2023 Commerce
- The macro-environmental forces and trends which are a constraint on business operations are referred to as
- A. internal factors
- B. technological factors
- C. economic factors
- D. external factors
- The payment made by a speculator to the buyer when he is unable to deliver stocks on the agreed date is
- A. contango
- B. arbitrage
- C. backwardation
- D. franco
- A document that lists the goods that are being sent from one place to another is
- A. mail transfer
- B. shipping note
- C. consular invoice
- D. bill of lading
- The maximum number of shareholders in a public liability company is
- A. twenty
- B. one hundred
- C. fifty
- D. unlimited
- The process of dividing tasks into jobs and departments and delegating authority is known as
- A. organizing
- B. staffing
- C. directing
- D. leading
- A demerit of communication is that it
- A. increase the cost of goods in transit
- B. give room for distortion of fact
- C. hinder quick reception of messages over a long distance
- D. makes payment for goods cumbersome
- Which of the following regulates and controls the activities in the Nigerian Stock Exchange?
- A. CBN
- B. BPE
- C. SEC
- D. NDIC
- An agent who has to sell perishable goods without the prior authority of the owner becomes an agent by
- A. estoppel
- B. conduct
- C. necessity
- D. ratification
- Which of the following is not a veritable source of funds to a public limited liability company?
- A. advances and loans from bank
- B. internally generated funds
- C. government financial grants
- D. funds from the sale of shares
- The document that explains the types of shares available for sale to the public is
- A. a prospectus
- B. an invoice
- C. closed indent
- D. an open indent
- A major objective of all business resources is
- A. human relation
- B. profit making
- C. public relation
- D. profit sharing
- The type of letters that are delivered through the normal mail or by airmail express service is referred to as
- A. express letters
- B. registered letters
- C. inland letters
- D. airmail letters
- Parts payments made on alloted shares by subscribers is usually the
- A. authorized capital
- B. subscribed capital
- C. called -up capital
- D. issued capital
- Which of the following legislation aims primarily at the protection of consumers?
- A. Company’s Act
- B. Partnership Act
- C. Trade Description Act
- D. Law of contract
- The activity which entails buying of goods in bulk and selling in small quantities to retailers is
- A. wholesaling
- B. retailing
- C. merchandising
- D. assembling
- An individual that links the producer with the retailer is
- A. an agent
- B. a wholesaler
- C. a principal
- D. an entreprenuer
- I. Its unlimited nature
II. The number of partners
III. The withdrawal of a major of partner
IV. The bearing of risk
Which of these is both merit and demerit in partnership?
- A. III and IV
- B. I only
- C. II only
- D. I and II
- A factor necessary for siting of a warehouse is nearness to
- A. labour
- B. consumers
- C. capital
- D. raw materials
- The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is
- A. uberrimae fidei
- B. subrogation
- C. contribution
- D. proximate cause
- One disadvantages of advertising is that it
- A. could be misleading
- B. decreases sales
- C. reduces profit
- D. causes over stocking
- Which of the following attracts only interest but leaves the capital unpaid?
