Classroom

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

Select subject

Download PHP app Ask a Question Check Syllabus Past Question Videos Topic Video Lessons

Take a test

Custom CBT

Create and set up a CBT environment with your preferred subjects.

JAMB CBT Simulator

Practice JAMB CBT with real UTME past questions in CBT format.

WAEC CBT Practice 2026 Simulator

CB-WASSCE styled past question practice.

NECO CBT Practice 2026 Simulator

SSCE & GCE styled past question practice.

Past Questions

50 questions

Question 1 of 20 50 total questions

Question 1

jamb 2015

\(\begin{array}{c|c}
\text{Name} & \text{Insure amount} & \text{Actual value} & \text{Actual loss} \\
\hline
\text{Mr A} & 30,000 & 100,000 & 40,000 \\
\hline
\text{Mr B} & 40,000 & 120,000 & 50,000 \\
\hline
\text{Mr C} & 50,000 & 15,000 & 70,000 \\
\end{array}\)

If Mr A takes a fire insurance policy with average clause, his compensation will be

AN15,000

BN20,000

CN12,000

DN25, 000

View Explanation & Discuss

Question 2

jamb 2015

\(\begin{array}{c|c}
N & N \\
\hline
\text{Capital 8000} & \text{Plant and machinery5000}\\
\hline
\text{Net profit 4000} & \text{Motor Van 4500} \\
\hline
\text{Drawings 200} & \text{Stock 2000} \\
\hline
\text{Creditors 2000} & \text{Debtors 1000} \\
\hline
\text{Accurals 300} & \text{Banks 100} \\
\hline
& \text{Cash 600} \\
\hline
14100 & 14100 \\
\end{array}\)

What is the current ratio?

A1 : 4

B5 : 1

C3 : 1

D2 : 1

View Explanation & Discuss

Question 3

jamb 2015

Given

\(\begin{array}{c|c}
\text{Opening stock} & 50,000 \\
\hline
\text{Purchases} & 200,000 \\
\hline
\text{Sales} & 350,000 \\
\hline
\text{Closing stock} & 80,000 \\
\end{array}\)

What is the cost of good sold?

AN200,000

BN190,000

CN170,000

DN175,000

View Explanation & Discuss

Question 4

jamb 2015

\(\begin{array}{c|c}
\text{Opening stock} & 1800 \\
\hline
\text{Purchases} & 2800 \\
\hline
\text{Sales} & 800 \\
\hline
\text{Closing stock} & 800 \\
\hline
\text{Carriage on sale} & 500 \\
\end{array}\)

Calculate the value of the unused stock

AN320

BN350

CN500

DN800

View Explanation & Discuss

Question 5

jamb 2015

The principle of subrogation stated that

AAn insured person should be indemnified to the time of the amount insured

BAn insurance company constant in lace of the insured in dealing with third party.

COnly a person who is likely to suffer loss hold take out an insurance cover

DThere must be accuse connection between the actual loss suffered and risk insure

View Explanation & Discuss

Question 6

jamb 2015

Musa obtains wool from his sheep, spins and transform it into cloth which he sells to consumers, this is a form of

AVertical integration

BHorizontal integration

CForward Integration

DBackground integration

View Explanation & Discuss

Question 7

jamb 2015

The term 4 net 7 on an invoice means that

A4% surcharge will be made unless payment is made within seven days

B4% discount will be allowed on the price charged only if the good are bought within seven days

C4% discount will be allowed on the price charge if payment is made after seven days

D4% discount will be allowed on the price charged if payment is made price charged if payment is made price charged if payment is made within seven days.

View Explanation & Discuss

Question 8

jamb 2015

The business environment that takes into cognizance the age distribution ethnic mix and educational level of the consumer is

ANatural Environment

BCultural environment

CEconomic environment

DDemographic Environment

View Explanation & Discuss

Question 9

jamb 2015

The document issued to a port authority when a good are deposited is a

Adock warrant

BDock landing account

CBall of sight

DBill of landing note

View Explanation & Discuss

Question 10

jamb 2015

A bond which attracts interest but leaves the capital repaid is referred to as

AA redeemable bond

BAn irredeemable bond

CA development bond

DA long-term loan

View Explanation & Discuss

Question 11

jamb 2015

Use the information below to answer this question.

Mammy Plc, whose nominal capital is made up of 5,000,000 ordinary shares at 50K each, decide to offer 80% of it to the public and realized only 50% of the amount due.

what is the company authorized share authorized share capital?

AN4,000,000

BN5,000,000

CN7,500,000

DN2,500,000

View Explanation & Discuss

Question 12

jamb 2015

The circulating capital of a business enterprise is classified into

ACash, work-in-progress and debtors

BCash, Vehicles, land and building

Cdebtors, stocks of raw materials and fitting

DPrepayments, debtors and equipment

View Explanation & Discuss

Question 13

jamb 2015

A type of long-term loan granted to companies with fixed interest rate as well as with redeemable and irredeemable features is referred to as projects.

Adebenture

Ba bond

Ca term loan

Dan overdraft

View Explanation & Discuss

Question 14

jamb 2015

The difference between a private are public limited liability company is that the former

AIs unable to declare and pay dividend.

BHas a higher number of share holder

CIs unable to offer shares to the public.

Dpays higher salaries to its member

View Explanation & Discuss

Question 15

jamb 2015

The external environmental factors that affect a business cooperation are

AEconomic, Social and legal

BPolitical, Culture and Labour

CCompetition, Labour and Political

DCompetition, Industry and Product.

View Explanation & Discuss

Question 16

jamb 2015

The forum for the selling and buying of securities of small and medium companies is called.

ASecurities and Exchange Commission

BSecond tier Security Market

CForeign exchange Market

DSecond tier foreign Exchange market

View Explanation & Discuss

Question 17

jamb 2015

The development of commercial activate in Nigeria was harnessed by

AA good storage system

BAvailability of market

CIncrease in production

DActivities

View Explanation & Discuss

Question 18

jamb 2015

In the permanent storage device, DASD means

AData Access Systems Device

BDirect Access Systems Device

CData Access Storage Device

DDirect Access Storage Device

View Explanation & Discuss

Question 19

jamb 2015

The measure of independence available to the individual business units that come together is the main difference between

Avertical and horizontal integration

BMergers and Acquisition

CConsortium and imagination

DTrust and Cartel

View Explanation & Discuss

Question 20

jamb 2015

Resources commited into the production of relatively few commodities is known as

AProduction

BSpecialization

CCreation manufacturing

DManufacturing

View Explanation & Discuss

Question Navigator

Current

Commerce Past Questions

Take a test

Custom CBT

JAMB CBT Simulator

WAEC CBT Practice 2026 Simulator

NECO CBT Practice 2026 Simulator

Past Questions

Question Navigator

MathsFaculty