Try 10 free Commerce questions below, each with the answer explained. When you are ready, practise all 451 on a timed CBT screen.
The GCE is the version of the school-leaving exam for private candidates, usually held towards the end of the year. It follows the same syllabus as the May/June exam, with objective and theory papers.
Tap an answer to check it and see the explanation.
Goods listed at ₦25,400 are sold with 10% trade discount and 2% cash discount for prompt payment. How much does the buyer pay if he pays promptly?
Answer: B. After trade discount: ₦22,860. Cash discount is then taken on this: ₦22,860 × 98% = ₦22,402.80.
Workmen's compensation insurance covers
Answer: D. Workmen's compensation insurance covers injuries to employees at work.
In trade, a debit note
Answer: B. A debit note increases the amount a buyer owes after an undercharge.
A sole proprietorship is
Answer: C. A sole proprietorship is a business owned and controlled by one person.
In commerce, E. & O.E. stands for
Answer: A. E. & O.E. stands for errors and omissions excepted.
On the stock exchange, a bear is
Answer: D. A bear is a speculator who sells shares expecting prices to fall.
Which statement is true of an open cheque? It
Answer: A. An open cheque can be cashed over the counter.
A crossed cheque can only be
Answer: B. Crossing a cheque means it must go into an account.
"Breaking bulk" is a function of the
Answer: D. Wholesalers buy in large quantities and sell in smaller lots to retailers.
Which of these is an aid to trade?
Answer: C. Aids to trade include banking, insurance, transport, communication, warehousing and advertising.
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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 |