COMMERCE PAST QUESTIONS (SSCE)

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

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

jobber

Bull

broker

promoter

2 / 40

Which of the following involves the delivery of mails to a traveler without fixed address?

recorded deliver

reply paid

speed post

poste restante

3 / 40

The term legal tender refers to

postal and money orders

coins and cheques

cheque and bank notes

coins and bank notes

4 / 40

The West Africa Clearing House (WACH) was established

expand the volume of traffic within member countries

coordinate the efforts of member states to tap their natural resources

dredge the rivers in West Africa for easy navigation

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

5 / 40

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

packaging

warehousing

advertising

branding

6 / 40

Which of the following is not used to correct an adverse balance of payment?

decreasing import

devaluation

increasing exports

increasing imports

7 / 40

The main feature of a holding company is

that resources are used for the interest if the community

accepting responsibilities beyond the aims of private enterprises

that it has profit-sharing schemes for employees

that it has financial control over other companies

8 / 40

Which of the following is not a function of the ports Authority?

providing parking space for vehicles

providing facilities for water traffic movement

controlling pollution in rivers

providing storage and warehousing facilities at the docks

9 / 40

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

has to pay for cost and freight

is responsible for clearing and forwarding the goods

pays for insurance only

pays for both the freight and insurance

10 / 40

Farming is an activity that falls under

extractive occupation

commercial occupation

secondary occupation

tertiary occupation

11 / 40

The main advantage of sea transport over air transport is

capacity

safety

patronage

speed

12 / 40

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

limited liability of shareholders

easy transferability of shares

Less taxation by government

access to retained earnings

13 / 40

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

failure to insure the contract

mutual agreement

lack of consideration

payment of commission

14 / 40

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

accepting

negotiating

clearing

discounting

15 / 40

Which of the following is true of rail transport?

suitable for perishable good

it does not require trans-shipping of goods

has no fixed route

cheaper over long distances

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

A.C.P

I.M.F

17 / 40

Which of the following is a method of sales promotion?

trade fair

radio gingles

poster display

television broadcast

18 / 40

The scope of commerce is limited to

wholesale and retail trade

home and foreign trade

trade and aids-to-trade

wholesale and entrepot trade

19 / 40

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

reserve

right issue

goodwill

skilled personnel

20 / 40

Which of the following is not an obstacle to the achievement of the objective of ECOWAS?

sabotage by other organizations

lack of capital

slow pace of development of member countries

lack of commitment of member states

21 / 40

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

export duty

customs drawback

excise drawback

import duty

22 / 40

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

trade discount

premium

gift

free sample

23 / 40

Which of the following is not suitable for hire purchase?

printing

furniture

textiles

refrigerators

24 / 40

Partnership form of business is most appropriate

for nonprofit making ventures

where professionals are needed

where very large capital is required

where the liability of members is limited.

25 / 40

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

wholesaling

commerce

retailing

advertising

26 / 40

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

importer’s bank

exporter

exporter’s bank

importer

27 / 40

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

particular average

open cover

floating policy

general average

28 / 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 specific amount written on it

which has no name

29 / 40

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

insurance policy

bill of exchange

certificate of origin

bill of lading

30 / 40

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

branding

patent right

packaging

31 / 40

A retirement insurance policy which enables the assured to receive income for a specific period is

annuity

endowment

fidelity guarantee

whole life

32 / 40

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

commercialization

industrialization

privatization

nationalization

33 / 40

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

34 / 40

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

breech

consideration

frustration

performance

35 / 40

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

contribution

subrogation

proximate cause

abandonment

36 / 40

Total assets minus current liabilities is equal to a company’s

net profit

capital employed

gross profit

capital owned

37 / 40

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

at par

above par

at premium

at a discount

38 / 40

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

certificate of posting

registered letter

express letter

recorded delivery

39 / 40

A debenture is mortgaged when it is

irredeemable

redeemable

not secured on the assets of a company

secured on the assets of a company

40 / 40

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

bank rate

discount rate

interest rate

market rate

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