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

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

the stock exchange

insurance companies

commercial banks

discount houses

2 / 40

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

skilled personnel

reserve

right issue

goodwill

3 / 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?

OAU

ECOWAS

LCBC

OPEC

4 / 40

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

current assets less current liabilities

total assets less total liabilities

total assets less current liabilities

current assets less stock

5 / 40

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

Less taxation by government

access to retained earnings

limited liability of shareholders

easy transferability of shares

6 / 40

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

advertising

warehousing

branding

packaging

7 / 40

Dividend is a always expressed as a percentage of total

working capital

earnings of the business

value of shares owned

volume of business

8 / 40

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

excise drawback

import duty

customs drawback

export duty

9 / 40

The main advantage of sea transport over air transport is

speed

capacity

safety

patronage

10 / 40

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

floating policy

open cover

particular average

general average

11 / 40

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

market rate

discount rate

interest rate

bank rate

12 / 40

The term legal tender refers to

cheque and bank notes

coins and bank notes

postal and money orders

coins and cheques

13 / 40

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

wholesaling

commerce

retailing

advertising

14 / 40

Partnership form of business is most appropriate

for nonprofit making ventures

where very large capital is required

where the liability of members is limited.

where professionals are needed

15 / 40

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

slow pace of development of member countries

sabotage by other organizations

lack of commitment of member states

lack of capital

16 / 40

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

recorded deliver

poste restante

speed post

reply paid

17 / 40

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

net profit

capital employed

gross profit

capital owned

18 / 40

Which of the following is a method of sales promotion?

television broadcast

poster display

trade fair

radio gingles

19 / 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

20 / 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

21 / 40

Which of the following is not suitable for hire purchase?

refrigerators

textiles

printing

furniture

22 / 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

23 / 40

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

premium

trade discount

gift

free sample

24 / 40

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

clearing

accepting

discounting

negotiating

25 / 40

The West Africa Clearing House (WACH) was established

dredge the rivers in West Africa for easy navigation

coordinate the efforts of member states to tap their natural resources

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

expand the volume of traffic within member countries

26 / 40

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

providing facilities for water traffic movement

controlling pollution in rivers

providing storage and warehousing facilities at the docks

providing parking space for vehicles

27 / 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

28 / 40

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

exporter

exporter’s bank

importer’s bank

importer

29 / 40

A partner with an unlimited liability is known as a

general partner

active partner

norminal partner

dormant partner

30 / 40

Market skimming is an example of

advertising

consumerism

sales promotion

pricing policy

31 / 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

32 / 40

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

above par

at a discount

at par

at premium

33 / 40

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

packaging

branding

patent right

34 / 40

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

deferred share

cumulative preference share

preference share

ordinary share

35 / 40

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

memorandum of association

balance sheet

articles of association

prospectus

36 / 40

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

privatization

industrialization

commercialization

nationalization

37 / 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

restricts the rights to transfer its shares

is owned by a maximum of twenty members

must publish its audited account

38 / 40

Farming is an activity that falls under

commercial occupation

secondary occupation

extractive occupation

tertiary occupation

39 / 40

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

is responsible for clearing and forwarding the goods

pays for insurance only

has to pay for cost and freight

pays for both the freight and insurance

40 / 40

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

express letter

certificate of posting

registered letter

recorded delivery

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COMMERCE PAST QUESTIONS (SSCE)

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