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COMMERCE TEST

1. What are the factors with which commercial undertaking can be distinguish? I Size of the undertaking II Profits generated III Forms of ownership IV Location of the undertaking

 

 

 

 

2. The business in the stock exchange is characterized essentially by

 

 

 

 

3. When an oil exploring and mining company builds a health center in one of the communities where it operates, such a company is

 

 

 

 

4. Which of the following takes place when firms producing at different stages in the same industry combine?

 

 

 

 

5. Commerce is defined as the study of how

 

 

 

 

6. One of the effects of the devaluation of the Naira is that the

 

 

 

 

7. Which of the following maxims negate the principle of collective bargaining?

 

 

 

 

8. One advantage of personal selling over all other elements of promotion is that

 

 

 

 

9. Which of the following is both direct and indirect credit enterprise?

 

 

 

 

10. NACCIMA stands for

 

 

 

 

11. The lake Chad Basin commission was founded to enable member states

 

 

 

 

12. The use of computer in modern banking industry is a reflection of

 

 

 

 

13. The financial institution established to boost Nigeria’s trade with the rest of the world is called

 

 

 

 

14. which of the following is the most important business resource?

 

 

 

 

15. 27 The element of the marketing mix are

 

 

 

 

16. What is the major function of the wholesaler?

 

 

 

 

17. Which of the following statements is TRUE about sea transport?

 

 

 

 

18. A demonstration of social responsibility by a business is the payment of

 

 

 

 

19. A sole proprietor insured his goods worth N200,000 for half the value. There was a fire accident in which goods valued N80,000 were destroyed. The value of compensation expected from the insurer is

 

 

 

 

20. The postal organization which preceded the Nigerian Postal Service is

 

 

 

 

21. Freight note is a document

 

 

 

 

22. Which of the following makes other functions of business its appendages?

 

 

 

 

23. The type of activity which turns processed raw materials into consumer and industrial goods is described as

 

 

 

 

24. What are fixtures and fittings in a balance sheet?

 

 

 

 

25. The difference between the total payments for imports and the receipts from exports within a given period is referred to as

 

 

 

 

26. An agreement to sell is distinguishable from sale because in the former, the transfer of goods is

 

 

 

 

27. Which of the following items has the shortest effect on the consumer

 

 

 

 

28. For establishment of a powerful consumers’ association in Nigeria to exist, there must be

 

 

 

 

29. Which of the following must be present in an agency by agreement?

 

 

 

 

30. Governments impose import duties for the following reasons EXCEPT

 

 

 

 

31. A distinguishing characteristics of a limited liability company is that it

 

 

 

 

32. Which of the following groups is paid first when a firm liquidates?

 

 

 

 

33. Mr Amusa says to Mr Bello ‘i will sell you this hat for N30’. And Mr Bello replied ‘i will pay N29’. The contract is

 

 

 

 

34. The second tier security market is

 

 

 

 

35. The West African clearing House became legally operational on

 

 

 

 

36. The production process that combines two or more raw materials into one end product is

 

 

 

 

37. Sole enterprise may flourish best in

 

 

 

 

38. A pro forma invoice is NOT required when

 

 

 

 

39. The comprehensive import supervision scheme was set up by the federal government in order to

 

 

 

 

40. Which of the following is a form of sales promotion

 

 

 

 

41. Drawing two parallel lines across a cheque means that it has to be paid into the account of the

 

 

 

 

42. The harmonious relationship among the various units in an organization is ensured through

 

 

 

 

43. Compulsory dissolution of a business can arise from

 

 

 

 

44. Which of the following has power to order withdrawal of a particular food item from circulation?

 

 

 

 

45. The rate at which a country’s exports exchange for its imports is called

 

 

 

 

46. Goods discharged from ships on which import duties have not been paid are kept in the

 

 

 

 

47. Spot market goods are those which are available for

 

 

 

 

48. The use of coin-operated machines to sell goods is a form of

 

 

 

 

49. The principle of span of control stipulates that

 

 

 

 

50. Nationalization of an industry means that its ownership becomes that of

 

 

 

 


Question 1 of 50



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