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

Partnership form of business is most appropriate

where very large capital is required

where the liability of members is limited.

for nonprofit making ventures

where professionals are needed

2 / 40

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

advertising

packaging

branding

warehousing

3 / 40

An open cheque is one

on which the amount is written only in figures

which has no specific amount written on it

which has no name

which can be cashed over the counter

4 / 40

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

privatization

nationalization

industrialization

commercialization

5 / 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

ordinary share

preference share

6 / 40

Which of the following is a method of sales promotion?

poster display

trade fair

television broadcast

radio gingles

7 / 40

A partner with an unlimited liability is known as a

norminal partner

dormant partner

general partner

active partner

8 / 40

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

customs drawback

export duty

import duty

excise drawback

9 / 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

current assets less stock

total assets less total liabilities

total assets less current liabilities

10 / 40

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

particular average

open cover

floating policy

general average

11 / 40

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

value added tax

preferential duty

excise duty

excise draw bank

12 / 40

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

annuity

endowment

whole life

fidelity guarantee

13 / 40

The term legal tender refers to

coins and bank notes

postal and money orders

cheque and bank notes

coins and cheques

14 / 40

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

wholesaling

advertising

commerce

retailing

15 / 40

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

above par

at par

at premium

at a discount

16 / 40

The main advantage of sea transport over air transport is

speed

capacity

safety

patronage

17 / 40

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

sabotage by other organizations

lack of capital

slow pace of development of member countries

lack of commitment of member states

18 / 40

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

proximate cause

contribution

subrogation

abandonment

19 / 40

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

easy transferability of shares

Less taxation by government

access to retained earnings

limited liability of shareholders

20 / 40

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

packaging

branding

patent right

21 / 40

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

U.N.C.T.D

G.A.T

A.C.P

I.M.F

22 / 40

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

net profit

capital owned

gross profit

capital employed

23 / 40

A debenture is mortgaged when it is

not secured on the assets of a company

redeemable

secured on the assets of a company

irredeemable

24 / 40

The scope of commerce is limited to

trade and aids-to-trade

home and foreign trade

wholesale and retail trade

wholesale and entrepot trade

25 / 40

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

market rate

interest rate

discount rate

bank rate

26 / 40

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

memorandum of association

prospectus

balance sheet

articles of association

27 / 40

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

reply paid

recorded deliver

speed post

poste restante

28 / 40

Market skimming is an example of

advertising

consumerism

sales promotion

pricing policy

29 / 40

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

exporter’s bank

exporter

importer

importer’s bank

30 / 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

is owned by a maximum of twenty members

must publish its audited account

restricts the rights to transfer its shares

31 / 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

bill of lading

insurance policy

32 / 40

Dividend is a always expressed as a percentage of total

value of shares owned

working capital

volume of business

earnings of the business

33 / 40

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

negotiating

clearing

accepting

discounting

34 / 40

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

decreasing import

increasing imports

increasing exports

devaluation

35 / 40

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

tanker

ferry

launch

coaster

36 / 40

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

express letter

registered letter

recorded delivery

certificate of posting

37 / 40

Which of the following is not suitable for hire purchase?

textiles

printing

furniture

refrigerators

38 / 40

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

consideration

breech

frustration

performance

39 / 40

Which of the following is true of rail transport?

it does not require trans-shipping of goods

suitable for perishable good

has no fixed route

cheaper over long distances

40 / 40

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

jobber

broker

promoter

Bull

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