JAMB and WAEC Commerce questions

611 questions with answers and explanations. Tap an option to check yourself.

1. Question 241· Elements of commercial law· JAMB

   A trademark protects

   • Aan invention
   • Ba distinctive name or logo of a product
   • Ca book
   • Da building design only

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2. Question 242· Elements of commercial law· WAEC

   A valid contract must have

   • Aa lawyer present
   • Bonly an offer
   • Coffer, acceptance and consideration
   • Da written document in every case

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3. Question 243· Elements of commercial law· WAEC

   Goods displayed in a shop window with price tags are

   • Aa binding offer
   • Ban invitation to treat
   • Can acceptance
   • Da completed contract

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4. Question 244· Elements of commercial law· JAMB

   In the sale of goods, the rule 'caveat emptor' means

   • Agoods are sold free
   • Blet the seller beware
   • Clet the buyer beware
   • Dpayment must be in advance

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5. Question 245· Elements of commercial law· WAEC

   A patent protects

   • Aa building
   • Ba song
   • Ca company name
   • Dan invention

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6. Question 246· Elements of commercial law· WAEC

   An essential element of a valid contract is

   • Aadvertisement
   • Boffer and acceptance
   • Can invoice
   • Da witness

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7. Question 247· Elements of commercial law· WAEC

   Consideration in a contract means

   • Aa legal penalty
   • Bthe written agreement
   • Ca court case
   • Dsomething of value given by each party

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8. Question 248· Elements of commercial law· JAMB

   A contract induced by misrepresentation is usually

   • Aillegal
   • Bvoid from the start
   • Cvalid and unchangeable
   • Dvoidable

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9. Question 249· Elements of commercial law· JAMB

   A trademark is

   • Aa distinctive sign identifying a firm's goods
   • Ba contract
   • Ca patent
   • Dan export licence

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10. Question 250· Elements of commercial law· WAEC

    A contract is

    • Aany promise between friends
    • Ba legally binding agreement between two or more parties
    • Ca social arrangement
    • Da type of tax

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11. Question 251· Elements of commercial law· JAMB

    A contract to commit a crime is

    • Avalid
    • Billegal and void
    • Cvoidable
    • Denforceable

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12. Question 252· Elements of commercial law· WAEC

    The essential elements of a valid contract include

    • Adelivery only
    • Badvertisement and display
    • Cbargaining only
    • Doffer, acceptance and consideration

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13. Question 253· Financing a business· WAEC

    Debentures are

    • Aprofits kept
    • Bordinary shares
    • Cgrants
    • Dloans to a company carrying fixed interest

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14. Question 254· Financing a business· WAEC

    Ploughed-back profit is a source of

    • Ainternal finance
    • Bexternal loan
    • Cgovernment grant
    • Dforeign aid

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15. Question 255· Financing a business· JAMB

    Gross profit is ₦40,000 on sales of ₦160,000. The gross profit margin is

    • A33⅓%
    • B40%
    • C25%
    • D16%

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16. Question 256· Financing a business· WAEC

    Turnover means

    • Awages paid
    • Btotal profit
    • Cfixed assets
    • Dtotal sales over a period

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17. Question 257· Financing a business· JAMB

    Holders of ordinary shares in a company

    • Areceive a fixed rate of dividend
    • Bbear the greatest risk and may receive variable dividends
    • Care paid before debenture holders
    • Dare creditors of the company

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18. Question 258· Financing a business· JAMB

    Trade credit as a source of finance means

    • Aleasing equipment
    • Bborrowing from a commercial bank
    • Cselling shares to the public
    • Dreceiving goods now and paying the supplier later

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19. Question 259· Financing a business· WAEC

    Holders of debentures receive

    • Adividends only when profit is made
    • Bfixed interest whether or not the company makes a profit
    • Cvoting rights at meetings
    • Da share of ownership

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20. Question 260· Financing a business· WAEC

    Debenture holders receive

    • Avoting rights
    • Bdividends from profit
    • Cfixed interest whether or not the company makes a profit
    • Dthe business's goodwill

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