COMMERCE PAST QUESTIONS (SSCE)

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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

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

access to retained earnings

Less taxation by government

limited liability of shareholders

easy transferability of shares

2 / 40

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

launch

coaster

tanker

ferry

3 / 40

Which of the following is not suitable for hire purchase?

textiles

printing

furniture

refrigerators

4 / 40

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

exporter

importer

exporter’s bank

importer’s bank

5 / 40

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

certificate of posting

express letter

registered letter

recorded delivery

6 / 40

Partnership form of business is most appropriate

for nonprofit making ventures

where professionals are needed

where the liability of members is limited.

where very large capital is required

7 / 40

The scope of commerce is limited to

trade and aids-to-trade

home and foreign trade

wholesale and entrepot trade

wholesale and retail trade

8 / 40

Which of the following is true of rail transport?

it does not require trans-shipping of goods

has no fixed route

cheaper over long distances

suitable for perishable good

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?

OAU

OPEC

ECOWAS

LCBC

10 / 40

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

bank rate

discount rate

interest rate

market rate

11 / 40

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

branding

patent right

packaging

12 / 40

The main advantage of sea transport over air transport is

patronage

safety

speed

capacity

13 / 40

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

certificate of origin

bill of exchange

insurance policy

bill of lading

14 / 40

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

goodwill

right issue

skilled personnel

reserve

15 / 40

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

failure to insure the contract

payment of commission

mutual agreement

lack of consideration

16 / 40

A partner with an unlimited liability is known as a

dormant partner

norminal partner

general partner

active partner

17 / 40

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

consideration

performance

breech

frustration

18 / 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

total assets less current liabilities

current assets less stock

current assets less current liabilities

19 / 40

The term legal tender refers to

postal and money orders

cheque and bank notes

coins and cheques

coins and bank notes

20 / 40

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

open cover

general average

floating policy

particular average

21 / 40

Farming is an activity that falls under

commercial occupation

secondary occupation

extractive occupation

tertiary occupation

22 / 40

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

contribution

subrogation

abandonment

proximate cause

23 / 40

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

controlling pollution in rivers

providing facilities for water traffic movement

providing parking space for vehicles

providing storage and warehousing facilities at the docks

24 / 40

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

commercialization

nationalization

privatization

industrialization

25 / 40

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

retailing

wholesaling

advertising

commerce

26 / 40

Market skimming is an example of

pricing policy

consumerism

sales promotion

advertising

27 / 40

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

prospectus

balance sheet

articles of association

memorandum of association

28 / 40

Which of the following is a method of sales promotion?

poster display

television broadcast

trade fair

radio gingles

29 / 40

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

jobber

Bull

broker

promoter

30 / 40

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

G.A.T

U.N.C.T.D

A.C.P

I.M.F

31 / 40

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

branding

warehousing

advertising

packaging

32 / 40

A debenture is mortgaged when it is

redeemable

secured on the assets of a company

irredeemable

not secured on the assets of a company

33 / 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

34 / 40

The West Africa Clearing House (WACH) was established

expand the volume of traffic within member countries

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

coordinate the efforts of member states to tap their natural resources

dredge the rivers in West Africa for easy navigation

35 / 40

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

increasing exports

devaluation

decreasing import

increasing imports

36 / 40

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

must publish its audited account

is owned by a maximum of twenty members

floats its shares on the shock exchange market

restricts the rights to transfer its shares

37 / 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

38 / 40

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

slow pace of development of member countries

lack of commitment of member states

lack of capital

sabotage by other organizations

39 / 40

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

commercial banks

the stock exchange

discount houses

insurance companies

40 / 40

Dividend is a always expressed as a percentage of total

working capital

volume of business

value of shares owned

earnings of the business

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