

The right of ownership with respect to goods or property is?

Aright of occupancy

Bproxy

Ctittle

Dcertificate of occupancy

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Question 29

jamb 2003

An obstacle to international trade is?

Atrade imbalance between countries

Bavailiability of local market

Cquantity and quality of labour

Dcost of finance

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Question 30

jamb 2003

An example of a service-rendering trade association is?

ANigeria Bar Association

BAssociation of Nigeria Miners

CCocoa Farmers' Association

DManufacturers' Association of Nigeria

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