Commerce Past Questions And Answers
A retirement insurance policy which enables the assured to receive income for a specific period is?
- A. annuity
- B. endowment
- C. whole life
- D. fidelity guarantee
The payment for direct service is usually made by the
- A. local authority
- B. community
- C. government
- D. individual
Cash in hand and at bank, plus debtors are components of
- A. intangible assets
- B. current assets
- C. current liabilities
- D. depleting assets
Which part of the computer system does the keyboard device belong to?
- A. Output unit
- B. Logic unit
- C. Input unit
- D. Control unit
Excise duties are paid on goods that are
- A. imported into the country
- B. manufactured within the company
- C. exported to other clonutries
- D. kept in bond warehouses
Which of the following is classified as invisible item in_the balance of payments?
- A. Export of goods
- B. import of machinery
- C. 1 Gifts
- D. Salaries of expatriates
If a firm's turnover is N15,000 and the cost of goods sold is N10,000, what is the percentage of gross profit on sales?
- A) 23.3%
- B) 33.3%
- C) 50.0%
- D) 66.5%
Where two or more companies agree to work on a project too large for one of them, this is called?
- A. consortium
- B. merger
- C. combination
- D. cartel
An article used as a means of exchange in the early days of trade in West Africa was
- A. cedis
- B. cowrie
- C. dalasi
- D. naira
Which of the following is not a source of capital to a partnership?
- A. Buying on credit
- B. Ploughed back profit
- C. Borrowing
- D. Shares