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

Market skimming is an example of

sales promotion

consumerism

pricing policy

advertising

2 / 40

Which of the following is not suitable for hire purchase?

furniture

refrigerators

textiles

printing

3 / 40

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

exporter’s bank

exporter

importer

importer’s bank

4 / 40

Partnership form of business is most appropriate

where professionals are needed

where the liability of members is limited.

where very large capital is required

for nonprofit making ventures

5 / 40

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

packaging

patent right

branding

6 / 40

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

Bull

promoter

broker

jobber

7 / 40

A partner with an unlimited liability is known as a

general partner

active partner

norminal partner

dormant partner

8 / 40

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

accepting

discounting

negotiating

clearing

9 / 40

The scope of commerce is limited to

home and foreign trade

wholesale and retail trade

wholesale and entrepot trade

trade and aids-to-trade

10 / 40

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

G.A.T

A.C.P

U.N.C.T.D

I.M.F

11 / 40

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

12 / 40

Farming is an activity that falls under

secondary occupation

commercial occupation

tertiary occupation

extractive occupation

13 / 40

The West Africa Clearing House (WACH) was established

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

expand the volume of traffic within member countries

coordinate the efforts of member states to tap their natural resources

dredge the rivers in West Africa for easy navigation

14 / 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

15 / 40

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

retailing

wholesaling

advertising

commerce

16 / 40

A private company is one which 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

must publish its audited account

restricts the rights to transfer its shares

17 / 40

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

preference share

deferred share

ordinary share

cumulative preference share

18 / 40

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

controlling pollution in rivers

providing parking space for vehicles

19 / 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?

LCBC

OAU

ECOWAS

OPEC

20 / 40

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

gift

free sample

trade discount

premium

21 / 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

22 / 40

The main feature of a holding company is

accepting responsibilities beyond the aims of private enterprises

that resources are used for the interest if the community

that it has financial control over other companies

that it has profit-sharing schemes for employees

23 / 40

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

preferential duty

excise draw bank

value added tax

excise duty

24 / 40

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

skilled personnel

reserve

goodwill

right issue

25 / 40

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

frustration

performance

consideration

breech

26 / 40

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

privatization

nationalization

commercialization

industrialization

27 / 40

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

warehousing

branding

packaging

advertising

28 / 40

The main advantage of sea transport over air transport is

speed

capacity

patronage

safety

29 / 40

Which of the following is a method of sales promotion?

trade fair

television broadcast

poster display

radio gingles

30 / 40

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

mutual agreement

lack of consideration

failure to insure the contract

payment of commission

31 / 40

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

at par

at a discount

above par

at premium

32 / 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

current assets less stock

total assets less current liabilities

current assets less current liabilities

33 / 40

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

proximate cause

abandonment

subrogation

contribution

34 / 40

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

bill of lading

bill of exchange

certificate of origin

insurance policy

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 debenture is mortgaged when it is

not secured on the assets of a company

secured on the assets of a company

redeemable

irredeemable

37 / 40

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

insurance companies

commercial banks

discount houses

the stock exchange

38 / 40

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

customs drawback

excise drawback

import duty

export duty

39 / 40

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

annuity

endowment

fidelity guarantee

whole life

40 / 40

An open cheque is one

on which the amount is written only in figures

which has no specific amount written on it

which can be cashed over the counter

which has no name

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