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Commerce Past Questions

Study and practice Commerce past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

49 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2
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Past Questions

49 questions
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Question 1 of 20 49 total questions
Question 11
jamb 2012

A company has an authorized capital of 40 million shares at N1 each, out of which 32 million are issued and fully paid-up. What happens to the remaining 8 million shares?

Ait has been issued but not paid-up
Bit has been applied for but not issued
Cit is not paid-up
Dit has not yet been issued
View Explanation & Discuss
Question 12
jamb 2012

The portion of the authorized share capital given out to the public for subscription is

Acalled-up capital
Bissued capital
Cpaid-up capital
Dreserved capital
View Explanation & Discuss
Question 13
jamb 2012

A business organization can obtain long term financing through

Abank overdraft
Bthe sale of shares
Ccredit purchases
Dbureau de change
View Explanation & Discuss
Question 14
jamb 2012

A feature common to public and private limited liability companies is that

Aboth can sue and be sued
Bthe minimum number of their shareholders is five
Cthe transfer of their shares is not restricted
Dtheir annual accounts are published for public use
View Explanation & Discuss
Question 15
jamb 2012

In case of a liquidation of a public limited liability company, those that are first paid are

Aordinary shareholders
Bprefernce shareholders
Ccumulative preference shareholders
Ddebenture holders
View Explanation & Discuss
Question 16
jamb 2012
The most important business objective is to
Aimprove investments
Bprovide quality products
Ctarget consumers for satisfaction
Dcarve a niche for the business
View Explanation & Discuss
Question 17
jamb 2012

A business organization that exploits the capabilities of a member to remedy the weaknesses of another is

Ajoint venture
Bpartnership
Cnominal partnership
Dcooperative
View Explanation & Discuss
Question 18
jamb 2012
The type of letters that are delivered through the normal mail or by airmail express service is referred to as
Ainland letters
Bregistered letters
Cairmail letters express letters
Dexpress letters
View Explanation & Discuss
Question 19
jamb 2012
Tourism serves the purpose of
Across-cultural understanding and peaceful interaction
Bopening values for leaving the country
Ceconomic development and naturilization
Dexploiting the country's natural endowment
View Explanation & Discuss
Question 20
jamb 2012

A person who undertakes life insurance is said to be an

Ainsurer
Bassurer
Cassured
Dinsured
View Explanation & Discuss
Question 21
jamb 2012

Assurance is different from insurance in that the former is based on

Aprobability
Bpossibility
Crisk
Duncertainty
View Explanation & Discuss
Question 22
jamb 2012
The right of an insurance company to stand in place of an insured against a third party , who is liable for the occurrence of a loss, is the principle of
Aproximate cause
Binsurable interest
Cinsurance priority
Dsubrogation
View Explanation & Discuss
Question 23
jamb 2012

Communication is relevant to business activities because it

Acreates wealth for people
Breduces the cost and risk of travelling
Cconnects people
Denhances delivery of goods and servicess
View Explanation & Discuss
Question 24
jamb 2012

Printed messages sent by cable are recorded as

Atelegram
BSMS
Ctelex
DMMS
View Explanation & Discuss
Question 25
jamb 2012

A current account holder pays fees for services in form of

Abank charges
Binterest rates
Ccommission on turnover
Dminimum lending rate
View Explanation & Discuss
Question 26
jamb 2012

The most effective type of advertising for branded products is

Amass advertising
Bpersuasive advertising
Cinformative advertising
Dcompetitive advertising
View Explanation & Discuss
Question 27
jamb 2012

A bill of exchange paid before its due date at an amount less than its face value is said to have been

Aaccepted
Brejected
Cdiscounted
Ddishonoured
View Explanation & Discuss
Question 28
jamb 2012

Which of the following is a characteristic of a bearer cheque

Ait is made with transverse lines
Bit is made payable to whoever presents it
Cit is made without transverse lines
Dit is only payable into the payees account
View Explanation & Discuss
Question 29
jamb 2012

If a customer pays within nine days of receiving goods and takes advantage of 3% off the invoice price, this is stated as

A3/9;net 30
B9/27;net 30
C30;net 9/3
D9/30;net 3
View Explanation & Discuss
Question 30
jamb 2012

A document which serves as an order with details of goods required by an intending purchaser is

Aa freight note
Ban indent
Ca bill of landing
Da way bill
View Explanation & Discuss
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