Commerce past questions: WAEC SSCE 2024

48 objective questions, with answers. Free to read and practise.

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48 questions, one at a time, marked as you go or at the end. No account needed.

1.
A cheque that bears a date later than the current date is a
1. A.stale cheque
2. B.post-dated cheque
3. C.dishonoured cheque
4. D.certified cheque
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Answer: A stale cheque
2.
A computer's main storage device is the
1. A.compact disk
2. B.flash drive
3. C.hard disk
4. D.memory chip
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Answer: C hard disk
3.
A disadvantage of a sole trader is that they pay
1. A.pay tax to the government
2. B.has limited liability
3. C.has unlimited liability
4. D.does not share profit with others
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Answer: C has unlimited liability
4.
A document issued by the captain of a ship to acknowledge receipt of goods is a
1. A.dock receipt
2. B.bill of lading
3. C.mate receipt
4. D.ships manifest
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Answer: A dock receipt
5.
A factor that determines the occupation of people living along coastal areas is
1. A.availability of housing
2. B.Good road network
3. C.natural resources available
4. D.size of the population
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Answer: C natural resources available
6.
A financial institution established to raise funds for people who wish to build homes is a
1. A.central bank
2. B.commercial bank
3. C.development bank
4. D.mortgage bank
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Answer: D mortgage bank
7.
A market for long-term loans is the
1. A.capital market
2. B.foreign exchange market
3. C.money market
4. D.new issues market
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Answer: A capital market
8.
A medium of advertising that a hawker could use to promote sales is
1. A.window display
2. B.hoarding
3. C.free samples
4. D.cinema
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Answer: C free samples
9.
A partner who loses his capital only, in case of bankruptcy, is a
1. A.a normal partner
2. B.a limited partner
3. C.general partner
4. D.an active partner
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Answer: B a limited partner
10.
A price quotation that includes the cost of delivering the goods up to the ship but excludes the cost of loading is
1. A.FAS
2. B.FOB
3. C.Franco
4. D.CIF
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Answer: B FOB
11.
A protection of an author's published work
1. A.copyright
2. B.patent
3. C.trademark
4. D.warranty
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Answer: A copyright
12.
A reason for the privatization of the petroleum industry is to
1. A.reduce the production of petroleum products
2. B.reduce private businesses
3. C.Encourage private businesses in the sector
4. D.Control production in the sector
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Answer: B reduce private businesses
13.
A source of finance peculiar to public companies is
1. A.sales of shares
2. B.personal savings
3. C.membership contribution
4. D.borrowing from friends
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Answer: A sales of shares
14.
An advanced balance payment could be corrected through
1. A.increase in the put
2. B.increase in export
3. C.reduction of export
4. D.removal of tariffs
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Answer: B increase in export
15.
An advantage of commercialization to consumers is that
1. A.it promotes inefficiency
2. B.it reduces loyalty of workers
3. C.Customers do not have a value for their money
4. D.prices of the product increase
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Answer: D prices of the product increase
16.
An advantage of personal selling is that is
1. A.appeals to many people at a time
2. B.ensures a wider market coverage
3. C.involves little expenditure
4. D.generate immediate feedback
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Answer: D generate immediate feedback
17.
An advantage of self-service to customers is that it
1. A.encourages impulse buying
2. B.enables customers to inspect goods
3. C.enables customers to buy on credit
4. D.leads to a reduction in price
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Answer: A encourages impulse buying
18.
An example of an entrepreneur is a
1. A.board member
2. B.debenture holder
3. C.bank manager
4. D.sole proprietor
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Answer: D sole proprietor
19.
An objective of the Niger Basin Commission is to
1. A.enhance the development of irrigation systems
2. B.Encourage the use of a common language
3. C.Encourage free trade in the area
4. D.facilitate the settlement of indebtedness
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Answer: A enhance the development of irrigation systems
20.
Conversion of raw materials into finished goods is?
1. A.tertiary production
2. B.secondary production
3. C.primary production
4. D.batch production
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Answer: B secondary production
21.
Internal and external factors that affect how business functions is
1. A.business environment
2. B.business structures
3. C.span control
4. D.scalar chain
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Answer: A business environment
22.
One of the aims of customers' association is to advocate for
1. A.low-income tax
2. B.high wages
3. C.high prices of product
4. D.Good quality product
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Answer: C high prices of product
23.
One of the legislation that protects consumers is the
1. A.copyright act
2. B.company act
3. C.partnership act
4. D.sales of good act
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Answer: D sales of good act
24.
One of the social responsibilities of a business to the community is
1. A.provision of after sale service
