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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

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

2 / 40

The term legal tender refers to

3 / 40

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

4 / 40

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

5 / 40

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

6 / 40

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

7 / 40

Which of the following is not suitable for hire purchase?

8 / 40

The West Africa Clearing House (WACH) was established

9 / 40

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

10 / 40

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

11 / 40

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

13 / 40

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

14 / 40

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

15 / 40

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

16 / 40

Dividend is a always expressed as a percentage of total

17 / 40

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

18 / 40

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

19 / 40

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

20 / 40

Which of the following is true of rail transport?

21 / 40

Which of the following is a method of sales promotion?

22 / 40

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

23 / 40

Partnership form of business is most appropriate

24 / 40

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

25 / 40

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

26 / 40

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

27 / 40

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

29 / 40

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

30 / 40

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

31 / 40

Farming is an activity that falls under

32 / 40

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

33 / 40

The main advantage of sea transport over air transport is

34 / 40

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

35 / 40

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

36 / 40

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

37 / 40

A partner with an unlimited liability is known as a

38 / 40

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

39 / 40

An open cheque is one

40 / 40

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

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