Hello and Welcome to SSCE (WAEC and NECO) Practice Test - Commerce 1. You will attempt 50 randomly generated objective questions for 40 minutes. 2. Don't guess answers. Leave answer blank if not sure. Incorrect answers attracts -1 (negative one) and it is cumulative. 3. If time allowed elapsed, your quiz ends immediately and scores will displayed and ranked. 4. Your performance in each of the question attempted alongside step-by-step solutions to attempted questions will be displayed on the screen at the end of the assessment. 5. Fill the form below and Click on the Next button to Begin Full Name (Surname First): Location: The abbreviation E & O. E. on an invoice seeks to A. draw the attention of the buyer to the contents of the document. B. show that there is no error about prices quoted on the invoice. C. protect the seller against any error on the document. D. draw the attention of the seller to the contents of the document. C D B AAn insurance policy that covers the body of the ship only is called A. Haulage insurance B. Voyage insurance C. Hull insurance D. Cargo insurance D C B AWhich of the following is not a function of the Ports Authority? A. Providing facilities for loading and off-loading of vessels. B. Collecting duck dues. C. Providing enough ships for the country. D. Dredging of harbours. B C A DThe collection of tariffs on imported goods is the function of A. Ports Authority. B. Customs and Excise Authority. C. Clearing and Forwarding Agents. D. Export Promotion Council. B D C AOne of the principles of insurance is A. consequential loss. B. fidelity guarantee. C. proximate cause. D. surrender value. C D A BThe use of current account in business is convenient because A. withdrawal can be made at any time B. deposits earn higher interest C. loans are always available D. notices are necessary before withdrawals C B D AThe difference between the cost price and selling price of an article is A. commission. B. mark-up. C. rebate. D. discount. A B C DThe combination of product, price, promotion and distribution decisions employed by a company is referred to as its A. pricing policy. B. marketing mix. B. product mix. D. marketing concept. D B A CIf a share is quoted ex-div, it means the new buyer would A. get the next dividend B. not get the next dividend C. get a fixed dividend D. not get any dividend C B D AAn issuing house is an outlet for A. new shares and bonds. B. non listed companies shares. C. existing shares and bonds. D. only gilt-edged securities. D C B AA voluntary association of business executives within a locality is known as A. Trade Union. B. Consumers' Association. C. Chamber of commerce. D. Trade association. C D B AA trader’s turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock D3,000 The average stock is A. D5, 000. B. D3, 000. C. D2,500. C. D2, 000. A C B DThe document in which the full details of goods and the ship carrying the goods are contained is known as A. bill of exchange. B. bill of sight. C. certificate of origin. D. shipping advice note. C B A DTo take an insurance policy, an applicant must first complete a/an A. proposal form B. cover note C. certificate of insurance D. advice note. B C A D‘Not negotiable' on a cheque means A. ownership can be transferred to the third party by mere delivery B. the cheque can be paid over the counter on endorsement C. the holder has no better title than the person who transfers it D. ownership rests with the one who issued the cheque. C B A D The box marked 'Z' stands for A. Warehousing. B. Home trade. C. Foreign trade. D. Marketing. D C A BA term which describes the value of business connections made by a company over the years is known as A. patent B. copyright C. goodwill D. trade mark A D C BThrowing cargo over board in order to save a ship from sinking is A. jettison. B. abandonment. C. piracy. D. flotsam. C D A BThe essence of adopting the marketing concept by a firm is the recognition that goods and services have no value unless they are. A. desirable to customers. B. company oriented. C. beautifully packaged. D. profit oriented. B D C AEncouraging a high quality of members' products through the circulation of Research information is a function of A. Manufacturers Association. B. Trade Union. C. Employers’' Association. D. Consumers' Association. B C A DBuildings and machinery used in the running of a business are examples of A. current assets. B. intangible assets. C. liquid assets. D. fixed assets. A C B DWhich of the following is not a function of warehousing? A. Creating scarcity of goods B. stabilization of price C. Production ahead of demand D. Storage of goods. C A B DA cheque dated 15th March, 2012 will become stale on A. 16th June, 2012 B. 16th July, 2012. C. 16th August, 2012. D. 16th September, 