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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.

150 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2

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Past Questions

150 questions

Question 1 of 20 150 total questions

Question 21

neco 2004

Under utmost good faith as an insurance principle, a person must

Abelieve in the sincerity of the insurance company

Bcommunicate with the insurance company

Cdisclose all material facts to the insurance company

Dhave utmost personality

Epay outstanding premium

View Explanation & Discuss

Question 22

neco 2004

The concept that the satisfaction of the consumer's wants is to be emphasized at all stages of production and distribution is known as consumer...........

Aautonomy

B. independence

Cpreferential

Dproduction

Esovereignty

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Question 23

neco 2004

Which of the following is NOT an importance of warehousing?

AEnsures that unexpected fluctuation in consumer’s needs are met through reserves

BGives a feeling of security to the traders

CProtects goods against pilfering

DProvides for economy of scale by maintaining steady rate of production

EProvides protection and security for goods or products from going bad

View Explanation & Discuss

Question 24

neco 2004

A credit note is used to

Ainform the buyer that he can buy more goods on credit

Binform the buyer that his account has been credited

Cinform the customer about his state of solvency

Dtell the customer that his account is in red

Ewarn the customer that his debt is over due

View Explanation & Discuss

Question 25

neco 2004

Which of the following is NOT a function of the central bank?

ABanker's bank

BGovernment's bank

CLender of last resort

DPrinting of currency

EServicing of National debt

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Question 26

neco 2004

A bill of lading is best described as the

Acertificate of quality of goods

Bcertificate of value for the goods on board

Cdocument of title to the goods on board a ship

Ddocument showing where the goods are going to

Eevidence of payment of custom duties

View Explanation & Discuss

Question 27

neco 2004

The excess value of all the assets of a business over the value of its liabilities is called

Acapital employed

Bcapital owned

Ccirculating capital

Dloan capital

Eshare capital

View Explanation & Discuss

Question 28

waec 2004

The West African Clearing House(WACH)was established to

Adredge the rivers in West Africa for easy navigation

Bexpand the volume of traffic within member countries

Ccordinate the efforts to member states to tap their natural resources

Dpromote the use of currencies of all members for inter regional trade

View Explanation & Discuss

Question 29

waec 2004

Which of the following interest holders are settled first in case of a company's liquidation

Aboard of directors

Bdebenture holders

Cordinary shareholders

Dpreference shareholders

View Explanation & Discuss

Question 30

waec 2004

Which of the following sources of capital to a business requires mortgaging specific asset

Aoverdraft

Bordinary shares

Cfixed debenture

Dtrade credit

View Explanation & Discuss

Question 31

waec 2004

If a country wishes to discourage imports, it

Aremoves quotas

Bencourages free trade

Cimposes tariffs

Dsubsidizes exports

View Explanation & Discuss

Question 32

waec 2004

The choice of medium used in advertising is not determined by the

Acost of using a particular medium

Bage group to which the medium appeals

Cnationality of people using the medium

Dnumber of people reached by the medium

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Question 33

waec 2004

The Money Market is the

Amarket for long term loans

Bmarket for short-term loans

Cmarket for government securities

Dbanking hall of commercial banks

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Question 34

waec 2004

Which of the following is the main task of the Marketing Manager whose company has adopted the marketing concept? To

Aidentify and satisfy customer's needs

Bmaintain the company's share of the market

Crecruit more salesmen

Dmake maximum profit

View Explanation & Discuss

Question 35

waec 2004

The amount of insurance premium to be paid depends on the

Asupply and demand of a particular company's service

Bextent of the possible loss and the frequency of the risk

Cnumber of insurance companies in a place

Damount of profit to be made by the insurer

View Explanation & Discuss

Question 36

waec 2004

One of the objectives of ECOWAS is to

Apromote indigenization policy

Bensure that quality goods are produced

Cpromote trade within the region

Ddiscourage foreign investors

View Explanation & Discuss

Question 37

waec 2004

Which of the following is an objective of indigenization policy? To

Aprevent all foreign interference in business

Bencourage local participation in business

Cprevent smuggling

Dencourage more production

View Explanation & Discuss

Question 38

waec 2004

Abuse and monopoly of power by industrialists could lead to

Aprivatization

Bcommercialization

Cnationalization

Dindigenization

View Explanation & Discuss

Question 39

waec 2004

Musa entered into a contract to supply two cows to Aro. Before the agreed date of supply and without the knowledge of the two parties, thieves stole the cows. This is an example of termination of contract by

Adefault

Bbreach

Cfrustration

Dperformance

View Explanation & Discuss

Question 40

waec 2004

Which of the following is not an obstacle to the achievement of the objectives of ECOWAS

Alack of capital

Bsabotage by other organizations

Clack of commitment of member states

Dslow pace of development of member countries

View Explanation & Discuss

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