2020 Commerce
- A distinguishing characteristic of a limited liability company is that
- A. is a collection of many sole proprietors
- B. is a multiple partnership
- C. has limited resources
- D. can sue and be sued
- Freight note is a document
- A. issued by a shipping company giving details of changes
- B. used by government to transport goods from one country to another
- C. used for payment for imported goods
- D. given by an importer to pay for goods at a future period
- Which of the following are the components of commerce?
- trading and advertising
II. warehousing and transportation
III. packing and branding
IV. Insurance and banking
- A. I and II
- B. I,II and IV
- C. II, III and IV
- D. I and III
- Extractive industries may also be denominated as
- A. direct industries
- B. servicing industries
- C. indirect industries
- D. primary industries
- A common requirement for public and private limited companies in Nigeria is that
- A. a shareholder cannot transfer his shares to someone else without permission from other shareholders
- B. shares cannot be offered or sale on the stock exchange
- C. their annual accounts are made available to the corporate affairs commission
- D. shares can be offered for sale through an issuing house
- Mr. Olatunde took up a fire insurance on a property valued at ₦1000 and the amount insured is ₦80. Thee ₦400. If the property caught fire causing a loss of insurance was taken with the clause with average what is the amount to be paid bý the insurance company?
- A. ₦420
- B. ₦320
- C. ₦460
- D. ₦560
- One major characteristic of credit unions and thrift societies is that
- A. the contribution of every member depends on the member’s ability
- B. the legal processes involved in their formation are rigid
- C. membership is compulsory to people in the same line of business
- D. a minimum of ten people in the same line of business can form the union
- An author’s exclusive right to his published and unpublished works is known as
- A. constitutional right
- B. author’s right
- C. copyright
- D. patent right
- The management function that makes the difference in intensity of behavior is
- A. controlling
- B. motivation
- C. coordinating
- D. planning
- Charges for loans paid by commercial banks to the Central Bank of Nigeria are called
- A. credit charges
- B. interest rates
- C. bank charges
- D. bank rates
- The difference between personal selling and sales promotion is that while sales promotion includes free gifts and samples. personal selling involves
- A. face-to-face communication with customers
- B. distributing instructional posters
- C. premium programming for Customers
- D. publishing promotional hooklets
- One of the disadvantages of sole proprietorship is
- A. limited liability
- B. pride of ownership
- C. unlimited liability
- D. secrecy of annual reports
13
Use the diagram above to answer this question
X represents
- A. action
- B. receiver
- C. transmission
- D. ideation
14
Use the diagram above to answer this question
In the communication process. Y represents
- A. the encoder
- B. the initiator
- C. noise
- D. the medium
- One of the functions of the Nigeria Ports Authority is the provision of
- A. carrier services to ensure speedy delivery
- B. facilities to enhance the speedy loading and offloading of cargoes
- C. facilities to ensure that goods get to the destinations
- D. shelter for operators of cargoes
- The scope of economic activities can be enlarged by
- A. transportation and trading
- B. trading and aids to trade
- C. business and its promotion
- D. insurance and banking
- Given:
- shoe maker
II. policemen
III. fishermen
IV. Gardener
V. Broker.
The persons engaged in primary Occupation are
- A. I, II and V
- B. I, III and IV
- C. III and V
- D. III and IV
- Ships used for international transport are
- A. oceanliners
- B. yachts
- C. launchers
- D. trawlers
- The process of eliminating a virus from computer is the
- A. programming
- B. formatting
- C. looping
- D. debugging
- A customer with ABC Plc sent money through his account to his sister’s account in another branch. This Is an example of
- A. e-business
- B. e-commerce
- C. e-banking
- D. e-finance
- One of the merits of television as a medium of advertising is that it
- A. is prone to censorship
- B. is relatively cheap
- C. has more network coverage
- D. has more sensory stimulation
- The central working system of a computer used for data processing is the
- A. monitor
- B. floppy disk drive
- C. hard drive
- D. memory unit
- An example of a computer operating system is
- A. the page maker
- B. windows 2000
- C. Microsoft word 2000
- D. the word perfect
- The arrangement and interrelationship of the various components and positions of a business is referred to as
- A. line structure
- B. unity of direction
- C. organisational structure
- D. clarity of objective
- Given:
₦
Opening Stock 1,800
Purchases 2,800
Sales 8,000
Closing stock 350
Carriage on sales 500
Calculate the value of the unused stock.
- A. ₦800
- B. ₦500
- C. ₦320
- D. ₦350
- Modern means of payment is greatly facilitated by
- A. e-banking
- B. paper money
- C. credit transfer
- D. e-commerce
- A country is said to be experiencing an unfavourable balance of trade if her
- A. exports exceed imports
- B. visible imports exceeds Visible exports
- C. visible exports exceed visible imports
- D. imports and exports are equal
- An undertaking given by a person to another assuring his integrity is
- A. proximate cause
- B. insurable interest
- C. fidelity guarantee
- D. subrogation
- The principle of management that emphasizes on the number of subordinates under the direct supervision of a manager is
- A. unity of command
- B. scalar chain
- C. unity of direction
- D. span of control
- Mr. Taju entered into a contract to let a car to Mr. Funbi for his wedding for two days. However, the car had an accident before the first day. Mr. Funbi attempted to Claim damages but failed. This implies that the contract was terminated by
- A. bankruptcy
- B. breach
- C. lapse of time
- D. frustration
- Given:
₦
Sales 15,000
Opening stock 5,600
Purchases 9,700
Closing stock 4,400
Gross profit 4,500
Net profit 2,000
From the above data, calculate the rate of turnover
- A. 2.00 times
- B. 3.50 times
- C. 2.18 times
- D. 3.00 times
32.
From the diagram above, what does I stand for?
- A. aids to trade
- B. home trade
- C. publicity
- D. advertising
- The agency that currently oversees the privatization and commercialization processes in Nigeria is the
- A. Nigerian Stock Exchange
- B. Technical Committee on Privatization and Commercialization
- C. Securities and exchange commission
- D. Bureau of public enterprises
- A doctor who attends to patients at home after his official duty is
- A. a direct and indirect service worker
- B. a direct service worker
- C. an indirect service worker
- D. a community developer
- The process of dividing tasks into jobs and departments and delegating authority is known as
- A. directing
- B. leading
- C. organizing
- D. staffing
- Which of the following attracts only interest but leaves the capital unpaid?
- A. uberrimae fidei
- B. subrogation
- C. contribution
- D. redeemable bond
37
The above chart represents the
- A. promotion mix relationship
- B. marketing mix relationship
- C. advertising mix relationship relationship
- D. product mix relationship
- The main documents sent to an importer of goods by the exporter are
- A. bill of lading, invoice, insurance policy, consular invoice, certificate of origin and bill of exchange
- B. indent, bill of lading, certificate of origin, invoice and bill of exchange
- C. certificate of origin, bill of exchange, invoice, insurance policy, indent and bil of lading
- D. invoice, consular invoice, certificate of origin, freight note, indent and insurance policy
- NACCIMA stands for
- A. Nigerian American Centre for Culture, Industries, Mines and Arts
- B. Nigerian Association for Culture, Civics, Industries, Minerals and arts Arts
- C. National Agency for Culture, Civilization, Investment, Manufacturing and Agriculture
- D. Nigeria Association of Chambers of Commerce, Industries, Mines and Agriculture
- The strategy adopted by a firm that ceases to operate at one or more locations because of inactivity is
- A. consolidation
- B. rejuvenation
- C. diversification
- D. focus