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