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.

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

88 questions
Question 1 of 20 88 total questions
Question 11
waec 2021

The purpose for which the Central Bank sells securities is to 

Areduce the interest rate
Breduce cash in the economy
Cincrease cash in the economy
Dincrcase the interest rate
View Explanation & Discuss
Question 12
waec 2021

Which of the following means of payment requires acceptance by the debtor to make it valuable? 

ABearer's cheque
BBill of exchange
CPostal order
DPromissory note
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Question 13
waec 2021

One of the functions of the ports authority is

Achecking the activities of smugglers.
Bcollecting import duties
Cenforcing law and order in harbours
Dproviding warehousing services.
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Question 14
waec 2021

The practice by which insurance companies share risks with other insurance companies is 

Acontribution
Bre-insurance
Cinsurance
Dunderwriting
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Question 15
waec 2021

Speed is an important factor to be considered for the choice of means of transport where goods are

Aperishable
Binterior
Cfragile
Dbulky
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Question 16
waec 2021

The right of a seller to make corrections on invoices is expressed by the term

Aerrors and omissions excepted
Berrors omissions excluded
Cerrors and omissions exempted
Derrors and omissions expected
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Question 17
waec 2021

The main function of a bureau-de-change is 

Abuying and selling foreign currency
Bbuying and selling securities information
Cproviding trade information
Dselling goods and services
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Question 18
waec 2021

The expected response from the recipient of a quotation is to send

Aan advice note
Ba cheque for payment
Can invoice
Dan order
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Question 19
waec 2021

The cost of goods sold is 

AN4,000
BN9,000
CN16,000
DN21,000
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Question 20
waec 2021

What is the average stock?

ANI0,500
BN8.500
CN8,000
D6000
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Question 21
waec 2021

An error on an invoice may be rectified by issuing

Aan advice note
Ba consignment note
Ca credit note
Da delivery note
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Question 22
waec 2021

The collection of import duty is a function of the

Aports authority
Bmarketing boards
Cclearing and forwarding agents
Dcustoms and excise authority
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Question 23
waec 2021

A country's balance of trade of -$20 million shows that its 

Aimport volume is greater than export
Bimport and export volumes are equal
Cexport volume is greater than imports
Dexports are mainly primary products
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Question 24
waec 2021

Which of the following is not a condition for dissolution of a partnership? 

AContinuous disagreement among partners
BExpiration of a business year
CMutual consent of the patners
DTermination of the venture
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Question 25
waec 2021

A foreign order which instructs an agent to buy certain goods from a particular supplier is

Aclosed indent
Bopen indent
Cletter of credit
Dletter of enquiry
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Question 26
waec 2021

The practice of selling goods to a foreign country at lower prices than obtainable in the exporting country is 

Aspeculation
Bskimming
Chedging
Ddumping
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Question 27
waec 2021

One of the functions of a trade association is to 

Aprovide infrastructure for members
Bprovide employment for members
Cpromote members' welfare
Dpay members' salaries
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Question 28
waec 2021

An organization of producers of similar produces, which controls output with the intention to fix price is a 

Atrust
Bsyndicate
Cconsortium
Dcartel
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Question 29
waec 2021

A number of shops under one roof is a 

Achain store
Bdepartment store
Cdiscount store
Dunit store
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Question 30
waec 2021

One of the disadvantages of selling on credit is

Areduction in turnover
Breduction in profit
Cincrease in liquidity
Dbad debts
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