2012. C B A DThe exclusive right of an author over his book is A. Trade mark. B. Brand name. C. Copy right. D. Patent right. C B A DThe total assets of a business less its total liability is known as. A. capital owned. B. share capital. C. issued capital. D. working capital. C A B DThe document which specifies the manufacturer from whom goods are to be imported is A. closed indent. B. open indent. C. export invoice. D. consignment note. B D C AThe functions of credit and thrift society does not include A. charging low interest rate on loan. B. providing savings facilities. C. encouraging mutual co-operation of members. D. providing security for members' property. B D C ACurrent account holders withdraw money by means of A. credit card. B. draft. C. withdrawal form. D. cheque. B A D CAd valorem duties are based on the A. importance of the goods imported B. value of the goods imported C. weight of the goods imported D. nature of the goods imported. B A C DWhich of the following is a means of payment? A. I. O. U B. Postal order C. Promissory note. D. C. I F A B D CWhich of the following is an example of large-scale retailing? A. Hawking B. Mobile shops C. Kiosks D. Department stores A B D CThe completion of the production process by grading and branding of goods is a function of the A. transporter. B. wholesaler. C. retailer. D. consumer. A B D CThe cost of telephone conversation is determined by the A. number of words spoken B. person sending the message C. Duration of the conversation D. urgency of the message conveyed B D A C The box marked ‘Y’ stands for A. Wholesale. B. Indirect services. C. Aids to trade. D. Foreign A B C DThe turnover of trade is the A. number of times the stock is sold. B. total sales made during a period. C. profit made during the period. D. total purchase made during the period. C A D BThe difference between current assets and current liabilities is A. issued capital B. capital employed C. working capital D. nominal capital B D A CA collective bundle of shares is called A. debenture. B. stock. C. bond. D. share. C B A DThe Central Bank’s monetary policy instrument by which it buys and sells Treasury bills is known as A. Open Market Operation. B. Bank rate. C. Cash reserve ratio. D. Special deposit. B D A CA document issued to the public by a company to advertise its share is known as. A. prospectus. B. tender. C. share certificate. D. trading certificate. C A D BThe various rights attached to different classes of shares are stated in the A. articles of association B. memorandum of association C. balance sheet D. prospectus A D C BA contract made between a ship owner and a merchant for the carriage of cargo is A. ships' manifest B. charter party C. freight forward D. cargo service D C B AVoyage policy insurance is associated with ___ A. hre B. life C. marine D. burglary C B D AWhich of the following is quoted when the buyer is responsible for the cost of loading the goods from the seller’s warehouse up to his own warehouse? A. F.O.R. B. C.I.F C. E.A.S D. Loco A C B DMr Biu has been paying the premium of a straight Life Assurance policy for several years. The surrender value of the policy if the amount that A. would be paid to Mr. Biu if he should discontinue with the policy. B. would be paid to Mr. Biu’s beneficiaries if he dies C. is paid annually to Mr. Biu to the insurance company D. the amount Mr Biu has paid plus interest A B C DWhich of the following are elements of a valid contract? A. Discharge and performance. B. Offer and acceptance. C. Age and maturity. D. Promise and capacity. A C D BThe development of trade in West Africa was aided by the A. emergence of traditional rulers. B. arrival of the Portuguese. C. introduction of tax payment. D. introduction of money. C B D AA licensed person who is authorized to sell to the highest bidder is A. principal. B. factor. C. broker. D. auctioneer. D C B AThe assets of a business that is available as cash or near cash is called A. equity. B. capital employed. C. reserved capital. D. liquid capital. B A D CWhich of the following is a feature of supermarkets? A. Gives credit to reliable customers B. Specializes in one line of product C. Goods are on display with price tags D. Does not have to provide storage facilities C A D BIn 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. A. particular average loss. B. general average loss. C. total average loss. D. constructive average loss. C A D B51 out of 50Are you ready to submit? You have enough time to attempt skipped questions and review your answers by clicking the Previous Button, else click the Submit Quiz button to see your results! Categories: 0 Comments Leave a Reply Cancel reply You must be logged in to post a comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.