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