Try 10 free Commerce questions below, each with the answer explained. When you are ready, practise all 451 on a timed CBT screen.
The WASSCE (May/June) is the West African Examinations Council's final exam for secondary school students. Each subject has an objective (multiple-choice) paper and a theory or essay paper.
Tap an answer to check it and see the explanation.
Goods listed at ₦14,900 are sold with 20% trade discount and 2.5% cash discount for prompt payment. How much does the buyer pay if he pays promptly?
Answer: C. After trade discount: ₦11,920. Cash discount is then taken on this: ₦11,920 × 97.5% = ₦11,622.
The right of an insurer, after paying a claim, to recover from a third party who caused the loss is called
Answer: C. Subrogation passes the insured's rights to the insurer.
In trade, a delivery note
Answer: A. A delivery note accompanies goods sent to the buyer.
A company that can invite the public to buy its shares is a
Answer: C. Public companies sell shares to the public, often through a stock exchange.
In commerce, NDIC stands for
Answer: C. NDIC stands for Nigeria Deposit Insurance Corporation.
On the stock exchange, a stag is
Answer: A. A stag is a speculator who buys new issues to sell quickly at a profit.
Which statement is true of a standing order? It
Answer: A. A standing order pays a fixed amount regularly on the customer's instruction.
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.
Commerce is best defined as
Answer: A. Commerce covers trade plus the services that support it.
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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 |