2021 Commerce
- The principle of span of control stipulates that?
- A. The number of employees reporting to one superior should be kept to a workable maximum
- B. An employee should report to only one superior
- C. Managers must demand accountability from their subordinates
- D. Resources have to be economized within the various divisions
- The main advantage of a sole trader is the freedom to?
- A. employ anyone he likes
- B. take quick decision
- C. seek advise from any source
- D. plough all the profits
- The major objective of corporate mergers is to?
- A. minimize the effect of taxation
- B. increase financial advantage
- C. enhance economies of sale
- D. facilitate profit maximization
- A provision in the charter of a company which gives holders of common stock the first option to purchase additional issues of the firm’s common stock is the
- A. pre-emptive right
- B. over-subscription right
- C. ex-dividend right
- D. shareholders right
- The conversion of raw materials into finished products creates
- A. form utility
- B. time utility
- C. marginal utility
- D. place utility
- A form of money that has gone out of use is
- A. paper money
- B. commodity money
- C. foreign money
- D. bank money
- The activities aimed at finding customers needs and satisfaction can be described as
- A. conceptual marketing
- B. macro-marketing
- C. socio-marketing
- D. micro-marketing
- Given:
I. Retail
II. Export
III. Transport
IV. Import
V. Insurance
VI. Banking and finance
VII. Wholesale
VIII. Communication.
Which of the above are aids to trade?
- A. III, V, VI and VIII
- B. I, II, III and VI
- C. I, III, V, and VI
- D. II, V, VI and VII
- Communication process involves the transmission of a message over a selected channel to the
- A. encoder
- B. receiver
- C. audience
- D. sender
- The instruments of credit include
- A. billboards and postal stamps
- B. payment vouchers and statement of account
- C. bills of exchange and salary voucher
- D. bills of exchange and promissory notes
- The type of communication from a superior to a subordinate in an organization is referred to as
- A. downward communication
- B. upward communication
- C. lateral communication
- D. horizontal communication
- The excess of the assets over the liabilities of a business is called
- A. capital employed
- B. net worth
- C. working capital
- D. initial capital
- Use the information below to answer this question
A B C Balance Sheet as at 31/12/2004
The total sum of financing short term projects is
- A. ₦ 30,000
- B. ₦200,000
- C. ₦70,000
- D. ₦40,000
- Use the information below to answer this question
A B C Balance Sheet as at 31/12/2004
What is the capital employed?
- A. ₦ 340,000
- B. ₦ 200,000
- C. ₦ 300,000
- D. ₦ 170,000
- A distinctive advantage of GSM is its
- A. cost
- B. stability
- C. coverage
- D. mobility
- The major determinant of fire insurance premium is the
- A. usefulness of the property to the owner
- B. type and structure of the property to be insured
- C. owner of the property to be insured
- D. extent of fire damage anticipated
- An activity that involves derivation of raw materials from land and sea is
- A. agriculture
- B. farming
- C. extraction
- D. construction
- A person who buys new issues with a view of reselling at a higher price in the near future is referred to as a
- A. bear
- B. bull
- C. dealer
- D. stag
- The primary memory component of a computer is the
- A. console
- B. cache
- C. compliers
- D. assemblers
- The transmission of the telephone services from one country to another is facilitated by
- A. international facility
- B. internet services
- C. interconnectivity
- D. communication satellite
- The best mode of ensuring that items posted get to the named addresses is through
- A. recorded delivery
- B. certificate of posting
- C. registered mail
- D. express mail
- An agency contract must involve
- A. a principal and a consumer
- B. a principal and an agent
- C. a principal and a producer
- D. a principal and a third party
- Inbound tourism occurs when
- A. residents of a country travel within it
- B. non-residents of a country travel to other countries
- C. residents of a country travel to other countries
- D. non-residents of a country travel within it
- When two or more companies agree to execute a project too large for one to handle, this is referred to as
- A. an amalgamation
- B. a cartel
- C. a consortium
- D. a merger
- The main objective of a trade association is to
- A. protect its members against litigation
- B. protect its members against victimization
- C. boost the trade of its members
- secure credit for its members
- A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a
- A. commission agent
- B. factor
- C. broker
- D. del credere agent
27.
If Mr. P takes a fire insurance policy with average clause, his compensation will be
- A. ₦7,500
- B. ₦5,000
- C. ₦70,000
- D. ₦75,000
What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?
- A. insurable interest
- B. uberrimae fidei
- C. subrogation
- D. indemnity
- Hire purchase is advantageous to the seller in that
- A. it elevates his living standard
- B. people pay on installment
- C. his turnover will increase
- D. it enhances high level of patronage
- A form of money with face value which is greater than the value of the metal contents is
- A. bank notes
- B. legal tender
- C. commodity money
- D. token money
- A proforma invoice is not required when
- A. quoting for the supply of good
- B. dealing regularly with a customer
- C. goods are sent on approval
- D. final prices are uncertain
- The art of soap making is an example of
- A. tertiary occupation
- B. construction occupation
- C. primary occupation
- D. secondary occupation
- The payment made periodically in respect of an insurance policy entered into is known as
- A. surrender
- B. bond
- C. premium
- D. commission
- Services rendered to the public is provided by
- A. domestic servants
- B. civil servants
- C. government
- D. professionals
- Which of the following countries are members of the Lake Chad Basin Commission?
- A. Niger and Cameroon
- B. Benin and Nigeria
- C. Nigeria and Mali
- D. Chad and Benin
- The macro-environmental forces and trends which are a constraint on business operations are referred to as
- A. internal factors
- B. external factors
- C. economic factors
- D. technical factors
- Which of the following has power to order withdrawal of a particular food item from circulation?
- A. Federal High Courts in Nigeria
- B. Standard Organization of Nigeria
- C. Local Government Health Inspectors
- D. Food and Drugs Department of the Federal Ministry of Health
- Chibuzor agreed to make a dress for Hauwa with September 20, 1995 as the delivery date, if the dress was not ready on that date, Hauwa could
- A. sue chibuzor for specific performance
- B. seize another gown from chibuzor’s shop
- C. regard the contract between then as terminated
- D. sue chibuzor for damage
- Departmentalization is an aspect of
- A. directing
- B. organizing
- C. planning
- D. controlling
- The function of a merchant wholesaler is to
- A. find markets for producers’ finished goods
- B. bring buyers and sellers together
- C. possess title to the goods, store and sell to retailers
- D. buy in bulk, store and sell to retailers as desired