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.


School Portal Nigeria

1 / 40

A partner with an unlimited liability is known as a

2 / 40

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

3 / 40

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

4 / 40

Which of the following is a method of sales promotion?

5 / 40

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

6 / 40

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

7 / 40

The main advantage of sea transport over air transport is

8 / 40

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

9 / 40

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

10 / 40

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

11 / 40

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

12 / 40

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

13 / 40

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

14 / 40

Partnership form of business is most appropriate

15 / 40

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

16 / 40

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

17 / 40

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

18 / 40

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

19 / 40

Dividend is a always expressed as a percentage of total

20 / 40

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

21 / 40

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

22 / 40

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

23 / 40

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

24 / 40

The term legal tender refers to

25 / 40

A debenture is mortgaged when it is

26 / 40

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

27 / 40

The scope of commerce is limited to

28 / 40

The main feature of a holding company is

29 / 40

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

30 / 40

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

31 / 40

Which of the following is true of rail transport?

32 / 40

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

33 / 40

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

34 / 40

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

35 / 40

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

36 / 40

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

37 / 40

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

38 / 40

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

39 / 40

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

40 / 40

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

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