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.
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
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
3. Which of the following is likely to have the lowest rate of turnover?
A. Tomato
B. School bag
C. Air conditioner
D. Salt
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
5. Assets that can easily be converted to cash are known as ______
A. liquid capital
B. capital employed
C. reserved capital
D. working capital
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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
2. Another name for debenture is _______
A. bonds
B. conversation stock
C. loan stock
D. shareholding
E. treasury stock
3. A company will not insure loss arising from _______
A. accident
B. burglary
C. fire
D. speculation
E. theft
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
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
