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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.

121 questions JAMB 1707 WAEC 2221 NECO 383 CUSTOM 2

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Past Questions

121 questions

Question 1 of 20 121 total questions

Question 51

jamb 1994

One of the effects of the devaluation of the Naira is that the

Agoods that can be imported with the naira have become cheaper

Bvalue of other currencies relative to the naira have become cheaper

Cgoods that can be exported from Nigeria have become costlier

Dimports that can be bought with the naira have become costlier

View Explanation & Discuss

Question 52

jamb 1994

A sole proprietor insured his goods worth N200,000 for half the value. There was a fire accident in which goods valued N80,000 were destroyed. The value of compensation expected from the insurer is

AN40,000

BN80,000

CN100,000

DN200,000

View Explanation & Discuss

Question 53

jamb 1994

Goods discharged from ships on which import duties have not been paid are kept in the

Aordinary warehouse

Bpublic warehouse

Cprivate warehouse

Dbonded warehouse

View Explanation & Discuss

Question 54

jamb 1994

The postal organization which preceded the Nigerian Postal Service is

APost and Telecommunication

BPost and Telephone

CPost and Teleprinter

DPost and Telegraph

View Explanation & Discuss

Question 55

jamb 1994

Which of the following statements is TRUE about sea transport?

Aall ships have specific routes to ply

Ball ships must be insured at every journey

Call ships are insured separately from the crew

Dall ships normally arrive at their destination with goods

View Explanation & Discuss

Question 56

jamb 1994

A pro forma invoice is NOT required when

Aquoting for the supply of goods

Bgoods are sent on approval

Cdealing regularly with a customer

Dfinal prices are uncertain

View Explanation & Discuss

Question 57

jamb 1994

The difference between the total payments for imports and the receipts from exports within a given period is referred to as

Abalance of payments

Bbalance of trade

Ccomparative cost advantage

Dcomparative advantage

View Explanation & Discuss

Question 58

jamb 1994

The rate at which a country's exports exchange for its imports is called

Abalance of payments

Bbalance of trade

Cterms of payment

Dterms of trade

View Explanation & Discuss

Question 59

jamb 1994

What is the major function of the wholesaler?

Abuying from small-scale producers and selling to exporters

Bbuying in bulk and selling in small quantities

Cgranting of credit facilities to retailers

Dproviding information to manufacturers on market situation

View Explanation & Discuss

Question 60

jamb 1994

The use of coin-operated machines to sell goods is a form of

Apersonal selling

Bretailing

Cwholesaling

Dmail-order selling

View Explanation & Discuss

Question 61

jamb 1994

Sole enterprise may flourish best in

Aa mining business

Ba retailing business

Can oil exploration business

Da car assembly business

View Explanation & Discuss

Question 62

jamb 1994

Governments impose import duties for the following reasons EXCEPT

Ato raise revenue for other services

Bto act as a retaliatory measure against other governments

Cto discourage the redistribution of income at home

Dto protect home industries from external competition

View Explanation & Discuss

Question 63

jamb 1994

What are fixtures and fittings in a balance sheet?

Aliquid capital

Bcurrent assets

Cfixed assets

Dworking capital

View Explanation & Discuss

Question 64

jamb 1994

Compulsory dissolution of a business can arise from

Aan agreement by the owners

Ba declaration by a court of law

Cthe termination of its life

Dan unfavourable economic climtate

View Explanation & Discuss

Question 65

jamb 1994

Which of the following groups is paid first when a firm liquidates?

APreference shareholders

BDebenture holders

COrdinary shareholders

DCumulative preference shareholders

View Explanation & Discuss

Question 66

jamb 1994

Which of the following takes place when firms producing at different stages in the same industry combine?

Aconglomeration

Bvertical integration

Chorizontal integration

Dcartel

View Explanation & Discuss

Question 67

jamb 1994

A distinguishing characteristics of a limited liability company is that it

Ais a collection of many sole proprietors

Bis a multiple partnership

Ccan sue and be sued

Dhas limited resources

View Explanation & Discuss

Question 68

jamb 1994

A demonstration of social responsibility by a business is the payment of

Ataxes to government

Bdividends to shareholders

Cinterests on loans

Dpremium on insurance

View Explanation & Discuss

Question 69

jamb 1994

The production process that combines two or more raw materials into one end product is

Aconditioning

Bblending

Cmerging

Dsynthesis

View Explanation & Discuss

Question 70

jamb 1994

The type of activity which turns processed raw materials into consumer and industrial goods is described as

Aextractive

Bmanufacturing

Cconstructive

Dprocessing

View Explanation & Discuss

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