SSCE/NECO/GCE (COMMERCE)

COMMERCE PAST QUESTIONS

These are Commerce Past Questions. 40 questions will be picked at random from the question bank.

You have 30 minutes to answer all the questions.

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.

Goodluck!

School Portal Nigeria

1 / 40

Which of the following is not a method of discharging a contract?

breech

performance

frustration

consideration

2 / 40

C & F as a price quotation in foreign trade means that the buyer

pays for insurance only

is responsible for clearing and forwarding the goods

has to pay for cost and freight

pays for both the freight and insurance

3 / 40

The main feature of a holding company is

that it has profit-sharing schemes for employees

that it has financial control over other companies

accepting responsibilities beyond the aims of private enterprises

that resources are used for the interest if the community

4 / 40

The process of dealing with a cheque once it has been paid into the creditor’s bank is

negotiating

clearing

accepting

discounting

5 / 40

Market skimming is an example of

sales promotion

advertising

pricing policy

consumerism

6 / 40

The various rights attached to different classes of shares are stated in the

balance sheet

prospectus

articles of association

memorandum of association

7 / 40

A specially designed container to convey crude oil or liquid from one’ location to another is a

launch

ferry

tanker

coaster

8 / 40

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

9 / 40

A label as a product such as “Three Crown Milk” is a form of

branding

patent right

packaging

10 / 40

Farming is an activity that falls under

extractive occupation

commercial occupation

secondary occupation

tertiary occupation

11 / 40

Who among the following does not function in the stock exchange market?

promoter

jobber

broker

Bull

12 / 40

Which of the following terms is used in marine insurance when the cargo suffers partial loss?

open cover

particular average

general average

floating policy

13 / 40

When an insurance company indemnifies the insured and takes over his rights, this is known as

abandonment

proximate cause

contribution

subrogation

14 / 40

Dividend is a always expressed as a percentage of total

working capital

earnings of the business

volume of business

value of shares owned

15 / 40

The money used by Njie & Co. Ltd in running the day-to-day activities of the business is represented by

total assets less current liabilities

current assets less current liabilities

total assets less total liabilities

current assets less stock

16 / 40

Which of the following organizations aim at providing relief for countries facing adverse balance of payment?

U.N.C.T.D

G.A.T

I.M.F

A.C.P

17 / 40

Which of the following gives businessmen the opportunity to buy shares of public limited companies?

discount houses

commercial banks

insurance companies

the stock exchange

18 / 40

The refund made on goods re-exported after being imported is known as

excise drawback

customs drawback

export duty

import duty

19 / 40

A retailer sells his products at “buy-two-take-three”. The sales promotion method referred to is

trade discount

free sample

gift

premium

20 / 40

The process by which the government takes over the ownership ad control of an existing private business is

commercialization

nationalization

privatization

industrialization

21 / 40

The minimum charge at which the central bank lends to commercial banks is called

bank rate

market rate

interest rate

discount rate

22 / 40

Which of the following can be defined as trade and aid to trade?

wholesaling

retailing

advertising

commerce

23 / 40

An advantage of a public limited company over a private one is the

limited liability of shareholders

easy transferability of shares

access to retained earnings

Less taxation by government

24 / 40

The scope of commerce is limited to

trade and aids-to-trade

wholesale and retail trade

wholesale and entrepot trade

home and foreign trade

25 / 40

If the amount of dividend paid varies according to the level of profit; what type of share is involved?

ordinary share

cumulative preference share

preference share

deferred share

26 / 40

Which of the following provides a proof of posting and that the item has got to the addresses?

registered letter

express letter

recorded delivery

certificate of posting

27 / 40

An open cheque is one

on which the amount is written only in figures

which can be cashed over the counter

which has no name

which has no specific amount written on it

28 / 40

A refund of the duty collected on goods imported and processed for re-export is

excise duty

excise draw bank

preferential duty

value added tax

29 / 40

Who is responsible for the payment of the bill in documentary credits?

importer’s bank

importer

exporter’s bank

exporter

30 / 40

The West Africa Clearing House (WACH) was established

coordinate the efforts of member states to tap their natural resources

promote the use of currencies of all members for inter-regional trade

dredge the rivers in West Africa for easy navigation

expand the volume of traffic within member countries

31 / 40

A partner with an unlimited liability is known as a

dormant partner

general partner

norminal partner

active partner

32 / 40

If a share is sold at a price below its first value, it is sold

at par

at a discount

at premium

above par

33 / 40

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?

OPEC

ECOWAS

OAU

LCBC

34 / 40

Which of the following is an intangible asset of a firm?

goodwill

skilled personnel

right issue

reserve

35 / 40

Which of the following is a means by which a contract of agency could be terminated?

lack of consideration

payment of commission

mutual agreement

failure to insure the contract

36 / 40

The production of goods in anticipation of demand is possible because of the existence of

branding

packaging

warehousing

advertising

37 / 40

Which of the following is used to show that goods imported were produced in an ECOWAS member country?

bill of exchange

insurance policy

bill of lading

certificate of origin

38 / 40

The term legal tender refers to

coins and bank notes

cheque and bank notes

coins and cheques

postal and money orders

39 / 40

Which of the following is a method of sales promotion?

poster display

radio gingles

television broadcast

trade fair

40 / 40

Which of the following is true of rail transport?

cheaper over long distances

has no fixed route

it does not require trans-shipping of goods

suitable for perishable good

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COMMERCE PAST QUESTIONS (SSCE)

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