Commerce 2022 Jamb Examination

Commerce refers to all activities involved in the distribution and exchange of goods and services, not just buying and selling.

A broker facilitates trade between buyers and sellers, which is a commercial occupation.

Coins were introduced later; in early trade, commodity money such as cowries, tobacco, and metal bars were used.

Weaving is a manufacturing activity, not an extractive one. Extractive industries focus on obtaining natural resources.

A credit and thrift society pools members’ savings and lends them to other members.

A public company must obtain a Certificate of Trading before it can commence business operations.

Consumer associations cannot penalize importers of fake goods; that is the role of regulatory authorities.

A trade association is formed by people in the same line of business to promote and safeguard their common interest.

A prospectus is issued to invite the public to subscribe to the company's shares.

Current assets are short-term resources such as cash and trade debtors; creditors are liabilities, not assets.