2022 Commerce
- 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
- The provision of services is classified under
- A. batch production
- B. flow production
- C. secondary production
- D. tertiary production
- The growth of commerce is not enhanced by
- A. development of modern forms of production
- B. government participation in business
- C. high population growth
- D. low per capita income
- One of the products of the construction industry is a
- A. piece of cloth
- B. bag of cement
- C. television
- D. chair
- The service of a retailer is part of production because it
- A. creates a link between consumers and producers
- B. enables finished goods to reach consumers
- C. increases consumers standard of living
- D. is a commercial occupation
- The resources put together to create goods and services are
- A. working capital
- B. producer goods
- C. factors of production
- D. consumer goods
- Which of the following organizations provide essential goods and services at low cost to citizens?
- A. Thrift societies
- B. Public enterprises
- C. Private companies
- D. Cooperative societies
- A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a
- A. wholesaler cooperative society
- B. thrift and credit society
- C. consumer cooperative society
- D. chamber of commerce
- Average stock is derived by adding
- A. closing stock to purchase divided by 2
- B. closing stock to opening stock
- C. opening stock to closing stock divided by 2
- D. opening stock to purchases
- A retail business that sells goods by post, using catalogue is a
- A. chain store
- B. department store
- C. mail order firm
- D. shopping mail
- Which of the following documents would a shareholder inspect to know his voting rights?
- A. Articles of Association
- B. Certificate of Incorporation
- C. Certificate of Trading
- D. Memorandum of Association
- An internal source of finance to an enterpreneur is
- A. trade
- B. retained earning
- C. overdraft
- D. debenture
- Use the information below to answer questions 13 and 14
| # |
Sales | 50,000.00 |
Debtors | 10,000.00 |
Cash in hand | 5,000.00 |
Opening stock | 30,000.00 |
Creditors | 8,000 |
- A. #35,000.00
- B. #20,000.00
- C. #5,000.00
- D. #14,000.00
- Use the information below to answer questions 13 and 14
| # |
Sales | 50,000.00 |
Debtors | 10,000.00 |
Cash in hand | 5,000.00 |
Opening stock | 30,000.00 |
Creditors | 8,000.00 |
Purchases | 16,000.00 |
Overdraft | 12,000.00 |
Closing stock | 10,000.00 |
- A. #35,000.00
- B. #20,000.00
- C. #15,000.00
- D. #14,000.00
- A partner who contributes only his name to the formation of a partnership is
- A. a nominal partner
- B. a limited partner
- C. a general partner
- D. an active partner
- Which of the following groups would advocate for the supply of constant electricity to households?
- A. Consumer’s association
- B. Credit union
- C. Employer’s association
- D. Labour union
- A retail store that sells a single product from a particular manufacturer is a
- A. tied shop
- B. shopping mail
- C. hypermarket
- D. chain store
- A country’s visible balance of payment is made up of
- A. interest on loans to foreign countries
- B. profit from investment abroad
- C. earnings from goods exported
- D. dividend earned from companies
- The quality of money which makes it possible to buy goods in small quantities is
- A. portability
- B. homogeneity
- C. divisibility
- D. durability
- One of the functions of commercial banks that cannot be performed by central banks is
- A. collection of old notes
- B. collection of deposits from the public
- C. issuance of treasury bills
- D. printing of bank notes
- A document that instructs an agent to buy goods from a named firm is
- A. proforma invoice
- B. open indent
- B. consular invoice
- D. closed indent
- The incentive given to a buyer to encourage prompt payment is
- A. cash discount
- B. seasonal discount
- C. quantity discount
- D. trade discount
- The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is
- A. indemnity
- B. contribution
- C. proximate cause
- D. uberrimae fidei
- Dealers in stock exchange such as bulls, bears and stags are categorized as
- A. actuaries
- B. promoters
- C. speculators
- D. underwriter
- Which of the following is not a characteristic of a commercial bank?
