SS 3 COMMERCE PAST QUESTIONS (WAEC/NECO) HomeWAEC/NECO Exam Past QuestionsSS 3 COMMERCE PAST QUESTIONS (WAEC/NECO) 0% 14 SSCE/NECO/GCE (COMMERCE) COMMERCE PAST QUESTIONS APP These are Commerce Past Questions. Questions will be picked at random from the question bank.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! 1 / 50 The various rights attached to different classes of shares are stated in the memorandum of association articles of association balance sheet prospectus 2 / 50 The term legal tender refers to postal and money orders coins and cheques coins and bank notes cheque and bank notes 3 / 50 If the amount of dividend paid varies according to the level of profit; what type of share is involved? ordinary share cumulative preference share deferred share preference share 4 / 50 The process of dealing with a cheque once it has been paid into the creditor’s bank is accepting negotiating discounting clearing 5 / 50 Which of the following is an intangible asset of a firm? reserve right issue skilled personnel goodwill 6 / 50 An open cheque is one which has no specific amount written on it which has no name which can be cashed over the counter on which the amount is written only in figures 7 / 50 Who is responsible for the payment of the bill in documentary credits? importer’s bank importer exporter’s bank exporter 8 / 50 An advantage of a public limited company over a private one is the easy transferability of shares access to retained earnings Less taxation by government limited liability of shareholders 9 / 50 Which of the following provides a proof of posting and that the item has got to the addresses? express letter registered letter certificate of posting recorded delivery 10 / 50 Which of the following is not a function of the ports Authority? providing storage and warehousing facilities at the docks providing facilities for water traffic movement providing parking space for vehicles controlling pollution in rivers 11 / 50 Which of the following is a method of sales promotion? radio gingles television broadcast trade fair poster display 12 / 50 C & F as a price quotation in foreign trade means that the buyer pays for insurance only pays for both the freight and insurance has to pay for cost and freight is responsible for clearing and forwarding the goods 13 / 50 A label as a product such as “Three Crown Milk” is a form of patent right packaging branding copyright 14 / 50 Which of the following gives businessmen the opportunity to buy shares of public limited companies? commercial banks discount houses the stock exchange insurance companies 15 / 50 Partnership form of business is most appropriate where the liability of members is limited. for nonprofit making ventures where very large capital is required where professionals are needed 16 / 50 Which of the following is not a method of discharging a contract? performance breech consideration frustration 17 / 50 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 capital lack of commitment of member states sabotage by other organizations 18 / 50 When an insurance company indemnifies the insured and takes over his rights, this is known as contribution subrogation abandonment proximate cause 19 / 50 The scope of commerce is limited to trade and aids-to-trade home and foreign trade wholesale and retail trade wholesale and entrepot trade 20 / 50 Who among the following does not function in the stock exchange market? broker Bull jobber promoter 21 / 50 The main feature of a holding company is accepting responsibilities beyond the aims of private enterprises that it has financial control over other companies that resources are used for the interest if the community that it has profit-sharing schemes for employees 22 / 50 A retailer sells his products at “buy-two-take-three”. The sales promotion method referred to is premium free sample gift trade discount 23 / 50 Farming is an activity that falls under secondary occupation extractive occupation tertiary occupation commercial occupation 24 / 50 Dividend is a always expressed as a percentage of total earnings of the business working capital volume of business value of shares owned 25 / 50 The minimum charge at which the central bank lends to commercial banks is called bank rate interest rate market rate discount rate 26 / 50 The West Africa Clearing House (WACH) was established expand the volume of traffic within member countries 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 27 / 50 Which of the following is not suitable for hire purchase? furniture printing refrigerators textiles 28 / 50 Market skimming is an example of pricing policy advertising consumerism sales promotion 29 / 50 A retirement insurance policy which enables the assured to receive income for a specific period is fidelity guarantee endowment whole life annuity 30 / 50 A refund of the duty collected on goods imported and processed for re-export is preferential duty excise duty excise draw bank value added tax 31 / 50 Which of the following can be defined as trade and aid to trade? wholesaling commerce advertising retailing 32 / 50 If a share is sold at a price below its first value, it is sold at par at premium at a discount above par 33 / 50 A partner with an unlimited liability is known as a active partner norminal partner dormant partner general partner 34 / 50 The main advantage of sea transport over air transport is patronage speed safety capacity 35 / 50 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 OPEC LCBC 36 / 50 Which of the following is a means by which a contract of agency could be terminated? failure to insure the contract lack of consideration payment of commission mutual agreement 37 / 50 Which of the following is not used to correct an adverse balance of payment? devaluation decreasing import increasing imports increasing exports 38 / 50 A private company is one which must publish its audited account must publish its audited account restricts the rights to transfer its shares must publish its audited account is owned by a maximum of twenty members floats its shares on the shock exchange market 39 / 50 Which of the following organizations aim at providing relief for countries facing adverse balance of payment? I.M.F A.C.P G.A.T U.N.C.T.D 40 / 50 Which of the following is true of rail transport? cheaper over long distances it does not require trans-shipping of goods has no fixed route suitable for perishable good 41 / 50 The process by which the government takes over the ownership ad control of an existing private business is nationalization industrialization commercialization privatization 42 / 50 Total assets minus current liabilities is equal to a company’s gross profit net profit capital employed capital owned 43 / 50 The money used by Njie & Co. Ltd in running the day-to-day activities of the business is represented by current assets less stock total assets less total liabilities total assets less current liabilities current assets less current liabilities 44 / 50 Which of the following is used to show that goods imported were produced in an ECOWAS member country? certificate of origin bill of lading insurance policy bill of exchange 45 / 50 A debenture is mortgaged when it is irredeemable redeemable secured on the assets of a company not secured on the assets of a company 46 / 50 Which of the following terms is used in marine insurance when the cargo suffers partial loss? floating policy particular average open cover general average 47 / 50 A specially designed container to convey crude oil or liquid from one’ location to another is a coaster ferry launch tanker 48 / 50 Which of the following involves the delivery of mails to a traveler without fixed address? reply paid recorded deliver speed post poste restante 49 / 50 The production of goods in anticipation of demand is possible because of the existence of branding advertising packaging warehousing 50 / 50 The refund made on goods re-exported after being imported is known as export duty excise drawback customs drawback import duty Your score is LinkedIn Facebook VKontakte 0% Restart quiz Send feedback Practice also: SS 3 CIVIC EDUCATION PAST QUESTIONS (WAEC/NECO) SS 3 CHRISTIAN RELIGIOUS STUDIES PAST QUESTIONS (WAEC/NECO) SS 3 CHEMISTRY PAST QUESTIONS (WAEC/NECO) SS 3 BIOLOGY PAST QUESTIONS (WAEC/NECO) SS 3 AGRIC SCIENCE PAST QUESTIONS (WAEC/NECO)