2. B.payment of salary
3. C.ensuring profitability
4. D.controlling pollution
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Answer: D controlling pollution
25.
Pre-financing production is a wholesaler's function to
1. A.manufactures
2. B.retailers
3. C.distributors
4. D.consumers
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Answer: A manufactures
26.
Raw materials are classified as
1. A.capital employed
2. B.capital owned
3. C.circulating capital
4. D.fixed capital
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Answer: C circulating capital
27.
Ship building is an activity under
1. A.commercial occupation
2. B.indirect service
3. C.industrial occupation
4. D.direct service
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Answer: C industrial occupation
28.
The act of reducing government intervention in business is
1. A.commercialization
2. B.deregulation
3. C.merger
4. D.privatization
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Answer: B deregulation
29.
The amount an assured receives if he discontinues a life policy is
1. A.surrender value
2. B.sum assured
3. C.net value
4. D.indemnity
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Answer: A surrender value
30.
The development of commerce was promoted by
1. A.warehousing
2. B.transportation
3. C.specialization
4. D.manufacturing
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Answer: D manufacturing
31.
The holder of a bill who wishes to pose it before maturity would be paid
1. A.dividend
2. B.interest
3. C.the discounted value
4. D.the face value
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Answer: C the discounted value
32.
The insurance policy that covers a company against cashiers' dishonesty is
1. A.consequential loss
2. B.employers' liability
3. C.fidelity guarantee
4. D.third party
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Answer: C fidelity guarantee
33.
The major setback of e-commerce in West Africa is?
1. A.unbalance economic growth
2. B.poor communication infrastructure
3. C.political interference
4. D.lack of industries
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Answer: B poor communication infrastructure
34.
The management function that provides guidance and supervision to subordinates is
1. A.organizing
2. B.planning
3. C.directing
4. D.controlling
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Answer: C directing
35.
The most suitable means of transporting liquid and gas over long distances within a country is by
1. A.tasker
2. B.tanker
3. C.pipeline
4. D.aircraft
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Answer: C pipeline
36.
The process of making goods and proving services for consumption is
1. A.exchange
2. B.occupation
3. C.production
4. D.specialization
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Answer: C production
37.
The process of providing cover for goods is
1. A.blending
2. B.branding
3. C.grading
4. D.packaging
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Answer: D packaging
38.
The right of an unpaid seller includes the right to
1. A.Sue a debtor for the amount owed
2. B.Stop a debtor from purchasing goods elsewhere
3. C.publish the act of debtor
4. D.seize a debtor's property
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Answer: A Sue a debtor for the amount owed
39.
To correct an overcharge for goods on an invoice, the seller sends the buyer
1. A.an advice note
2. B.a credit note
3. C.a consignment note
4. D.a delivery note
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Answer: B a credit note
40.
To inform the buyer that the goods are in transit, the seller sends
1. A.a quotation
2. B.an invoice
3. C.a debit note
4. D.an advice note
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Answer: D an advice note
41.
Under which act could a buyer of a faulty television set claim for replacement?
1. A.food and drugs act
2. B.price control act
3. C.Rent Control Act
4. D.standard organization act
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Answer: D standard organization act
42.
use the information below to answer this question opening stock 22,000.00 purchases 20,000.00 Debtor 12,000.00 Creditors 8,000.00 Closing stock 8,000.00 overdraft 5,000.00 calculate the average stock
1. A.D15,000.00
2. B.D14,000.00
3. C.D13,000.00
4. D.D10,000.00
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Answer: A D15,000.00
43.
use the information below to answer this question opening stock 22,000.00 purchases 20,000.00 Debtor 12,000.00 Creditors 8,000.00 Closing stock 8,000.00 overdraft 5,000.00 The value of current liabilities is
1. A.D10,000.00
2. B.D13,000.00
3. C.D13,000.00
4. D.D15,000.00
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Answer: C D13,000.00
44.
Which of the following activities would make continuous production possible
1. A.Grading
2. B.Packaging
3. C.Transportation
4. D.Warehousing
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Answer: D Warehousing
45.
Which of the following instruments is not a means of payment?
1. A.debit note
2. B.debit card
3. C.credit cards
4. D.bank notes
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Answer: A debit note
46.
Which of the following is not problem of ECOWAS ?
1. A.pursuit of different political ideologies
2. B.existence of meagre resources in the member countries
3. C.The difference in colonial history
4. D.disagreement of leadership
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Answer: B existence of meagre resources in the member countries
47.
Which of the following means of advertising generates a wider coverage?
1. A.radio
2. B.neon signs
3. C.cinema
4. D.billboards
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Answer: A radio
48.
Which of the following retail businesses sell without a shop
1. A.department store
2. B.mail order
3. C.multiple store
4. D.tied shop
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Answer: B mail order

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