Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Current account holders withdraw money by means of
credit card
draft
withdrawal form
cheque
Correct answer is D
Current account holders use cheques to withdraw money from their bank accounts. A cheque is an order to a bank to pay a stated sum from the drawer's account, written on a specially printed form.
The West African Clearing House
The British Bank for West Africa
The West African Currency Board
The African Development Bank
Correct answer is C
The West African Currency Board was established in October 1912 following the Report of a Departmental Committee set up by the Secretary of State to enquire into the currency in use in British West Africa. It served as a central bank for the member states
The Central Bank's monetary policy instrument by which it buys and sells treasury bills is known as
Open Market Operation
Bank rate
Cash reserve ratio
Special deposit
Correct answer is A
Open market operations (OMO) refers to when the Federal government through the central bank purchases and sells Treasury securities on the open market in order to regulate the supply of money that is on reserve in banks, and therefore available to loan out to businesses and consumers.
An efficient transport system enables a trader to
widen the market for his products
avoid customs examination of goods
adopt better price policy
reduce cost of production
Correct answer is A
It enable a trader to distribute goods to a wider market range.
A licensed person who is authorized to sell to the highest bidder is
principal
factor
broker
auctioneer
Correct answer is D
An auctioneer is a person who manages an auction, or a public sale at which people can bid on items. Goods are sold to the highest bidder in an auction.