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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.

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

128 questions
All JAMB WAEC NECO CUSTOM
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Question 1 of 20 128 total questions
Question 41
jamb 2023

The type of activity which turns processed raw materials into consumer and industrial goods is described as

Aextractive
Bprocessing
Cconstructive
Dmanufacturing
View Explanation & Discuss
Question 42
jamb 2023

Current account holders withdraw money through

Atransfer
Bcredit cards
Cwithdrawal form
Dcheque
View Explanation & Discuss
Question 43
jamb 2023

The duties paid on goods produced locally is

Aexport duty
Bexcise duty
CAd-valorem duty
Dquota
View Explanation & Discuss
Question 44
jamb 2023

The part of the computer that has the capacity to interpret instruction is

Acentral processing unit
Buniversal power storage
Cmonitor
Dkeyboard
View Explanation & Discuss
Question 45
jamb 2023

An example of extractive occupation is

Adriving
Bteaching
Cbanking
Dmining
View Explanation & Discuss
Question 46
jamb 2023

Factors considered when setting up a retail business is one of the following

Acapital, experience and trading
Bexperience, term of trade and trading
Ccapital, trading and term of trade
Dcapital, type of goods and source of supply
View Explanation & Discuss
Question 47
jamb 2023

Which is the fastes means of transportation?

Aroad
Bair
Crail
Dwater
View Explanation & Discuss
Question 48
jamb 2023

An advantage of division of labour is

Aproductivity and total output is increased
Bmonopoly od task is eliminated
Cinterdependence of workers increase remuneration
Dloss of individual craftmanship is minimized
View Explanation & Discuss
Question 49
jamb 2023

The fees charged on postal order by the post office is

Apremium
Bpoundage
Cinterest
Dbrokerage
View Explanation & Discuss
Question 50
jamb 2023

A major function of chamber of commerce is

Apromoting both home and foreign trade
Bincreasing productivity
Cpromoting trade in a particular line
Dmaximizing profit
View Explanation & Discuss
Question 51
jamb 2023

The rate where a country's exports exchange for its imports is called

Aterms of trade
Bbalance of trade
Cterms of payments
Dbalance of payments
View Explanation & Discuss
Question 52
jamb 2023

A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as

Aindigenisation
Bcommercialisation
Cnationalisation
Dprivatisation
View Explanation & Discuss
Question 53
jamb 2023

The function of commerce in relation to production is

Ahelping in the extraction of raw materials from nature
Byielding result
Cproviding a link between the different stage of conversion of good
Dsatisfying
View Explanation & Discuss
Question 54
jamb 2023
  ₦  

₦

Stock 1/1

 20,000 Net sales 370,000

Add purchases

 250,000    

Cost of goods available for sale

 270,000    

Less stock 31/12

 40,000    

Cost of goods sold

 230,000    

Rent expenses

 35,000    

Calculate the net profit

A₦35,000
B₦115,000
C₦105,000
D₦40,000
View Explanation & Discuss
Question 55
jamb 2023
  ₦                                            

                    ₦

Stock 1/1

 20,000 Net Sales 370,000

Add purchases

 250,000    

Cost of goods available for sale

 270,000    

Less stock 31/12

 40,000    

Cost of goods sold

 230,000    

Rent expenses

 35,000    

 

Find the gross profit

A₦150,000
B₦370,000
C₦230,000
D₦140,000
View Explanation & Discuss
Question 56
jamb 2023

An example of a cartel is

AECOWAS
BAU
COPEC
DEU
View Explanation & Discuss
Question 57
jamb 2023

An announcement of a person's willingness to enter into a contract is referred to as

Aan acceptance
Ba proxy
Cconsideration
Dan offer
View Explanation & Discuss
Question 58
jamb 2023

At the collapse of a business enterprises, the person appointed to dispose off the assets is called

Aan auctioneer
Ban auditor
Ca broker
Da liquidator
View Explanation & Discuss
Question 59
jamb 2023

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

Atrade
Btariff
Cindustry
Dmarketing
View Explanation & Discuss
Question 60
jamb 2023

Insurance against burglary is an example of

Anon-indemnity insurance
Bnon-insurable risk
Cindemnity insurance
Dfidelity guarantee insurance
View Explanation & Discuss
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