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 Which of the following is not used to correct an adverse balance of payment? devaluation increasing imports decreasing import increasing exports 2 / 50 Who among the following does not function in the stock exchange market? promoter jobber Bull broker 3 / 50 Which of the following gives businessmen the opportunity to buy shares of public limited companies? discount houses commercial banks insurance companies the stock exchange 4 / 50 Which of the following is a method of sales promotion? radio gingles trade fair poster display television broadcast 5 / 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 floats its shares on the shock exchange market restricts the rights to transfer its shares 6 / 50 Which of the following terms is used in marine insurance when the cargo suffers partial loss? open cover general average floating policy particular average 7 / 50 Dividend is a always expressed as a percentage of total earnings of the business working capital value of shares owned volume of business 8 / 50 A partner with an unlimited liability is known as a general partner active partner norminal partner dormant partner 9 / 50 A retirement insurance policy which enables the assured to receive income for a specific period is endowment fidelity guarantee whole life annuity 10 / 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? LCBC OAU ECOWAS OPEC 11 / 50 The various rights attached to different classes of shares are stated in the memorandum of association balance sheet prospectus articles of association 12 / 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 13 / 50 A specially designed container to convey crude oil or liquid from one’ location to another is a launch coaster tanker ferry 14 / 50 A debenture is mortgaged when it is redeemable secured on the assets of a company not secured on the assets of a company irredeemable 15 / 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 preference share deferred share 16 / 50 The minimum charge at which the central bank lends to commercial banks is called bank rate market rate interest rate discount rate 17 / 50 Farming is an activity that falls under commercial occupation secondary occupation extractive occupation tertiary occupation 18 / 50 When an insurance company indemnifies the insured and takes over his rights, this is known as abandonment subrogation contribution proximate cause 19 / 50 Which of the following involves the delivery of mails to a traveler without fixed address? speed post poste restante reply paid recorded deliver 20 / 50 Which of the following provides a proof of posting and that the item has got to the addresses? registered letter certificate of posting express letter recorded delivery 21 / 50 The term legal tender refers to coins and cheques coins and bank notes cheque and bank notes postal and money orders 22 / 50 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 23 / 50 Which of the following is an intangible asset of a firm? reserve right issue skilled personnel goodwill 24 / 50 The refund made on goods re-exported after being imported is known as import duty excise drawback export duty customs drawback 25 / 50 The money used by Njie & Co. Ltd in running the day-to-day activities of the business is represented by current assets less current liabilities current assets less stock total assets less current liabilities total assets less total liabilities 26 / 50 A retailer sells his products at “buy-two-take-three”. The sales promotion method referred to is premium trade discount gift free sample 27 / 50 If a share is sold at a price below its first value, it is sold at a discount above par at par at premium 28 / 50 The main feature of a holding company is that it has profit-sharing schemes for employees that it has financial control over other companies that resources are used for the interest if the community accepting responsibilities beyond the aims of private enterprises 29 / 50 Which of the following is used to show that goods imported were produced in an ECOWAS member country? bill of exchange bill of lading certificate of origin insurance policy 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 Who is responsible for the payment of the bill in documentary credits? importer importer’s bank exporter’s bank exporter 32 / 50 Total assets minus current liabilities is equal to a company’s gross profit capital owned capital employed net profit 33 / 50 Market skimming is an example of pricing policy sales promotion consumerism advertising 34 / 50 The West Africa Clearing House (WACH) was established coordinate the efforts of member states to tap their natural resources dredge the rivers in West Africa for easy navigation expand the volume of traffic within member countries promote the use of currencies of all members for inter-regional trade 35 / 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 36 / 50 The process by which the government takes over the ownership ad control of an existing private business is nationalization commercialization industrialization privatization 37 / 50 The process of dealing with a cheque once it has been paid into the creditor’s bank is negotiating discounting clearing accepting 38 / 50 The main advantage of sea transport over air transport is speed capacity patronage safety 39 / 50 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 40 / 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 41 / 50 An advantage of a public limited company over a private one is the access to retained earnings Less taxation by government limited liability of shareholders easy transferability of shares 42 / 50 Which of the following can be defined as trade and aid to trade? commerce advertising retailing wholesaling 43 / 50 Which of the following is not a function of the ports Authority? providing parking space for vehicles providing facilities for water traffic movement controlling pollution in rivers providing storage and warehousing facilities at the docks 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 sabotage by other organizations lack of capital lack of commitment of member states 45 / 50 C & F as a price quotation in foreign trade means that the buyer has to pay for cost and freight pays for insurance only is responsible for clearing and forwarding the goods pays for both the freight and insurance 46 / 50 Which of the following is not a method of discharging a contract? breech performance frustration consideration 47 / 50 Which of the following is not suitable for hire purchase? textiles furniture refrigerators printing 48 / 50 Which of the following is a means by which a contract of agency could be terminated? lack of consideration payment of commission mutual agreement failure to insure the contract 49 / 50 A label as a product such as “Three Crown Milk” is a form of copyright packaging patent right branding 50 / 50 The production of goods in anticipation of demand is possible because of the existence of branding packaging advertising warehousing 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)