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.
The counterfoil of a cheque book enables the drawer to
Arequest for a new cheque book
Breconcile his book of accounts
Cknow who the debtors are
Dobtain an overdraft from the bank
View Explanation & Discuss
Question 12
waec1999
If a company is described as "listed" it means
Aits shares can be traded on the stock exchange
BIt is about to be voluntarily liquidated
Cit is duly registered by the registrar of companies
Dit has been blacklisted
View Explanation & Discuss
Question 13
waec1999
Notes and coins are legal tender because they are
Aprinted by the Central Bank
Bbacked by law
Cbacked by gold
Dissued by all banks
View Explanation & Discuss
Question 14
waec1999
Insurance is necessary because of the need to
Apool resources together
Bmeet uncertainties in future
Cmake profit
Dlend money to individuals
View Explanation & Discuss
Question 15
waec1999
Government can borrow money from the public through
Athe issuing of treasury bills
Bincreasing taxation
Cincreasing the lending rate
Destablishing more banks
View Explanation & Discuss
Question 16
waec1999
Trade discount is given to the buyer for
Aprompt payment
Bcredit purchase
Ccash purchase
Dretailer's mark-up
View Explanation & Discuss
Question 17
waec1999
Status enquiry is necessary when
Agoods are ordered from a mail order firm
Bmoney is withdrawn from a fixed deposit account
Cgranting credit to a new customer
Dgoods areproduced according to specification
View Explanation & Discuss
Question 18
waec1999
What is the purpose of a debit note? To
Areduce the credit in the buyer's account
Breduce the debit charged to an invoice
Ccompensate for damaged goods returned
Dallow for rebate
View Explanation & Discuss
Question 19
waec1999
A bill of exchange becomes negotiable when it is
Aaccepted
Bprotested
Cdishonoured
Ddiscounted
View Explanation & Discuss
Question 20
waec1999
A major cost component of running a mail order firm is the
Aprinting of catalogues
Bpaying salemen's salaries
Crenting shops
Dtravelling expenses
View Explanation & Discuss
Question 21
waec1999
Which of the following is not a feature of a Department Store?
AOne-stop-shopping
BDeals in one line of goods
CUse of trolleys
DConvenient location
View Explanation & Discuss
Question 22
waec1999
Which of the following is a contract of carriage and a document of title?
Aindent
BBill of lading
CPro forma invoice
Dis allowed to borrow from commercial banks
View Explanation & Discuss
Question 23
waec1999
A major advantage of the private company over a partnership is that the private company
Acan sell shares
Bhas limited liability
Ccan publish its account
Dis allowed to borrow from commercial banks
View Explanation & Discuss
Question 24
waec1999
Which of the following documents is used to advertise shares to the public?
ALetter of allotment
BArticles of association
CMemorandum of asscociation
DProspectus
View Explanation & Discuss
Question 25
waec1999
A public Limited Company whose nominal capital is made up of 400,000 ordinary shares of 50k each, decided to issue 50% of it to the public and realized only 50% of the amount due
What is the called-up capital
A#50,000.00
B#100,000.00
C#200,000.00
D#400,000.00
View Explanation & Discuss
Question 26
waec1999
A public Limited Company whose nominal capital is made up of 400,000 ordinary shares of 50k each, decided to issue 50% of it to the public and realized only 50% of the amount due
What is the paid up capital?
A#50,000.00
B#100,000.00
C#150,000.00
D#200,000.00
View Explanation & Discuss
Question 27
waec1999
A public Limited Company whose nominal capital is made up of 400,000 ordinary shares of 50k each, decided to issue 50% of it to the public and realized only 50% of the amount due
What is the company's registered capital?
A#50,000.00
B#80,000.00
C#200,000.00
D#400,000.00
View Explanation & Discuss
Question 28
waec1999
Which of the following is formed in order to enforce the rights and powers of buyers in relation to sellers?
AConsortium
BTrade Association
CConsumer Association
DHolding company
View Explanation & Discuss
Question 29
waec1999
A company is said to be insolvent when
Ait makes a loss in any one year
Bits total liabilities exceed total assets
Cthe ordinary shareholders recieve no dividend from the company
Dthe preference shareholders could not be paid by the company
View Explanation & Discuss
Question 30
waec1999
The document which regulates the operations of a partnership is known as
