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.

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

130 questions
Question 1 of 20 130 total questions
Question 51
jamb 2025

The net profit is calculated as

 

Asales less purchases
Bgross profit less expenses
Cgross profit less purchases
Dsales less expenses
View Explanation & Discuss
Question 52
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 53
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
View Explanation & Discuss
Question 54
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
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Question 55
jamb 2025

Public enterprises are financed mainly by

 

Acommercial banks
Bthe shareholders
Cthe world bank
Dgovernment grants
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Question 56
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 57
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 58
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 59
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 60
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
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Question 61
jamb 2025

Which of the following types of insurance is taken against claims made by staff who get injured while at work?

 

AEmployers' liability insurance
BFidelity guarantee insurance
CConsequential loss insurance
DProducts liability insurance
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Question 62
jamb 2025

When a public company receives the certificate of incorporation, this implies that

 

Athe company's assets exist separately from those of its members
Bit can no longer sue or be sued
Cthe company's finds it difficult to raise capital
Dit can go ahead and start business
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Question 63
jamb 2025

An agreement that is enforceable in law is

 

Aan offer
Ba consideration
Can acceptance
Da contract
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Question 64
jamb 2025

Musa entered into a contract to supply two cows to Aro. Before the agreed date of supply and without the knowledge of the two
parties, thieves stole the cows. This is an example of termination of contract by

 

Adefault
Bperformance
Cbreach
Dfrustration
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Question 65
jamb 2025

When the buyer of an existing share is to receive the pending dividend, the price is

 

Aat par
Bcum div
Cat a discount
Dex-div
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Question 66
jamb 2025

The job of the police in keeping law and order in the society is

 

Aa direct service
Ba self service
Ca commercial services
Dan indirect service
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Question 67
jamb 2025

Trade can be described as

 

Adistribution of goods
Bpurchase of goods and services
Cbuying and selling
Dproduction of goods
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Question 68
jamb 2025

Which of the following is not a financial institution?

 

AInsurance company
BStock exchange
CCommodity board
DClearing house
View Explanation & Discuss
Question 69
jamb 2025

Small scale retailer continue to survive inspite of serious competition from large scale retailers because they

Ado not separate business money from personal money
Bbuy from many manufacturers
CMaintain personal relationship with customers
DStock only one line of goods in their stalls
View Explanation & Discuss
Question 70
jamb 2025

The exchange of goods for goods in foreign trade is known as?

 

ASmuggling
BVisible trade
CEntreport trade
DCounter trade
View Explanation & Discuss
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