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Monday, 13 April 2026
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Commerce Past Questions and Answers

Commerce Questions

Question 2111:
Which of the following is a non-indemnity insurance?
  • A Personal Accident Insurance
  • B Burglary Insurance
  • C Fire Insurance
  • D Consequential loss Insurance
  • E Third Party Insurance
View Answer & Explanation
Question 2112:
The document issued to a newly formed public company to commence business is called the
  • A Certificate of incorporation
  • B Articles of association
  • C Memorandum of association
  • D Trading certificate
  • E Insurance certificate
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Question 2113:
Small scale retail attracts a lot of new enterpreneurs in West Africa because
  • A Many people have had good training in retail trade
  • B It is easy to succeed with the business
  • C Banks are always ready to lend retailers
  • D Only a small amouynt of capital is needed to start the business
  • E Government exempts retailers from paying tax
View Answer & Explanation
Question 2114:
In marine insurance, the deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of
  • A A constructive loss
  • B A partial loss
  • C A general average loss
  • D A total loss
  • E An actual total loss
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Question 2115:
Tax levied on goods at each stage of their movement from production to the final consumer is known as
  • A Customs drawback
  • B Ad valorem duty
  • C Specific tax
  • D Value added tax
  • E Tariff
View Answer & Explanation