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

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

ferry

coaster

launch

tanker

2 / 40

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

right issue

reserve

goodwill

skilled personnel

3 / 40

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

discount houses

insurance companies

commercial banks

the stock exchange

4 / 40

A private company is one which must publish its audited account 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

restricts the rights to transfer its shares

5 / 40

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

subrogation

proximate cause

contribution

abandonment

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

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

payment of commission

mutual agreement

failure to insure the contract

lack of consideration

8 / 40

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

frustration

performance

breech

consideration

9 / 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?

LCBC

OAU

ECOWAS

OPEC

10 / 40

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

market rate

discount rate

bank rate

interest rate

11 / 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

12 / 40

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

at a discount

at par

at premium

above par

13 / 40

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

wholesaling

retailing

advertising

commerce

14 / 40

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

speed post

reply paid

recorded deliver

poste restante

15 / 40

The term legal tender refers to

cheque and bank notes

coins and bank notes

postal and money orders

coins and cheques

16 / 40

Which of the following is a method of sales promotion?

television broadcast

radio gingles

poster display

trade fair

17 / 40

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

excise draw bank

preferential duty

excise duty

value added tax

18 / 40

Partnership form of business is most appropriate

where very large capital is required

for nonprofit making ventures

where professionals are needed

where the liability of members is limited.

19 / 40

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

providing parking space for vehicles

providing storage and warehousing facilities at the docks

providing facilities for water traffic movement

controlling pollution in rivers

20 / 40

The West Africa Clearing House (WACH) was established

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

expand the volume of traffic within member countries

21 / 40

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

bill of lading

insurance policy

bill of exchange

certificate of origin

22 / 40

Market skimming is an example of

pricing policy

sales promotion

consumerism

advertising

23 / 40

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

floating policy

general average

open cover

particular average

24 / 40

Which of the following is not suitable for hire purchase?

furniture

printing

refrigerators

textiles

25 / 40

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

exporter’s bank

exporter

importer’s bank

importer

26 / 40

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

gross profit

capital owned

capital employed

net profit

27 / 40

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

advertising

packaging

branding

warehousing

28 / 40

Which of the following is true of rail transport?

suitable for perishable good

has no fixed route

cheaper over long distances

it does not require trans-shipping of goods

29 / 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

that resources are used for the interest if the community

accepting responsibilities beyond the aims of private enterprises

30 / 40

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

Less taxation by government

access to retained earnings

easy transferability of shares

limited liability of shareholders

31 / 40

The main advantage of sea transport over air transport is

patronage

capacity

safety

speed

32 / 40

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

increasing imports

devaluation

decreasing import

increasing exports

33 / 40

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

lack of capital

lack of commitment of member states

sabotage by other organizations

slow pace of development of member countries

34 / 40

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

current assets less stock

total assets less total liabilities

total assets less current liabilities

current assets less current liabilities

35 / 40

The scope of commerce is limited to

wholesale and entrepot trade

trade and aids-to-trade

wholesale and retail trade

home and foreign trade

36 / 40

Farming is an activity that falls under

tertiary occupation

commercial occupation

secondary occupation

extractive occupation

37 / 40

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

branding

patent right

packaging

38 / 40

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

has to pay for cost and freight

pays for both the freight and insurance

is responsible for clearing and forwarding the goods

pays for insurance only

39 / 40

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

U.N.C.T.D

A.C.P

I.M.F

G.A.T

40 / 40

An open cheque is one

which can be cashed over the counter

which has no name

on which the amount is written only in figures

which has no specific amount written on it

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COMMERCE PAST QUESTIONS (SSCE)

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