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 main document sent to an importer of goods by the exporter are?
Ainvoice, consular invoice, certificate of orign, fright note, indent and insurance policy
Bindent, bill of lading, certificate of orign, invoice and bill of exchange
Ccertificate of orign, bill of exchange, insurance policy, indent and bill of lading
Dbill of lading, invoice insurance policy, consular invoice, certificate of orign and bill of exchange
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Question 42
jamb1999
Kamaldeen is a seller in a hire-purchase agreement with Emeka. By law, Kamaldeen cannot recover the hire purchased goods. This is an instance of a restriction on
AEmeka's right to terminate the agreement
BKamaldeen's right to re-hire the Goods
CEmeka's right to breach the agreement
DKamaldeen's right to terminate the agreement
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Question 43
jamb1999
A company which issues a promissory note in lieu of payment for goods purchased
Acan refuse to pay ondue date since it is only a promise
Bis bound to redeem the note for cash on due date
Cis not bound to renew the note before payment
Dcan return the goods purchase and refuse to pay
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Question 44
jamb1999
Kabir receives two quotations. Ade quotes N 100 less 20% trade discount and 20% cash discount while Benson N100 less 30%trade discount and 10% cash discount. If Kabir wants to take advantage and cash discount, then
Athe material should be supplied by Ade
Bthe material should be supplied by both of them
Cthe material should be supplied by Benson
DBenson should be ask to reduce his trade discount
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Question 45
jamb1999
The term ‘5 Net 7’ on an invoice means that?
A5% discount will be allowed on the price charged if payment is made within seven days
B5% discount will be allowed on the price charged if payment is made after seven days
C5% surcharge will be made unless payment is made within seven days
D5% dicount will be allowed on the charged if the goods are bought within seven days
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Question 46
jamb1999
The document represents a
ABill of exchange
BCheque
CMoney order
DA. Promissory note
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Question 47
jamb1999
Use the document below to answer question
Okon Etim Esin is the?
Adebtor
Bcreditor
Cexporter
Dimporter
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Question 48
jamb1999
Which of the following is not a veritable source of funds to a public limited company?
Agovernment financial grant
Badvances and loan from banks
Cinternally generated funds
Dfunds from the sale of shares
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Question 49
jamb1999
A business whose owners enjoys loan facilities on the basis of personal goodwill is a?
Acommercial bank
Bthrift society
Cco-operative society
Dcommunity bank
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Question 50
jamb1999
An abridged version of a company's income statement for 11993 contains the following information:
N
Turnover 286.5
cost of goods sold 147.5
overhead and other expenses 85.5
Taxes due for the year 26.9
What was the company's profit before tax for 1993?
A26.9 million
B53.5 million
C139.2 million
D286.5 million
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Question 51
jamb1999
A company has an authorized capital of 40 million shares at N1 per share, out of which 32 million shares have been issued and fully paid-up. The remaining 8 million shares have
Abeen issued but have not been paid-up
Bbeen applied for but not issued
Cnot been paid-up
Dnot yet been issued
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Question 52
jamb1999
Musa obtains wool from his sheep, spins and transforms it into cloth which he sells to consumers. This is a form of
Avertical integration
Bhorizontal integration
Cforward intergration
Dbackward integration
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Question 53
jamb1999
The primary motive behind an individual engaging in production is to?
Afully engaged all the factors of production
Bmake available goods and services
Cmeets projected profit
Dmeet basic human needs
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Question 54
jamb1999
A common requirement for public and private limited companies in Nigeria is that
Aa shareholder cannot transfer his shares to someone else without permission from other shareholders
Btheir annual account are made available to the Corporate Affairs Commision
Cshares can be offered for sale on the stock exchange
Dshares can be offered for sale through an issuing house
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Question 55
jamb1999
Use this information to answer the question below.
Aboki Plc became insolvent and decided to wind up to meet the legitimate claims of its creditors. Babalawee was called in to manage the dissolution.
Babalawee is ___________?
Aa claimant
Ba manager
Can assessor
Da reciever
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Question 56
jamb1999
Use the information below to answer questions 3 and 4.
Aboki Plc, became the insolvent and decided to wind up to meet the legitimate claims of its creditors.
Babalawee was called in to manage the dissolution.
after paying the debts of aboki Plc, the balance goes to?
AAboki Plc
BBabalawee
Cshareholders
Dcreditors
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Question 57
jamb1999
Commerce makes it possible for man to live in a
Acomplex and organized society
Bsociety characterized by subsistency
Csociety characterized by dependency
Dsimple and organized society
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Question 58
jamb1999
The conversion of raw material into finished products creates
