COMMERCE PAST QUESTIONS

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SSCE/NECO/GCE (COMMERCE)

COMMERCE PAST QUESTIONS APP
These are Commerce Past Questions. Questions will be picked at random from the question bank.
You can use the NEXT button to move to the next question, use the PREV button to move to the previous question, the CLEAR button to clear any answer of your choice and you have the FINISH button to end the exam if you choose to.
Any question not answered before the end of the exam time, will be marked as wrong and the exam will end by itself. so try to attempt all questions on time.
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1 / 50
An advantage of a public limited company over a private one is the
access to retained earnings
limited liability of shareholders
Less taxation by government
easy transferability of shares

2 / 50
Which of the following is not suitable for hire purchase?
textiles
refrigerators
furniture
printing

3 / 50
Which of the following provides a proof of posting and that the item has got to the addresses?
express letter
registered letter
certificate of posting
recorded delivery

4 / 50
The process by which the government takes over the ownership ad control of an existing private business is
industrialization
commercialization
privatization
nationalization

5 / 50
The West Africa Clearing House (WACH) was established
dredge the rivers in West Africa for easy navigation
promote the use of currencies of all members for inter-regional trade
expand the volume of traffic within member countries
coordinate the efforts of member states to tap their natural resources

6 / 50
If the amount of dividend paid varies according to the level of profit; what type of share is involved?
ordinary share
preference share
deferred share
cumulative preference share

7 / 50
Dividend is a always expressed as a percentage of total
value of shares owned
working capital
volume of business
earnings of the business

8 / 50
C & F as a price quotation in foreign trade means that the buyer
pays for both the freight and insurance
is responsible for clearing and forwarding the goods
pays for insurance only
has to pay for cost and freight

9 / 50
Which of the following is true of rail transport?
cheaper over long distances
suitable for perishable good
has no fixed route
it does not require trans-shipping of goods

10 / 50
If a share is sold at a price below its first value, it is sold
at premium
above par
at par
at a discount

11 / 50
When an insurance company indemnifies the insured and takes over his rights, this is known as
abandonment
contribution
proximate cause
subrogation

12 / 50
Farming is an activity that falls under
extractive occupation
tertiary occupation
commercial occupation
secondary occupation

13 / 50
Which of the following is an intangible asset of a firm?
goodwill
skilled personnel
right issue
reserve

14 / 50
Market skimming is an example of
pricing policy
consumerism
advertising
sales promotion

15 / 50
The various rights attached to different classes of shares are stated in the
prospectus
memorandum of association
articles of association
balance sheet

16 / 50
Which of the following is a method of sales promotion?
poster display
radio gingles
television broadcast
trade fair

17 / 50
The scope of commerce is limited to
home and foreign trade
wholesale and retail trade
trade and aids-to-trade
wholesale and entrepot trade

18 / 50
Which of the following gives businessmen the opportunity to buy shares of public limited companies?
insurance companies
the stock exchange
discount houses
commercial banks

19 / 50
A private company is one which must publish its audited account must publish its audited account
floats its shares on the shock exchange market
is owned by a maximum of twenty members
must publish its audited account
restricts the rights to transfer its shares

20 / 50
A retirement insurance policy which enables the assured to receive income for a specific period is
fidelity guarantee
whole life
endowment
annuity

21 / 50
Partnership form of business is most appropriate
where very large capital is required
where the liability of members is limited.
for nonprofit making ventures
where professionals are needed

22 / 50
Which of the following terms is used in marine insurance when the cargo suffers partial loss?
particular average
general average
open cover
floating policy

23 / 50
Who is responsible for the payment of the bill in documentary credits?
importer’s bank
importer
exporter’s bank
exporter

24 / 50
The minimum charge at which the central bank lends to commercial banks is called
discount rate
market rate
bank rate
interest rate

25 / 50
A retailer sells his products at “buy-two-take-three”. The sales promotion method referred to is
trade discount
gift
free sample
premium

26 / 50
A specially designed container to convey crude oil or liquid from one’ location to another is a
launch
coaster
ferry
tanker

27 / 50
A refund of the duty collected on goods imported and processed for re-export is
excise draw bank
excise duty
value added tax
preferential duty

28 / 50
Which of the following is a means by which a contract of agency could be terminated?
mutual agreement
payment of commission
lack of consideration
failure to insure the contract

29 / 50
Which of the following is not used to correct an adverse balance of payment?
decreasing import
devaluation
increasing imports
increasing exports

30 / 50
The process of dealing with a cheque once it has been paid into the creditor’s bank is
accepting
clearing
negotiating
discounting

31 / 50
A debenture is mortgaged when it is
irredeemable
redeemable
not secured on the assets of a company
secured on the assets of a company

32 / 50
Who among the following does not function in the stock exchange market?
promoter
Bull
jobber
broker

33 / 50
Which of the following can be defined as trade and aid to trade?
commerce
retailing
wholesaling
advertising

34 / 50
Which of the following has as one of its objectives the removal of obstacles to movement of people and goods across the boundaries of member countries?
OAU
ECOWAS
OPEC
LCBC

35 / 50
The term legal tender refers to
coins and bank notes
postal and money orders
cheque and bank notes
coins and cheques

36 / 50
Which of the following is not a function of the ports Authority?
controlling pollution in rivers
providing facilities for water traffic movement
providing parking space for vehicles
providing storage and warehousing facilities at the docks

37 / 50
Which of the following is used to show that goods imported were produced in an ECOWAS member country?
certificate of origin
bill of exchange
bill of lading
insurance policy

38 / 50
A label as a product such as “Three Crown Milk” is a form of
packaging
copyright
branding
patent right

39 / 50
The main feature of a holding company is
that it has profit-sharing schemes for employees
that resources are used for the interest if the community
that it has financial control over other companies
accepting responsibilities beyond the aims of private enterprises

40 / 50
The main advantage of sea transport over air transport is
speed
capacity
patronage
safety

41 / 50
The refund made on goods re-exported after being imported is known as
import duty
customs drawback
excise drawback
export duty

42 / 50
Which of the following involves the delivery of mails to a traveler without fixed address?
reply paid
recorded deliver
speed post
poste restante

43 / 50
An open cheque is one
which has no name
which can be cashed over the counter
on which the amount is written only in figures
which has no specific amount written on it

44 / 50
The money used by Njie & Co. Ltd in running the day-to-day activities of the business is represented by
total assets less total liabilities
current assets less stock
current assets less current liabilities
total assets less current liabilities

45 / 50
Which of the following is not an obstacle to the achievement of the objective of ECOWAS?
sabotage by other organizations
lack of commitment of member states
slow pace of development of member countries
lack of capital

46 / 50
Which of the following organizations aim at providing relief for countries facing adverse balance of payment?
I.M.F
U.N.C.T.D
A.C.P
G.A.T

47 / 50
The production of goods in anticipation of demand is possible because of the existence of
advertising
packaging
warehousing
branding

48 / 50
Total assets minus current liabilities is equal to a company’s
capital employed
net profit
capital owned
gross profit

49 / 50
A partner with an unlimited liability is known as a
active partner
general partner
norminal partner
dormant partner

50 / 50
Which of the following is not a method of discharging a contract?
frustration
consideration
breech
performance

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Also See

PHYSICS PAST QUESTIONS APP

ENGLISH LANGUAGE TEST OF ORALS PAST QUESTIONS

COMMERCE PAST QUESTIONS APP (SSCE/NECO/NABTEB/GCE)

COMMERCE PAST QUESTIONS

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