Let us take the vector space of all the polynomials of degree less than $n$ over the finite field $\Bbb F_q$, \begin{eqnarray*} \Bbb F_q[X]_{<n} &:=& \{ f(X)\in \Bbb F_q[X]:\deg f(X) <n\} \leq \Bbb F_q[X]. \end{eqnarray*}
Clearly, this is not a ring under the usual multiplication of polynomials. On the other hand, let us endow the abelian group $(\Bbb F_q[X]_{<n},+)$ with the following multiplication: \begin{align*} \odot: \Bbb F_q[X]_{<n}\times \Bbb F_q[X]_{<n} \longrightarrow \Bbb F_q[X]_{<n},\quad (f(X),g(X))\longmapsto f(X)\odot g(X):=r(X), \end{align*} where $r(X)\in \Bbb F_q[X]$ is the remainder of the polynomial $f(X)g(X)\in \Bbb F_q[X]$, when divided by $X^n-1$. This multiplication is known as multiplication modulo $\boldsymbol{ X^n-1}$. Then, $(\Bbb F_q[X]_{<n},+,\odot)$ forms a commutative ring with $1_{\Bbb F_q[X]_{<n}}\in \Bbb F_q[X]_{<n}$.
But I stack on the rest of the properties in order to show the algebra structure.
So, please let me expose my thoughts. For the associativity of $\odot$, \begin{equation} (f(X)\odot g(X))\odot h(X)=f(X)\odot (g(X)\odot h(X)) \tag{$*$} \end{equation} my thought is to apply the Division Algorigthm. That is, by dividing $f(X)g(X)$ by $X^n-1$, there exists unique $q(X),r(X)\in \Bbb F_q[X]$ such that $f(X)g(X)=(X^n-1)q(X)+r(X)$, where $r(X)=0$ or $\deg r(X)<n$. Thus, $f(X)\odot g(X)=r(X)$. Then, $(f(X)\odot g(X))\odot h(X)=r(X)\odot h(X)$. Thus, in the same spirit, there exists $q'(X),r'(X)\in \Bbb F_q[X]$ such that $r(X)h(X)=q'(X)(X^n-1)+r'(X)$, where $r'(X)=0$ or $\deg r'(X)<n$. Then, \begin{eqnarray*} (f(X)\odot g(X))\odot h(X) &=& r'(X) \\ &=& r(X)h(X)-q'(X)(X^n-1) \\ &=& (f(X)g(X)-(X^n-1)q(X))h(X)-q'(X)(X^n-1)\\ &=& f(X)g(X)h(X)-(X^n-1)q(X)h(X)-q'(X)(X^n-1)\\ &=& f(X)g(X)h(X)-(X^n-1)(q(X)h(X)+q'(X)). \end{eqnarray*} The latter is of degree $<n$ and as we can see it is the remainder of the division of $f(X)g(X)h(X)$ by $X^n-1$, and it is unique. By working likewise in the RHS of $(*)$, we obtain the same result. Hence the equality holds.
Is that argument complete and correct? Do we work likewise for the rest axioms and, furthermore, is there any faster way?
There is a faster way. I think it is worth learning about quotients of rings by ideals. In your case, there is an isomorphism* of $\mathbb{F}_q[X]_{<n}$ and the quotient ring $\mathbb{F}_q[X]/I$ where $I$ is the principal ideal generated by $x^n$. The general theory then tells you immediately (just from coset business) that $\mathbb{F}_q[X]/I$ is a commutative ring with identity because the "mother" $\mathbb{F}_q[X]$ is. This way you can avoid checking all the axioms and put all the work on the abstract quotient ring construction.
*The correspondence is that the polynomial $a_0 + a_1x + \cdots + a_{n-1}x^{n-1} \in \mathbb{F}_q[X]_{<n}$ maps to the coset $a_0 + a_1x + \cdots + a_{n-1}x^{n-1} + I$.