- A. a development bond
- B. a long term loan
- C. an irredeemable bond
- D. redeemable bond
- A bill of exchange already accepted can be discounted by the holder in
- A. the central bank
- B. his bank
- C. at least two banks
- D. any bank
- The process of converting a non-profit making organisation to a profit-making business is
- A. commercialisation
- B. deregulation
- C. indigenisation
- D. privatisation
- An agreement that is enforceable in law is
- A. a contract
- B. an acceptance
- C. an offer
- D. a consideration
- One of the functions of a retailer is the
- A. breaking of bulk
- B. provision of credit facilities to relations
- C. provision of jobs for customers
- D. financing of production activities
- A business organization that exploits the capabilities of a member to remedy the weakness of another is a
- A. joint venture
- B. partnership
- C. nominal partnership
- D. cooperative
- The government agency involved in issuing of export licences is
- A. Nigeria Port Authority
- B. Customs and Excise Authority
- C. Nigeria Export Promotion Council
- D. Nigeria Export Processing Zone
- Insurance against burglary is an example of
- A. non-indemnity insurance
- B. non-insurable risk
- C. indemnity insurance
- D. fidelity guarantee insurance
- The concept that refers to the sale, transfer or exchange of goods and services is
- A. trade
- B. tariff
- C. industry
- D. marketing
- At the collapse of a business enterprises, the person appointed to dispose off the assets is called
- A. an auctioneer
- B. an auditor
- C. a broker
- D. a liquidator
- An announcement of a person’s willingness to enter into a contract is referred to as
- A. an acceptance
- B. a proxy
- C. consideration
- D. an offer
- An example of a cartel is
- A. ECOWAS
- B. AU
- C. OPEC
- D. EU
33
| ₦ |
| ₦ |
Stock 1/1 | 20,000 | Net Sales | 370,000 |
Add purchases | 250,000 |
|
|
Cost of goods available for sale | 270,000 |
|
|
Less stock 31/12 | 40,000 |
|
|
Cost of goods sold | 230,000 |
|
|
Rent expenses | 35,000 |
|
|
Find the gross profit
- A. ₦150,000
- B. ₦370,000
- C. ₦230,000
- D. ₦140,000
34
| ₦ |
| ₦ |
Stock 1/1 | 20,000 | Net sales | 370,000 |
Add purchases | 250,000 |
|
|
Cost of goods available for sale | 270,000 |
|
|
Less stock 31/12 | 40,000 |
|
|
Cost of goods sold | 230,000 |
|
|
Rent expenses | 35,000 |
|
|
Calculate the net profit
- A. ₦35,000
- B. ₦115,000
- C. ₦105,000
- D. ₦40,000
- The function of commerce in relation to production is
- A. helping in the extraction of raw materials from nature
- B. yielding result
- C. providing a link between the different stage of conversion of good
- D. satisfying
- A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as
- A. indigenisation
- B. commercialisation
- C. nationalisation
- D. privatisation
- The rate where a country’s exports exchange for its imports is called
- A. terms of trade
- B. balance of trade
- C. terms of payments
- D. balance of payments
- A major function of chamber of commerce is
- A. promoting both home and foreign trade
- B. increasing productivity
- C. promoting trade in a particular line
- D. maximizing profit
- The fees charged on postal order by the post office is
- A. premium
- B. poundage
- C. interest
- D. brokerage
- An advantage of division of labour is
- A. productivity and total output is increased
- B. monopoly od task is eliminated
- C. interdependence of workers increase remuneration
- D. loss of individual craftmanship is minimized
- Which is the fastes means of transportation?
- A. road
- B. air
- C. rail
- D. water
- Factors considered when setting up a retail business is one of the following
- A. capital, experience and trading
- B. experience, term of trade and trading
- C. capital, trading and term of trade
- D. capital, type of goods and source of supply
- An example of extractive occupation is
- A. driving
- B. teaching
- C. banking
- D. mining
- The part of the computer that has the capacity to interpret instruction is
- A. central processing unit
- B. universal power storage
- C. monitor
- D. keyboard
- The duties paid on goods produced locally is
- A. export duty
- B. excise duty
- C. Ad-valorem duty
- D. quota
- Current account holders withdraw money through
- A. transfer
- B. credit cards
- C. withdrawal form
- D. cheque
- The type of activity which turns processed raw materials into consumer and industrial goods is described as
- A. extractive
- B. processing
- C. constructive
- D. manufacturing
- The organised effort of consumers to protect themselves against the unfair practices of businessmen is known as
- A. picketing
- B. stroke
- C. consumerism
- D. demonstration
- Land as a factor of production does not vary in
- A. cost
- B. quality
- C. quantity
- D. nature
- Which of the following is an item in the marketing mix?
- A. market
- B. consumer
- C. demand
- D. promotion