COMMERCE PAST QUESTIONS (SSCE)

SSCE/NECO/GCE (COMMERCE)

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

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 current liabilities

current assets less stock

total assets less total liabilities

2 / 40

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

packaging

warehousing

branding

advertising

3 / 40

A debenture is mortgaged when it is

secured on the assets of a company

not secured on the assets of a company

redeemable

irredeemable

4 / 40

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

5 / 40

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

mutual agreement

lack of consideration

payment of commission

failure to insure the contract

6 / 40

Market skimming is an example of

consumerism

sales promotion

pricing policy

advertising

7 / 40

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

export duty

import duty

customs drawback

excise drawback

8 / 40

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

accepting

negotiating

discounting

clearing

9 / 40

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

subrogation

abandonment

proximate cause

contribution

10 / 40

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

increasing imports

decreasing import

increasing exports

devaluation

11 / 40

Farming is an activity that falls under

tertiary occupation

secondary occupation

commercial occupation

extractive occupation

12 / 40

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

endowment

annuity

whole life

fidelity guarantee

13 / 40

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

nationalization

industrialization

commercialization

privatization

14 / 40

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

bill of exchange

certificate of origin

insurance policy

bill of lading

15 / 40

Dividend is a always expressed as a percentage of total

earnings of the business

value of shares owned

working capital

volume of business

16 / 40

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

lack of commitment of member states

lack of capital

sabotage by other organizations

slow pace of development of member countries

17 / 40

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

Bull

broker

promoter

jobber

18 / 40

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

19 / 40

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

capital owned

net profit

capital employed

gross profit

20 / 40

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

gift

premium

trade discount

free sample

21 / 40

Which of the following is not suitable for hire purchase?

textiles

furniture

printing

refrigerators

22 / 40

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

has to pay for cost and freight

pays for both the freight and insurance

pays for insurance only

is responsible for clearing and forwarding the goods

23 / 40

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

commerce

wholesaling

advertising

retailing

24 / 40

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

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

coordinate the efforts of member states to tap their natural resources

25 / 40

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

prospectus

memorandum of association

balance sheet

articles of association

26 / 40

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

importer

importer’s bank

exporter

exporter’s bank

27 / 40

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

recorded deliver

reply paid

poste restante

speed post

28 / 40

The scope of commerce is limited to

trade and aids-to-trade

wholesale and retail trade

wholesale and entrepot trade

home and foreign trade

29 / 40

A partner with an unlimited liability is known as a

dormant partner

general partner

active partner

norminal partner

30 / 40

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

market rate

interest rate

discount rate

bank rate

31 / 40

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

certificate of posting

registered letter

recorded delivery

express letter

32 / 40

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

launch

coaster

ferry

tanker

33 / 40

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

general average

open cover

floating policy

particular average

34 / 40

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

discount houses

the stock exchange

commercial banks

insurance companies

35 / 40

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

reserve

right issue

skilled personnel

goodwill

36 / 40

Partnership form of business is most appropriate

where very large capital is required

where the liability of members is limited.

where professionals are needed

for nonprofit making ventures

37 / 40

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

38 / 40

Which of the following is true of rail transport?

suitable for perishable good

has no fixed route

cheaper over long distances

it does not require trans-shipping of goods

39 / 40

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

at par

at a discount

at premium

above par

40 / 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

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