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 A demonstration of social responsibility by a business is the payment of dividends to shareholders premium for insurance interest on loans taxes to government 2 / 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 balance of trade comparative advantage comparative cost advantage 3 / 50 Category: COMMERCE POST UTME Which of the following makes other functions of business its appendages? production finance personnel marketing 4 / 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 differentiation identification segmentation 5 / 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% 50.0% 23.3% 33.3% 6 / 50 Category: COMMERCE POST UTME A public limited company can raise long-term loans through the capital market the money market bank overdrafts discount houses 7 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as legal environment political environment economic environment social environment 8 / 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 9 / 50 Category: COMMERCE POST UTME When an industry or company is nationalized, the state becomes an equal shareholder with other individuals the minority shareholder the majority shareholder the only shareholder 10 / 50 Category: COMMERCE POST UTME A term which indicates that a share is temporarily suspended is bond ex-dividend stock cum-dividend 11 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as social environment economic environment legal environment political environment 12 / 50 Category: COMMERCE POST UTME Which of the following takes place when firms producing at different stages in the same industry combine? conglomeration vertical integration cartel horizontal integration 13 / 50 Category: COMMERCE POST UTME An example of a consumer protection agency is the Nigerian Bar Association Federal Environmental Protection Agency Nigerian Medical Association Manufacturers Association of Nigeria 14 / 50 Category: COMMERCE POST UTME The assets, liabilities and general management of a distressed bank may be taken over by Nigeria Deposit Insurance Corporation Nigerian Industrial Development Bank International Bank for Reconstruction and Development Nigerian Bank for Commerce and Industry 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 discounted value face value stock value par value 16 / 50 Category: COMMERCE POST UTME Commerce makes it possible for man to live in a … simple and organized society society characterized by dependency society characterized by subsistency complex and organized society 17 / 50 Category: COMMERCE POST UTME Which of the following is the most important business resource? management manpower materials money 18 / 50 Category: COMMERCE POST UTME The production process that combines two or more raw materials into one end product is conditioning synthesis blending merging 19 / 50 Category: COMMERCE POST UTME Which of the following gives the correct order in which the listed documents are used? statement, order, invoice, delivery note and debit note invoice, order, statement, debit note and delivery note debit note, order, delivery note, invoice and statement order, delivery note, invoice, debit note and statement 20 / 50 Category: COMMERCE POST UTME Freight note is a document issued by a shipping company giving details of charges 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 21 / 50 Category: COMMERCE POST UTME The overriding objective of the Food and Drug Act in Nigeria is to prevent the adulteration of food and drugs sold in the country importation of food and drugs that can be locally manufactured consumption of food and drugs not tested by the ministries of health manufacturers of food and drugs from charging excessive prices 22 / 50 Category: COMMERCE POST UTME One of the criteria for differentiating consumer markets from industrial ones is the type of supply nature of the services rendered price of the goods type of demand 23 / 50 Category: COMMERCE POST UTME Sole enterprise may flourish best in a mining business an oil exploration business a retailing business a car assembly business 24 / 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 are insured separately from the crew all ships normally arrive at their destination with goods all ships have specific routes to ply 25 / 50 Category: COMMERCE POST UTME Under normal circumstances, a business enterprise can be ideally structured by product, function or territories on the ruling of the management on the basis of an order from stockholders around the personalities in the enterprise 26 / 50 Category: COMMERCE POST UTME The most important piece of legislation governing business and commercial activities in Nigeria currently is the Trade Disputes Decree, 1976 Banks and Other Financial Institutions Decree, 1991 Companies and Allied Matters Decree, 1990 Companies Decree, 1968 27 / 50 Category: COMMERCE POST UTME Goods discharged from ships on which import duties have not been paid are kept in the public warehouse bonded warehouse private warehouse ordinary warehouse 28 / 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 II only I, II and III II and III only I and III only 29 / 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 contribution re-insurance subrogation indemnity 30 / 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 31 / 50 Category: COMMERCE POST UTME The least of the advantages of indigenization is that the standard of living of the indigenes is improved foreigners’ domination is avoided the economy is controlled by the nationals entrepreneurial skills is developed 32 / 50 Category: COMMERCE POST UTME Motivation is an essential element in management because it reduces friction among the organisation’s objectives encourages individuals to work towards achieving the organisation’s objectives leads to the improvement of staff welfare helps to eliminate industrial disharmony 33 / 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 III and IV only I and III only 34 / 50 Category: COMMERCE POST UTME An underlying principle in the marketing of goods is that firms should be consumer oriented advertise the goods train their personnel sell through outlets 35 / 50 Category: COMMERCE POST UTME A distinguishing characteristic of a limited liability company is that is is a collection of many sole proprietors is a multiple partnership can sue and be sued has limited resources 36 / 50 Category: COMMERCE POST UTME The activities of consumers association in Nigeria have not been effective because the consumers have no medium for expressing their feelings. there is poor enlightenment about consumer rights the government is not favourably disposed towards consumerism the consumers are too many 37 / 50 Category: COMMERCE POST UTME The merger of two companies producing the same type of products is an example of lateral merger vertical integration horizontal integration an acquisition 38 / 50 Category: COMMERCE POST UTME NACCIMA stands for Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture Nigerian-American Centre for Culture, Industries, Mines and Arts Nigerian Association for Culture, Civics, Industries, Minerals and Arts National Agency for Culture, Civilization, Investments, Manufacturing and Agriculture 39 / 50 Category: COMMERCE POST UTME Shares can be forfeited for violent activities at the Annual General Meetings non-payment of any due to the company non-payment of call money non-attending three annual general meetings consecutively 40 / 50 Category: COMMERCE POST UTME In the case of a voluntary liquidation of a business, the receiver is appointed by the directors debtors creditors shareholders 41 / 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 42 / 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 43 / 50 Category: COMMERCE POST UTME RRF as a scheme introduced by the Central Bank of Nigeria means Refinancing and Reinvesting Faculty Recording and Rediscounting Faculty Refinancing and Rediscounting Faculty Refinancing and Recording Faculty 44 / 50 Category: COMMERCE POST UTME The ECOBANK is the initiative of the Lagos State Government to enhance capital mobilization some well-meaning Nigerian shareholders West African States to foster trade the Federal Government of Nigeria 45 / 50 Category: COMMERCE POST UTME The ordinary shareholders enjoy the following rights EXCEPT the right to elect the board of directors vote at annual general meetings receive dividends at a predetermined rate participate in additional issues of shares 46 / 50 Category: COMMERCE POST UTME Management is described as the people in authority in an organization the number of levels in an organisation getting things done through people implementation of business decisions 47 / 50 Category: COMMERCE POST UTME A major liability of a commercial bank arises from overdrafts loans and advances customers’ deposits staff allowances 48 / 50 Category: COMMERCE POST UTME The body that organizes, promotes and participates in local and foreign trade fairs is the Export Promotion Council Ministry of Finance Ministry of Commerce and Tourism Chambers of Commerce 49 / 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= 7.65 million =N= 17.00 million =N= 9.35 million 50 / 50 Category: COMMERCE POST UTME The business organization in which shareholders have equal votes is limited liability partnership co-operative sole proprietorship Your score is 0% Restart quiz