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