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

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

consideration

performance

breech

frustration

2 / 50

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

excise drawback

import duty

export duty

customs drawback

3 / 50

Partnership form of business is most appropriate

where professionals are needed

for nonprofit making ventures

where very large capital is required

where the liability of members is limited.

4 / 50

The scope of commerce is limited to

trade and aids-to-trade

wholesale and entrepot trade

wholesale and retail trade

home and foreign trade

5 / 50

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

contribution

proximate cause

abandonment

subrogation

6 / 50

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

particular average

open cover

floating policy

general average

7 / 50

Farming is an activity that falls under

tertiary occupation

commercial occupation

secondary occupation

extractive occupation

8 / 50

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

limited liability of shareholders

easy transferability of shares

access to retained earnings

Less taxation by government

9 / 50

Market skimming is an example of

pricing policy

consumerism

advertising

sales promotion

10 / 50

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

failure to insure the contract

mutual agreement

payment of commission

lack of consideration

11 / 50

A partner with an unlimited liability is known as a

dormant partner

active partner

norminal partner

general partner

12 / 50

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

deferred share

ordinary share

preference share

cumulative preference share

13 / 50

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

U.N.C.T.D

G.A.T

I.M.F

A.C.P

14 / 50

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

certificate of origin

insurance policy

bill of lading

bill of exchange

15 / 50

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

reserve

goodwill

right issue

skilled personnel

16 / 50

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

prospectus

articles of association

memorandum of association

balance sheet

17 / 50

An open cheque is one

which can be cashed over the counter

which has no name

on which the amount is written only in figures

which has no specific amount written on it

18 / 50

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

negotiating

accepting

discounting

clearing

19 / 50

The main advantage of sea transport over air transport is

safety

speed

capacity

patronage

20 / 50

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

commerce

advertising

retailing

wholesaling

21 / 50

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

interest rate

bank rate

discount rate

market rate

22 / 50

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

is owned by a maximum of twenty members

must publish its audited account

restricts the rights to transfer its shares

floats its shares on the shock exchange market

23 / 50

A debenture is mortgaged when it is

redeemable

secured on the assets of a company

irredeemable

not secured on the assets of a company

24 / 50

The main feature of a holding company is

that resources are used for the interest if the community

that it has profit-sharing schemes for employees

that it has financial control over other companies

accepting responsibilities beyond the aims of private enterprises

25 / 50

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

decreasing import

increasing imports

devaluation

increasing exports

26 / 50

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

at premium

at a discount

above par

at par

27 / 50

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

premium

free sample

gift

trade discount

28 / 50

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

commercial banks

insurance companies

the stock exchange

discount houses

29 / 50

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

providing storage and warehousing facilities at the docks

providing parking space for vehicles

controlling pollution in rivers

providing facilities for water traffic movement

30 / 50

Which of the following is true of rail transport?

it does not require trans-shipping of goods

cheaper over long distances

has no fixed route

suitable for perishable good

31 / 50

Dividend is a always expressed as a percentage of total

working capital

volume of business

value of shares owned

earnings of the business

32 / 50

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

promoter

jobber

broker

Bull

33 / 50

Which of the following is a method of sales promotion?

radio gingles

poster display

trade fair

television broadcast

34 / 50

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

nationalization

privatization

industrialization

commercialization

35 / 50

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

warehousing

packaging

advertising

branding

36 / 50

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 / 50

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

whole life

endowment

annuity

fidelity guarantee

38 / 50

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

excise draw bank

preferential duty

excise duty

value added tax

39 / 50

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

total assets less current liabilities

current assets less stock

total assets less total liabilities

current assets less current liabilities

40 / 50

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

importer’s bank

importer

exporter

exporter’s bank

41 / 50

The term legal tender refers to

postal and money orders

coins and cheques

cheque and bank notes

coins and bank notes

42 / 50

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

lack of capital

sabotage by other organizations

lack of commitment of member states

slow pace of development of member countries

43 / 50

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

net profit

capital employed

gross profit

capital owned

44 / 50

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

coaster

tanker

launch

ferry

45 / 50

Which of the following is not suitable for hire purchase?

refrigerators

furniture

textiles

printing

46 / 50

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

pays for both the freight and insurance

pays for insurance only

is responsible for clearing and forwarding the goods

has to pay for cost and freight

47 / 50

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

reply paid

recorded deliver

speed post

poste restante

48 / 50

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

branding

patent right

packaging

49 / 50

The West Africa Clearing House (WACH) was established

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

dredge the rivers in West Africa for easy navigation

expand the volume of traffic within member countries

coordinate the efforts of member states to tap their natural resources

50 / 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?

ECOWAS

OPEC

LCBC

OAU