Try 10 free Commerce questions below, each with the answer explained. When you are ready, practise all 451 on a timed CBT screen.
The NECO SSCE (June/July) is the National Examinations Council's final exam for Nigerian secondary school students. Like WAEC, each subject has an objective paper and a theory paper, and the syllabus covers the same topics.
Tap an answer to check it and see the explanation.
Goods listed at ₦13,800 are sold with 25% trade discount and 2% cash discount for prompt payment. How much does the buyer pay if he pays promptly?
Answer: C. After trade discount: ₦10,350. Cash discount is then taken on this: ₦10,350 × 98% = ₦10,143.
The principle of insurance that aims to restore the insured to the position before the loss is
Answer: C. Indemnity means compensation, not profit, from a loss.
An invoice sent before goods are supplied, often to request advance payment, is
Answer: D. A pro forma invoice shows what will be charged.
In a limited liability company, the liability of shareholders is limited to
Answer: A. Shareholders cannot lose more than their investment in shares.
In commerce, C.I.F. stands for
Answer: B. C.I.F. stands for cost, insurance and freight.
On the stock exchange, a lame duck is
Answer: D. A lame duck is a member who cannot meet his obligations.
Which statement is true of a dishonoured cheque? It
Answer: D. A dishonoured cheque is returned unpaid by the bank.
Commerce is best defined as
Answer: A. Commerce covers trade plus the services that support it.
A retailer sells goods mainly to
Answer: C. The retailer is the last link in the chain of distribution.
The bank that issues currency and acts as banker to the government in Nigeria is the
Answer: A. The CBN issues the naira and manages monetary policy.
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Create a free accountQuestions in the MyGradePrep bank for each topic.
| Topic | Questions |
|---|---|
| Retail trade | 120 |
| Insurance | 92 |
| Discounts | 60 |
| Agents | 60 |
| Business terms | 30 |
| Business documents | 29 |
| Business units | 16 |
| Stock exchange | 16 |
| Means of payment | 14 |