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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.

2,221 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2

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2,221 questions

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Question 371

waec 2010

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#30,000

B#25,000

C#20,000

D#15,000

View Explanation & Discuss

Question 372

waec 2010

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?

A50%

B33%

C25%

D17%

View Explanation & Discuss

Question 373

waec 2010

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#35,000

B#25,000

C#15,000

D#5,000

View Explanation & Discuss

Question 374

waec 2010

Which of the following ancillary services makes it possible for goods to be where they are required?

ACommunication

BBanking

CTransportation

DInsurance

View Explanation & Discuss

Question 375

waec 2010

A firm on the stock exchange which agrees to buy shares not bought after a public offer is

Aa broker

Ba stag

Ca jobber

Dan underwriter

View Explanation & Discuss

Question 376

waec 2010

Which of the following is not a function of a retailer?

AProviding after sales services

BStocking variety of goods

CSelling in small unites to the consumers

DFinancing manufacturers

View Explanation & Discuss

Question 377

waec 2010

The publication of facts from a firm's product is called

Amerchandizing

Bexhibition

Cfeature articles

Dmass advertising

View Explanation & Discuss

Question 378

waec 2010

Which of the following is not contained in a deed of partnership?

ANames and addresses of partners

BRatio for sharing profits and losses

CInvestment of each partner

DRate of taxation

View Explanation & Discuss

Question 379

waec 2010

The practice of selling the product below the cost price to attract customers to a shop is known as

Ahedging

Bloss leader

Cskimming

Dunder-invoicing

View Explanation & Discuss

Question 380

waec 2010

Which of the following is not a feature of co-operative society?

AOwners are the customers

BCapital can be repaid to a member

CVotes are according to shares held

DDividend is based on patronage

View Explanation & Discuss

Question 381

waec 2010

Government financial grants is a source of capital to a

Apartnership

Bpublic limited company

Cpublic corporation

Dco-operative society

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Question 382

waec 2010

The work of actuaries is to

Aunderwrite insurance risks

Bcalculate insurance premiums

Csettle insurance claims

Dassess profits for insurance companies

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Question 383

waec 2010

A mortgage bank is primarily concerned with financing the acquisition of

Amotor vehicle

Bresearch equipment

Ccomputer machine

Ddwelling houses

View Explanation & Discuss

Question 384

waec 2010

The legal document that gives a individual power to protect his own piece of invention is called

Acopyright

Blicense

Cpatent right

Dtrademark

View Explanation & Discuss

Question 385

waec 2010

Which of the following is used for a single payment of many people at the same time through a bank instead of writing separate cheques?

ADebit transfer

BCredit transfer

CCertified cheque

DCrossed cheque

View Explanation & Discuss

Question 386

waec 2010

Which of the following is not an advantage of partnership?

ADiversified managerial talents

BGreater financial resources

CFreedom to terminate business

DAccount is not made public

View Explanation & Discuss

Question 387

waec 2010

Which of the following is not a source of fund for sole-proprietorship?

APersonal savings

BBorrowing from friends and relatives

CBorrowing from financial institution

DGovernment bonds

View Explanation & Discuss

Question 388

waec 2010

Which of these qualities guarantees the keeping of money for a long period?

AAcceptability

BDivisibility

CDurability

DHomogenity

View Explanation & Discuss

Question 389

waec 2010

Sole proprietorship is a form of business owned by

Aan individual

Btwo or more persons

Ca registered business subsidiary

Dthe government

View Explanation & Discuss

Question 390

waec 2010

Unlimited liability in business implies that the

Arisk of the owner is limited only to the amount invested

Bdebts are paid with subventions

Cproperty of the owners should not be used to secure loans

Downers private property can be used to settle the business debts

View Explanation & Discuss

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