0% COMMERCE POST UTME (APP) COMMERCE POST UTME COMMERCE POST UTMEPractice with our Post UTME CBT for Universities, Polytechnics, College of Agriculture, College ofMedicine, College of Technology and College of Education and pass your examination. 1 / 50 Category: COMMERCE POST UTME The overriding objective of the Food and Drug Act in Nigeria is to prevent the consumption of food and drugs not tested by the ministries of health manufacturers of food and drugs from charging excessive prices adulteration of food and drugs sold in the country importation of food and drugs that can be locally manufactured 2 / 50 Category: COMMERCE POST UTME The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called re-insurance subrogation indemnity contribution 3 / 50 Category: COMMERCE POST UTME For the establishment of a powerful consumers’ association in Nigeria to exist, there must be financial and moral support from the public freedom from external influence allocation of goods from the producers honest and committed leadership 4 / 50 Category: COMMERCE POST UTME The ECOBANK is the initiative of West African States to foster trade some well-meaning Nigerian shareholders the Federal Government of Nigeria the Lagos State Government to enhance capital mobilization 5 / 50 Category: COMMERCE POST UTME Motivation is an essential element in management because it leads to the improvement of staff welfare reduces friction among the organisation’s objectives helps to eliminate industrial disharmony encourages individuals to work towards achieving the organisation’s objectives 6 / 50 Category: COMMERCE POST UTME The least of the advantages of indigenization is that entrepreneurial skills is developed the economy is controlled by the nationals the standard of living of the indigenes is improved foreigners’ domination is avoided 7 / 50 Category: COMMERCE POST UTME A demonstration of social responsibility by a business is the payment of premium for insurance dividends to shareholders interest on loans taxes to government 8 / 50 Category: COMMERCE POST UTME The ordinary shareholders enjoy the following rights EXCEPT the right to participate in additional issues of shares receive dividends at a predetermined rate vote at annual general meetings elect the board of directors 9 / 50 Category: COMMERCE POST UTME Under normal circumstances, a business enterprise can be ideally structured on the ruling of the management on the basis of an order from stockholders around the personalities in the enterprise by product, function or territories 10 / 50 Category: COMMERCE POST UTME The difference between the total payments for imports and the receipts from exports within a given period is referred to as comparative cost advantage comparative advantage balance of trade balance of payments 11 / 50 Category: COMMERCE POST UTME Which of the following makes other functions of business its appendages? production finance personnel marketing 12 / 50 Category: COMMERCE POST UTME What of the above are requirements for admission into the second-tier securities market?I. Companies must be registered as private limited liability companies.II. Companies must have not less than 100 shareholders.III. No shareholder may have more than 75% of issued share capital. I and III only I, II and III II and III only I and II only 13 / 50 Category: COMMERCE POST UTME A company earned a total revenue of =N=108 million with a total cost of =N=91 million in 1991. If it paid 45% tax on its gross profit for that year, determine its net profit. =N= 24.65 million =N= 17.00 million =N= 9.35 million =N= 7.65 million 14 / 50 Category: COMMERCE POST UTME The most important piece of legislation governing business and commercial activities in Nigeria currently is the Banks and Other Financial Institutions Decree, 1991 Trade Disputes Decree, 1976 Companies Decree, 1968 Companies and Allied Matters Decree, 1990 15 / 50 Category: COMMERCE POST UTME A major liability of a commercial bank arises from customers’ deposits overdrafts loans and advances staff allowances 16 / 50 Category: COMMERCE POST UTME The breaking down of a market into separate and identifiable elements each with its own special product requirements is known as market identification segmentation differentiation penetration 17 / 50 Category: COMMERCE POST UTME The nominal value of a share as specified in the Memorandum of Association and the share certificate is the stock value discounted value face value par value 18 / 50 Category: COMMERCE POST UTME RRF as a scheme introduced by the Central Bank of Nigeria means Refinancing and Recording Faculty Refinancing and Rediscounting Faculty Refinancing and Reinvesting Faculty Recording and Rediscounting Faculty 19 / 50 Category: COMMERCE POST UTME The body that organizes, promotes and participates in local and foreign trade fairs is the Export Promotion Council Chambers of Commerce Ministry of Finance Ministry of Commerce and Tourism 20 / 50 Category: COMMERCE POST UTME Which of the following gives the correct order in which the listed documents are used? debit note, order, delivery note, invoice and statement order, delivery note, invoice, debit note and statement statement, order, invoice, delivery note and debit note invoice, order, statement, debit note and delivery note 21 / 50 Category: COMMERCE POST UTME Commerce makes it possible for man to live in a … society characterized by dependency complex and organized society simple and organized society society characterized by subsistency 22 / 50 Category: COMMERCE POST UTME One of the criteria for differentiating consumer markets from industrial ones is the nature of the services rendered type of supply price of the goods type of demand 23 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as political environment economic environment social environment legal environment 24 / 50 Category: COMMERCE POST UTME The merger of two companies producing the same type of