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