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Commerce Past Questions and Answers

Post Utme Commerce Questions

Question 101:
Most foreign trade transactions are paid for through the use of
  • A Central Bank cheques
  • B Letters of credit authenticated by the embassies of the respective countries.
  • C Bank drafts drawn by commercial banks on their foreign branches
  • D Irrevocable and confirmed letters of credit
View Answer & Explanation
Question 102:
The maximum number of shareholders in a public liability company is
  • A 100
  • B Unlimited
  • C 20
  • D 50
View Answer & Explanation
Question 103:
In a business organization, the annual operation plan or budget is a form of
  • A Shortterm plan.
  • B Medium-term plan
  • C Long-term plan
  • D Casual plan
View Answer & Explanation
Question 104:
Emeka ordered goods for his retail shop. The manufacturer sells the goods at retail price of N500 but would give it to Emeka at $400. What kind of discount did he get?
  • A Cash discount
  • B Seasonal discount
  • C Quantity discount
  • D Trade discount
View Answer & Explanation
Question 105:
Bank overdraft as a short term source of fund is
  • A An overdrawn account
  • B Granted to a newly opened account
  • C A current liability
  • D Repayable after more than a year
View Answer & Explanation