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.

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

96 questions
Question 1 of 20 96 total questions
Question 11
waec 2011

The par value of a share is also known as its

Apremium price
Bmarket price
Cdiscount price
Dnominal price
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Question 12
waec 2011

Which of the following is not a principle of insurance

AInsurable interest
BSubrogation
CSurrender value
DProximate cause
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Question 13
waec 2011

An overdraft is

Aamount permitted to be withdrawn in excess of one's deposit
Bexcessive cash withdrawn by commercial banks from the Central Bank
Ccredit balance standing in the name of a customer
Dspecial deposits made by commercial banks
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Question 14
waec 2011

A document issued to the public by a company to advertise its share is known as

Aprospectus
Btender
Cshare certificate
Dtrading certificate
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Question 15
waec 2011

The total assets of a business less its total liability is known as

Acapital owned
Bshare capital
Cissued capital
Dworking capital
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Question 16
waec 2011

The turnover of a trade is the

Anumber of times the stock is sold
Btotal sales made during a period
Cprofit made during the period
Dtotal purchases made during the period
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Question 17
waec 2011

In marine insurance, when a particular cargo is thrown into the sea in order to prevent the ship from sinking, the type of marine loss is

Aparticular average loss
Bgeneral average loss
Ctotal average loss
Dconstructive average loss
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Question 18
waec 2011

A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.

What is the rate of turnover?

A13.5 times
B10.8 times
C9 times
D5.4 times
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Question 19
waec 2011

A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.

The average stock is

AD5,000
BD3,000
CD2,500
DD2,000
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Question 20
waec 2011

A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.

What is the cost of goods sold?

AD28,000
BD27,000
CD8,000
DD5,000
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Question 21
waec 2011

A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.

What is the cost of goods sold?

AD28,000
BD27,000
CD8,000
DD5,000
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Question 22
waec 2011

The main divisions of production are

Aindustry, direct and indirect services
Bextraction, manufacturing and construction
Cindustry, commerce and direct services
Dindustry, commerce and trading
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Question 23
waec 2011

Shipping services rendered by Nigeria to The Gambia would be classified by The Gambia as

Ainvisible imports
Binvisible exports
Cvisible imports
Dvivible exports
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Question 24
waec 2011

Which of the following is a means of payment?

AI.O.U
BPostal order
CPromissory note
DC.I.F
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Question 25
waec 2011

Manufacturers may sell goods directly to consumers where goods are i. made to customer's specification ii. advertised by the manufacturer iii. perishable iv. highly technical v. widely demanded

Ai,iii and iv only
Bi and iii only
Ciii,iv and v only
Diii and iv only
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Question 26
waec 2011

If Karamo who lives in The Gambia imports goods from Senegal and later sells them in Guinea Bissau; Karamo is engaged in

Amulti-lateral trade
Bcounter trade
Cbarter trade
Dentrepot trade
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Question 27
waec 2011

Taxes on imported foreign goods are also known as

Aexcise duties
Btariffs
Cad valorem taxes
Ddock dues
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Question 28
waec 2011

The last link in the channel of distribution is the

Aretailer
Bconsumer
Cwholesaler
Dproducer
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Question 29
waec 2011

Which of the following are elements of a valid contract?

ADishcarge and performance
BOffer and acceptance
CAge and maturity
DPromise and capacity
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Question 30
waec 2011

One of the advantages of air transport over other forms of transport is

Asafety
Bflexibility
Ccost
Dspeed
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