These Commerce questions and answers were pulled from our book (Commerce questions for ss2); 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.
[su_note note_color=”#fcf2e0″]The Questions are based on the current NERDC curriculum (UBE compliant)[/su_note]
Sample Commerce Exam Questions and Answers
BUSINESS CAPITAL AND PROFITS
DIRECTION: Choose the correct answer from the lettered options.
1. Which of the following is not an intangible asset?
A. goodwill
B. patent
C. furniture
D. mark
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is C.[/su_spoiler]
2. If the opening stock of the business set up by Simeon Enterprises is ₦20,000 and the closing stock is ₦30,000. What is the average stock?
A. ₦25,000
B. ₦50,000
C. ₦10,000
D. ₦20,000
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is A.[/su_spoiler]
3. Which of the following is likely to have the lowest rate of turnover?
A. Tomato
B. School bag
C. Air conditioner
D. Salt
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is C.[/su_spoiler]
4. Use the following equation to answer the question.
Gross Profit = (Closing stock + P) less (Opening stock + G) what is P in the above equation?
A. Purchases returns
B. Net Profit
C. Sales
D. Carriage outwards
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is C.[/su_spoiler]
5. Assets that can easily be converted to cash are known as ______
A. liquid capital
B. capital employed
C. reserved capital
D. working capital
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is A.[/su_spoiler]
Click here to get the complete Commerce questions for ss2
THE STOCK EXCHANGE
DIRECTION: Choose the correct answer from the lettered options.
1. Which of the following is used for a single payment of many people at the same time through a bank instead of writing separate cheques?
A. Debit transfer
B. Credit transfer
C. Certified cheque
D. Crossed cheque
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is B.[/su_spoiler]
2. Another name for debenture is _______
A. bonds
B. conversation stock
C. loan stock
D. shareholding
E. treasury stock
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is C.[/su_spoiler]
3. A company will not insure loss arising from _______
A. accident
B. burglary
C. fire
D. speculation
E. theft
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is D.[/su_spoiler]
4. What is the name of the service where a bank makes regular payment on behalf of its customers?
A. Direct debit
B. Credit transfer
C. Standing order
D. Bank draft
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is C.[/su_spoiler]
5. Which of the following is NOT a negotiable instrument?
A. Bill of exchange
B. Cheque
C. Dividend warrant
D. Postal order
E. Promissory note
[su_accordion][su_spoiler title=”See the Answer” open=”no” style=”default” icon=”plus” anchor=”” class=””]The correct answer is D.[/su_spoiler]
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[su_column size=”4/5″ center=”no” class=””]Want more questions like this? Get the Complete Commerce Exam Questions and Answers for ss2, with even more questions and answers
