SSCE/NECO/GCE (COMMERCE)

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

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

branding

warehousing

advertising

packaging

2 / 40

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

memorandum of association

articles of association

balance sheet

prospectus

3 / 40

Which of the following is true of rail transport?

it does not require trans-shipping of goods

cheaper over long distances

suitable for perishable good

has no fixed route

4 / 40

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

preference share

cumulative preference share

deferred share

ordinary share

5 / 40

Farming is an activity that falls under

extractive occupation

commercial occupation

tertiary occupation

secondary occupation

6 / 40

An open cheque is one

which can be cashed over the counter

which has no specific amount written on it

which has no name

on which the amount is written only in figures

7 / 40

Which of the following is not suitable for hire purchase?

printing

furniture

textiles

refrigerators

8 / 40

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

preferential duty

excise duty

value added tax

excise draw bank

9 / 40

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

retailing

advertising

commerce

wholesaling

10 / 40

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

providing storage and warehousing facilities at the docks

providing parking space for vehicles

controlling pollution in rivers

providing facilities for water traffic movement

11 / 40

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

export duty

customs drawback

import duty

excise drawback

12 / 40

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

interest rate

bank rate

market rate

discount rate

13 / 40

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

limited liability of shareholders

Less taxation by government

access to retained earnings

easy transferability of shares

14 / 40

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

reply paid

speed post

poste restante

recorded deliver

15 / 40

The scope of commerce is limited to

wholesale and entrepot trade

trade and aids-to-trade

home and foreign trade

wholesale and retail trade

16 / 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

OAU

LCBC

ECOWAS

17 / 40

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

at a discount

at par

above par

at premium

18 / 40

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

accepting

clearing

negotiating

discounting

19 / 40

Which of the following is a method of sales promotion?

poster display

trade fair

television broadcast

radio gingles

20 / 40

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

launch

ferry

tanker

coaster

21 / 40

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

exporter’s bank

importer

exporter

importer’s bank

22 / 40

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

trade discount

premium

free sample

gift

23 / 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 stock

current assets less current liabilities

total assets less total liabilities

24 / 40

The West Africa Clearing House (WACH) was established

coordinate the efforts of member states to tap their natural resources

expand the volume of traffic within member countries

dredge the rivers in West Africa for easy navigation

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

25 / 40

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

reserve

right issue

skilled personnel

goodwill

26 / 40

Dividend is a always expressed as a percentage of total

volume of business

value of shares owned

earnings of the business

working capital

27 / 40

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

gross profit

capital employed

capital owned

net profit

28 / 40

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

endowment

annuity

fidelity guarantee

whole life

29 / 40

Market skimming is an example of

sales promotion

pricing policy

advertising

consumerism

30 / 40

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

branding

patent right

packaging

31 / 40

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

is responsible for clearing and forwarding the goods

has to pay for cost and freight

pays for insurance only

pays for both the freight and insurance

32 / 40

A private company is one which must publish its audited account must publish its audited account

floats its shares on the shock exchange market

must publish its audited account

restricts the rights to transfer its shares

is owned by a maximum of twenty members

33 / 40

The main advantage of sea transport over air transport is

speed

capacity

patronage

safety

34 / 40

Partnership form of business is most appropriate

where professionals are needed

where the liability of members is limited.

where very large capital is required

for nonprofit making ventures

35 / 40

A debenture is mortgaged when it is

not secured on the assets of a company

secured on the assets of a company

irredeemable

redeemable

36 / 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

37 / 40

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

particular average

open cover

general average

floating policy

38 / 40

The term legal tender refers to

cheque and bank notes

coins and cheques

postal and money orders

coins and bank notes

39 / 40

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

bill of lading

bill of exchange

certificate of origin

insurance policy

40 / 40

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

lack of capital

sabotage by other organizations

slow pace of development of member countries

lack of commitment of member states

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