Commerce Exam Questions and Answers for SS1

These Commerce questions and answers were pulled from our book (Commerce questions for SS 1); Compiled to serve as a reference material to help teachers draw up test and exam questions faster. It could also help students assess their level of exam preparation. Each sample question includes correct answers.

Note that Questions are based on the NERDC curriculum (UBE compliant)

Sample Commerce Exam Questions and Answers

TOPIC: BANKING SERVICES
DIRECTION: Choose the correct answer from the lettered options.

1. The weapons used by the central bank to control credit is ________
A. open market operations
B. treasury bills
C. collateral
D. commission

See the Answer

The correct answer is A.

2. “Apex Bank” is alternative name for ______bank.
A. central
B. saving
C. African
D. commercial

See the Answer

The correct answer is A.

3. A Cheque which a bank official draws on the bank’s deposits in another bank is known as ________
A. cashier’s cheque
B. bank draft
C. certified cheque
D. traveler’s cheque

See the Answer

The correct answer is A.

4. A cheque issued in January 1997 which the holder failed to present for payment until September 1997 is called a ______
A. crossed cheque
B. traveler’s cheque
C. post-dated cheque
D. stale cheque

See the Answer

The correct answer is D.

5. Another name for fixed deposit account is _______
A. personal account
B. current account
C. savings account
D. time deposit

See the Answer

The correct answer is D.

Click here to get the complete Commerce questions for SS 1

TOPIC: TRADE
DIRECTION: Choose the correct answer from the lettered options.

1. What factor should be considered when siting or starting small-scale retail business?
A. Capital and source of supply
B. Advertising of the goods
C. Weighing measurement and packaging
D. Sales in unit
E. Itinerant traders

See the Answer

The correct answer is A.

2. Which is the commonest method of distribution among farmers and other producers of perishable goods?
A. Wholesaler channel of distribution
B. Consumer channel of distribution
C. Indirect channel of distribution
D. Direct channel of distribution
E. Size channel of distribution

See the Answer

The correct answer is D.

Direct channel of distribution involves just the producer and the consumer. That is, the producer sells directly to the consumer.

3. The document that indicates the country from which goods are imported is called _______
A. bill of lading
B. ship manifest
C. certificate of origin
D. actuary

See the Answer

The correct answer is C.

4. ______ are taxes imposed on goods that come from other countries into a particular country.
A. Free
B. Protectionist laws
C. Infant industries
D. Tariffs
E. By-laws

See the Answer

The correct answer is D.

5. Urban stores specializes in a particular line of trade.
A. True
B. False

See the Answer

The correct answer is A.