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: A licensed person who is authorized to sell to the highest bidder is A. principal. B. factor. C. broker. D. auctioneer. C A B DA collective bundle of shares is called A. debenture. B. stock. C. bond. D. share. A B D CThe document which is used when a country imposes ad-valorem duties is A. bill of lading. B. consular invoice. C. certificate of origin. D. open indent. A C D BBonded warehouse is a place where A. duty free goods are kept. B. perishable goods are kept. C. home-made goods are kept. D. dutiable goods are kept. B A D CA percentage reduction from the quoted price of goods given to a buyer to encourage bulk purchase is called A. cash discount. B. trade discount. C. commission. D. bonus. D C B APayment to a ship owner for carrying one's cargo is A. demurrage. B. fare. C. dock due. D. freight. B C D AThe 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. C A B DWhich of the following countries is not a member of the Lake Chad Basin Commission A. Nigeria. B. Chad. C. Gabon. D. Cameroun B C D AThe reward received by a party in a contract agreement is known as A. consideration. B. acceptance. C. offer. D. warranty. C D B A The box marked 'Z' stands for A. Warehousing. B. Home trade. C. Foreign trade. D. Marketing. C D A BA trader’s turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock D3,000 What is the cost of goods sold? A. D28, 000. B. D27, 000. C. D8,000. D. D5, 000. D A C BThe completion of the production process by grading and branding of goods is a function of the A. transporter. B. wholesaler. C. retailer. D. consumer. B A D CThe object clause of a limited liability company is stated in the A. Memorandum of Association B. Article of Association C. Certificate of incorporation D. Trading certificate D C B AThe Board of Directors of Public corporation is appointed by the A. government B. shareholders C. management D. employees D B A CLiquid capital in a business means the A. movable assets of the business. B. authorised capital. C. issued capital. D. Assets easily convertible to cash B D A CPublic enterprises are financed mainly by A. the shareholders B. commercial banks C. government grants D. mortgage banks D A C BThe 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 AWhich of the following is classified as invisible item in balance of payment? A. Import of goods B. Salaries of expatriates C. Export of groundnuts D. Sale of equipment D A C BBuildings and machinery used in the running of a business are examples of A. current assets. B. intangible assets. C. liquid assets. D. fixed assets. C A B DWhich of the following is not contained in a consignment note'? A. Name of the buyer B. Name of the seller C. Description of goods D. Cost of goods A C D 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 D A C BThe difference between the cost price and selling price of an article is A. commission. B. mark-up. C. rebate. D. discount. D B A CWhich 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. A B C DRight issue is the A. individual’s right to be issued shares on subscription. B. right of shareholders to vote on issue. C. Preferential right to return on shares. D. Shares offered to existing shareholders at a cheaper price. D B A CThe buyer in a hire purchase contract becomes the legal owner of the goods by paying A. initial deposit. B. the last instalment. C. half of the purchase price. D. two-third of the purchase price. D C A 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. B C A DWhich of the following will be suitable for hire purchase A. Shares B. Refrigerator C. Shoes D. Textile. C D B AA market which deals in the purchase and sale of second-hand securities is the A. Stock Exchange B. Building Society C. Shippers Council D. Co-operative Society. A B D COne of the principles of insurance is A. consequential loss. B. fidelity guarantee. C. proximate cause. D. surrender value. A D B CThe difference between current assets and current liabilities is A. issued capital B. capital employed C. working capital D. nominal capital D B A CWhich of the following is the function of commerce? A. The conversion of raw materials into semi finished products B. The conversion of semi—finished products into end products C. Provision of services to customers D. The exchange and distribution of goods and services. D B C AIf 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 D A C BWhich of the following is an example of large-scale retailing? A. Hawking B. Mobile shops C. Kiosks D. Department stores C A B DWhich 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 D A BWhich 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 B D CThe type of transport a manufacturer will use will be influenced by A. type of sales B. the tax on the goods C. the customer’s age D. nature of goods C A D BWhich of the following is a means of payment? A. I. O. U B. Postal order C. Promissory note. D. C. I F D C A BWhich of the following arrangement of documents is the correct sequence as used in the retail trade? I. Quotation II. Enquiry III. Order IV. Invoice A. I, II, III, IV B. II, I, III, IV C. I, IV, III only D. I, III, IV only A D C BCollecting information on the taste of consumers and the extent of demand for a product is A. market research. B. market segmentation. C. marketing mix. D. marketing concept. B D C AAn efficient transport system enables a trader to A. widen the market for his products. B. avoid customs examination of goods. C. adopt better price policy. D. reduce cost of production. A B C 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. D C B AMr 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 C D BA voluntary association of business executives within a locality is known as A. Trade Union. B. Consumers' Association. C. Chamber of commerce. D. Trade association. B C D AA country is said to achieve a trade surplus when total A. visible exports exceeds total visible imports B. invisible exports exceeds total invisible imports C. visible exports exceeds total invisible imports D. visible imports exceeds total visible exports. C A B DThe development of commerce was encouraged by the desire to A. get goods and services of others. B. work with others. C. create wealth for the nation. D. satisfy all wants and needs. C D B AThe 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. D A C BThe process of winding up a public limited company by a court order is known as A. termination B. dissolution C. voluntary liquidation D. compulsory liquidation. D A C BThe 'relationship which subsists between two or more persons carrying on a business with a view to profit’ is A. cooperative society. B. partnership. C. public limited company. D. credit union. C B D AThe main divisions of production are A. industry, direct and indirect services. B. extraction, manufacturing and construction. C. industry, commerce and direct services. D. industry, commerce and trading. C D B AA ltd. Company has an authorized capital of 2,000,000 shares of D5 each. If the company issued 1,200,000 shares, it issued capital is A. D10,000,000 B. D6,000,000 C. D4,000,0000 D. D2,000,000 A B D C51 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! Share this:TwitterFacebookLike this:Like Loading... Categories: CommercePractice Tests (FREE Access) Tags: SSCE (WAEC and NECO) Practice Test - Commerce 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.