- A. Established as limited liability company
- B. Established by individuals or organizations
- C. Established to issue bank notes
- D. Established with the view of making profit
- Central banks sell treasury bills to the public to
- A. increase cash in the banking system
- B. raise revenue for commerical banks
- C. raise revenue for private investors
- D. reduce cash in circulation
- A document used to ensure correct payment of duty at the importing country is
- A. documentary credit
- B. consular invoice
- C. certificate of origin
- D. bill of lading
- A cheque is specially crossed if
- A. the name of the account holder is written between two parallel lines drawn across it
- B. it could be paid over the counter
- C. the name of the bank is written between two parallel lines drawn across it
- D. only two parallel lines are drawn across it
- One of the functions of a trade association is to
- A. pay members salaries
- B. promote members’ welfare
- C. provide loans to members
- D. provide employment for members
- When a share with a nominal value of #50 is quoted at #70, it is being sold
- A. cum div
- B. ex-div
- C. at a discount
- D. at a premium
- Sea vessels that do not operate on regular times and routes are
- A. tramps
- B. ocean liners
- C. container ships
- D. ferries
- Payment made to a carrier for transportation of goods is
- A. freight
- B. fee
- C. fare
- D. duty
- An advantage of rail transport is that it
- A. is less expensive to maintain
- B. is not prone to delays
- C. carries bulky and heavy goods
- D. enhances door-to-door delivery
- The commission on a postal order is
- A. tariff
- B. poundage
- C. brokerage
- D. fee
- Consumers could be encouraged to purchase a company’s product through
- A. research
- B. planning
- C. distribution
- D. advertisement
- The marketing concept emphasizes
- A. sales of goods directly to customers
- B. use of promotional tools to stimulate sale
- C. mass production of goods
- D. consumer’s satisfaction at a profit
- An undertaking to repair a customer’s vehicle for a certain period after it has been sold is
- A. after-sales service
- B. marketing mix
- C. market segmentation
- D. sales promotion
- Which of the following is not a right of a consumer?
- A. Right to a fair hearing
- B. Right to buy on credit
- C. Right to obtain replacement
- D. Right to safe product
- Advertisement which is geared towards a particular audience is
- A. direct advertising
- B. indirect advertising
- C. mass advertising
- D. persuasive advertising
- The law by which a seller transfers the property in goods to a buyer at an agreed price is the
- A. Weights and Measure Act
- B. Trade Description Act
- C. Sale of Goods Act
- D. Foods and Drugs Act
- Commerce is defined as
- A. buying and selling of goods and services only
- B. all activities in the distribution and exchange of goods and services
- C. all activities involved in the production of goods and services
- D. transporting and warehousing of goods only
- The type of occupation that a broker belongs to is
- A. commercial
- B. construction
- C. extraction
- D. manufacturing
- A form of money which was not used in the early days of trade is
- A. tobacco
- B. metal bars
- C. cowries
- C. coins
- Which of the following activities is not an example of the extractive industry?
- A. weaving
- B. quarrying
- C. hunting
- D. fishing
- A business unit in which savings of members are lent to others is a
- A. consumer cooperative society
- B. producer cooperative society
- C. credit and thrift society
- D. wholesale cooperative society
- The document issued by a public company allowing it to commence business is the
- A. Articles of Association
- B. Certificate of Incorporation
- C. Memorandum of Association
- D. Certificate of Trading
- Which of the following is not a function of a consumer association?
- A. Ensuring that consumers buy quality goods
- B. Educating consumers on their rights
- C. Penalizing importers of fake goods
- D. Ensuring that fair prices are charged
- An association formed by computer distributors to safeguard and promote their interest is a
- A. chamber of commerce
- B. cooperative society
- C. trade association
- D. trade union
- The issue of prospectus by a company is an invitation to members of the public to
- A. subscribe to the company’s shares
- B. attend the company’s Annual general Meeting
- C. buy the company’s products
- D. attend the company’s board meeting
- Examples of current assets are
- A. cash and trade debtors
- B. cash and trade creditors
- C. trade debtors, trade creditors and cash
- D. trade creditors and trade debtors