products is an example of vertical integration horizontal integration an acquisition lateral merger 25 / 50 Category: COMMERCE POST UTME An underlying principle in the marketing of goods is that firms should sell through outlets advertise the goods train their personnel be consumer oriented 26 / 50 Category: COMMERCE POST UTME In the case of a voluntary liquidation of a business, the receiver is appointed by the directors shareholders debtors creditors 27 / 50 Category: COMMERCE POST UTME The activities of consumers association in Nigeria have not been effective because there is poor enlightenment about consumer rights the consumers have no medium for expressing their feelings. the consumers are too many the government is not favourably disposed towards consumerism 28 / 50 Category: COMMERCE POST UTME A term which indicates that a share is temporarily suspended is stock ex-dividend bond cum-dividend 29 / 50 Category: COMMERCE POST UTME The production process that combines two or more raw materials into one end product is merging conditioning blending synthesis 30 / 50 Category: COMMERCE POST UTME A public limited company can raise long-term loans through bank overdrafts the money market the capital market discount houses 31 / 50 Category: COMMERCE POST UTME Sole enterprise may flourish best in an oil exploration business a car assembly business a retailing business a mining business 32 / 50 Category: COMMERCE POST UTME Which of the following statements is TRUE about sea transport? all ships have specific routes to ply all ships normally arrive at their destination with goods all ships must be insured at every journey all ships are insured separately from the crew 33 / 50 Category: COMMERCE POST UTME Which of these sets of external environmental factors affect a business operation? Economic, Social and Legal Political, Cultural and Labour Competition, Labour and Political Competition, Industry and Product 34 / 50 Category: COMMERCE POST UTME The assets, liabilities and general management of a distressed bank may be taken over by Nigerian Industrial Development Bank International Bank for Reconstruction and Development Nigeria Deposit Insurance Corporation Nigerian Bank for Commerce and Industry 35 / 50 Category: COMMERCE POST UTME If a firm’s turnover is =N=15,000 and the cost of goods sold is =N= 10,000, what is the percentage of gross profit on sales? 33.3% 23.3% 50.0% 66.6% 36 / 50 Category: COMMERCE POST UTME An example of a consumer protection agency is the Federal Environmental Protection Agency Nigerian Bar Association Nigerian Medical Association Manufacturers Association of Nigeria 37 / 50 Category: COMMERCE POST UTME Which of the following takes place when firms producing at different stages in the same industry combine? conglomeration cartel vertical integration horizontal integration 38 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as legal environment social environment political environment economic environment 39 / 50 Category: COMMERCE POST UTME Which of the following is the most important business resource? manpower money materials management 40 / 50 Category: COMMERCE POST UTME The main function of thrift, credit and loans co-operative societies is to collect money from their members educate their members disburse money to their members raise investment finance among their members 41 / 50 Category: COMMERCE POST UTME A distinguishing characteristic of a limited liability company is that is can sue and be sued has limited resources is a collection of many sole proprietors is a multiple partnership 42 / 50 Category: COMMERCE POST UTME Management is described as implementation of business decisions the people in authority in an organization the number of levels in an organisation getting things done through people 43 / 50 Category: COMMERCE POST UTME What are the factors with which commercial undertakings can be distinguished?I Size of the undertakingsII Profits generatedIII forms of ownershipIV Location of the undertakings I and III only I and II only III and IV only II and III only 44 / 50 Category: COMMERCE POST UTME Goods discharged from ships on which import duties have not been paid are kept in the private warehouse ordinary warehouse bonded warehouse public warehouse 45 / 50 Category: COMMERCE POST UTME NACCIMA stands for Nigerian-American Centre for Culture, Industries, Mines and Arts National Agency for Culture, Civilization, Investments, Manufacturing and Agriculture Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture Nigerian Association for Culture, Civics, Industries, Minerals and Arts 46 / 50 Category: COMMERCE POST UTME Shares can be forfeited for violent activities at the Annual General Meetings non-payment of call money non-attending three annual general meetings consecutively non-payment of any due to the company 47 / 50 Category: COMMERCE POST UTME The use of computers in modern banking industry is a reflection of economic development technological development competitive development scientific development 48 / 50 Category: COMMERCE POST UTME The business organization in which shareholders have equal votes is limited liability co-operative sole proprietorship partnership 49 / 50 Category: COMMERCE POST UTME When an industry or company is nationalized, the state becomes the majority shareholder an equal shareholder with other individuals the minority shareholder the only shareholder 50 / 50 Category: COMMERCE POST UTME Freight note is a document used for payment for imported goods used by government to transport goods from one country to another given by an importer to pay for goods at a future period issued by a shipping company giving details of charges Your score is 0% Restart quiz
COMMERCE POST UTME
(APP) COMMERCE POST UTME
Practice with our Post UTME CBT for Universities, Polytechnics, College of Agriculture, College ofMedicine, College of Technology and College of Education and pass your examination.
1 / 50
Category: COMMERCE POST UTME
The overriding objective of the Food and Drug Act in Nigeria is to prevent the
2 / 50
The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called
3 / 50
For the establishment of a powerful consumers’ association in Nigeria to exist, there must be
4 / 50
The ECOBANK is the initiative of
5 / 50
Motivation is an essential element in management because it
6 / 50
The least of the advantages of indigenization is that
7 / 50
A demonstration of social responsibility by a business is the payment of
8 / 50
The ordinary shareholders enjoy the following rights EXCEPT the right to
9 / 50
Under normal circumstances, a business enterprise can be ideally structured
10 / 50
The difference between the total payments for imports and the receipts from exports within a given period is referred to as
11 / 50
Which of the following makes other functions of business its appendages?
12 / 50
What of the above are requirements for admission into the second-tier securities market?
I. Companies must be registered as private limited liability companies.
II. Companies must have not less than 100 shareholders.
III. No shareholder may have more than 75% of issued share capital.
13 / 50
A company earned a total revenue of =N=108 million with a total cost of =N=91 million in 1991. If it paid 45% tax on its gross profit for that year, determine its net profit.
14 / 50
The most important piece of legislation governing business and commercial activities in Nigeria currently is the
15 / 50
A major liability of a commercial bank arises from
16 / 50
The breaking down of a market into separate and identifiable elements each with its own special product requirements is known as market
17 / 50
The nominal value of a share as specified in the Memorandum of Association and the share certificate is the
18 / 50
RRF as a scheme introduced by the Central Bank of Nigeria means
19 / 50
The body that organizes, promotes and participates in local and foreign trade fairs is the
20 / 50
Which of the following gives the correct order in which the listed documents are used?
21 / 50
Commerce makes it possible for man to live in a …
22 / 50
One of the criteria for differentiating consumer markets from industrial ones is the
23 / 50
The existing system of governance and the administrative sub-divisions of a country which described as
24 / 50
The merger of two companies producing the same type of products is an example of
25 / 50
An underlying principle in the marketing of goods is that firms should
26 / 50
In the case of a voluntary liquidation of a business, the receiver is appointed by the
27 / 50
The activities of consumers association in Nigeria have not been effective because
28 / 50
A term which indicates that a share is temporarily suspended is
29 / 50
The production process that combines two or more raw materials into one end product is
30 / 50
A public limited company can raise long-term loans through
31 / 50
Sole enterprise may flourish best in
32 / 50
Which of the following statements is TRUE about sea transport?
33 / 50
Which of these sets of external environmental factors affect a business operation?
34 / 50
The assets, liabilities and general management of a distressed bank may be taken over by
35 / 50
If a firm’s turnover is =N=15,000 and the cost of goods sold is =N= 10,000, what is the percentage of gross profit on sales?
36 / 50
An example of a consumer protection agency is the
37 / 50
Which of the following takes place when firms producing at different stages in the same industry combine?
38 / 50
39 / 50
Which of the following is the most important business resource?
40 / 50
The main function of thrift, credit and loans co-operative societies is to
41 / 50
A distinguishing characteristic of a limited liability company is that is
42 / 50
Management is described as
43 / 50
What are the factors with which commercial undertakings can be distinguished?
I Size of the undertakings
II Profits generated
III forms of ownership
IV Location of the undertakings
44 / 50
Goods discharged from ships on which import duties have not been paid are kept in the
45 / 50
NACCIMA stands for
46 / 50
Shares can be forfeited for
47 / 50
The use of computers in modern banking industry is a reflection of
48 / 50
The business organization in which shareholders have equal votes is
49 / 50
When an industry or company is nationalized, the state becomes
50 / 50
Freight note is a document
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