COMMERCE POST UTME

COMMERCE POST UTME

Practice the Commerce Post UTME for Universities, Polytechnics
and College of Education with our CBT software and pass your commerce examination.

1 / 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

indemnity

subrogation

2 / 50

Category: COMMERCE POST UTME

RRF as a scheme introduced by the Central Bank of Nigeria means

Refinancing and Rediscounting Faculty

Refinancing and Reinvesting Faculty

Recording and Rediscounting Faculty

Refinancing and Recording Faculty

3 / 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

4 / 50

Category: COMMERCE POST UTME

Which of the following makes other functions of business its appendages?

production

marketing

personnel

finance

5 / 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

order, delivery note, invoice, debit note and statement

debit note, order, delivery note, invoice and statement

invoice, order, statement, debit note and delivery note

6 / 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?

23.3%

33.3%

50.0%

66.6%

7 / 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

balance of trade

balance of payments

comparative advantage

8 / 50

Category: COMMERCE POST UTME

The least of the advantages of indigenization is that

foreigners’ domination is avoided

entrepreneurial skills is developed

the economy is controlled by the nationals

the standard of living of the indigenes is improved

9 / 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 III only

II and III only

I and II only

10 / 50

Category: COMMERCE POST UTME

A demonstration of social responsibility by a business is the payment of

taxes to government

interest on loans

dividends to shareholders

premium for insurance

11 / 50

Category: COMMERCE POST UTME

Sole enterprise may flourish best in

a car assembly business

a retailing business

a mining business

an oil exploration business

12 / 50

Category: COMMERCE POST UTME

The business organization in which shareholders have equal votes is

co-operative

sole proprietorship

partnership

limited liability

13 / 50

Category: COMMERCE POST UTME

The ordinary shareholders enjoy the following rights EXCEPT the right to

elect the board of directors

receive dividends at a predetermined rate

vote at annual general meetings

participate in additional issues of shares

14 / 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 are insured separately from the crew

all ships normally arrive at their destination with goods

15 / 50

Category: COMMERCE POST UTME

One of the criteria for differentiating consumer markets from industrial ones is the

type of supply

price of the goods

nature of the services rendered

type of demand

16 / 50

Category: COMMERCE POST UTME

A public limited company can raise long-term loans through

bank overdrafts

the money market

discount houses

the capital market

17 / 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

18 / 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

19 / 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

20 / 50

Category: COMMERCE POST UTME

An underlying principle in the marketing of goods is that firms should

train their personnel

sell through outlets

be consumer oriented

advertise the goods

21 / 50

Category: COMMERCE POST UTME

NACCIMA stands for

National Agency for Culture, Civilization, Investments, Manufacturing and Agriculture

Nigerian Association for Culture, Civics, Industries, Minerals and Arts

Nigerian-American Centre for Culture, Industries, Mines and Arts

Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture

22 / 50

Category: COMMERCE POST UTME

The body that organizes, promotes and participates in local and foreign trade fairs is the

Ministry of Commerce and Tourism

Chambers of Commerce

Ministry of Finance

Export Promotion Council

23 / 50

Category: COMMERCE POST UTME

Management is described as

the people in authority in an organization

the number of levels in an organisation

implementation of business decisions

getting things done through people

24 / 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

25 / 50

Category: COMMERCE POST UTME

The assets, liabilities and general management of a distressed bank may be taken over by

Nigerian Bank for Commerce and Industry

Nigerian Industrial Development Bank

Nigeria Deposit Insurance Corporation

International Bank for Reconstruction and Development

26 / 50

Category: COMMERCE POST UTME

A major liability of a commercial bank arises from

loans and advances

overdrafts

staff allowances

customers’ deposits

27 / 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

28 / 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

manufacturers of food and drugs from charging excessive prices

adulteration of food and drugs sold in the country

consumption of food and drugs not tested by the ministries of health

29 / 50

Category: COMMERCE POST UTME

Commerce makes it possible for man to live in a …

society characterized by subsistency

complex and organized society

society characterized by dependency

simple and organized society

30 / 50

Category: COMMERCE POST UTME

The production process that combines two or more raw materials into one end product is

conditioning

merging

blending

synthesis

31 / 50

Category: COMMERCE POST UTME

A term which indicates that a share is temporarily suspended is

cum-dividend

stock

ex-dividend

bond

32 / 50

Category: COMMERCE POST UTME

In the case of a voluntary liquidation of a business, the receiver is appointed by the

debtors

shareholders

creditors

directors

33 / 50

Category: COMMERCE POST UTME

The merger of two companies producing the same type of products is an example of

horizontal integration

vertical integration

an acquisition

lateral merger

34 / 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

raise investment finance among their members

collect money from their members

35 / 50

Category: COMMERCE POST UTME

The use of computers in modern banking industry is a reflection of

competitive development

economic development

scientific development

technological development

36 / 50

Category: COMMERCE POST UTME

An example of a consumer protection agency is the

Nigerian Medical Association

Nigerian Bar Association

Federal Environmental Protection Agency

Manufacturers Association of Nigeria

37 / 50

Category: COMMERCE POST UTME

A distinguishing characteristic of a limited liability company is that is

is a multiple partnership

is a collection of many sole proprietors

can sue and be sued

has limited resources

38 / 50

Category: COMMERCE POST UTME

Which of the following is the most important business resource?

materials

management

money

manpower

39 / 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

par value

discounted value

stock value

40 / 50

Category: COMMERCE POST UTME

The most important piece of legislation governing business and commercial activities in Nigeria currently is the

Companies Decree, 1968

Trade Disputes Decree, 1976

Banks and Other Financial Institutions Decree, 1991

Companies and Allied Matters Decree, 1990

41 / 50

Category: COMMERCE POST UTME

Shares can be forfeited for

violent activities at the Annual General Meetings

non-attending three annual general meetings consecutively

non-payment of call money

non-payment of any due to the company

42 / 50

Category: COMMERCE POST UTME

Motivation is an essential element in management because it

leads to the improvement of staff welfare

encourages individuals to work towards achieving the organisation’s objectives

helps to eliminate industrial disharmony

reduces friction among the organisation’s objectives

43 / 50

Category: COMMERCE POST UTME

Under normal circumstances, a business enterprise can be ideally structured

around the personalities in the enterprise

by product, function or territories

on the ruling of the management

on the basis of an order from stockholders

44 / 50

Category: COMMERCE POST UTME

The existing system of governance and the administrative sub-divisions of a country which described as

political environment

legal environment

economic environment

social environment

45 / 50

Category: COMMERCE POST UTME

The activities of consumers association in Nigeria have not been effective because

the consumers are too many

there is poor enlightenment about consumer rights

the government is not favourably disposed towards consumerism

the consumers have no medium for expressing their feelings.

46 / 50

Category: COMMERCE POST UTME

Which of these sets of external environmental factors affect a business operation?

Competition, Labour and Political

Competition, Industry and Product

Political, Cultural and Labour

Economic, Social and Legal

47 / 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

III and IV only

II and III only

I and II only

I and III only

48 / 50

Category: COMMERCE POST UTME

For the establishment of a powerful consumers’ association in Nigeria to exist, there must be

allocation of goods from the producers

financial and moral support from the public

freedom from external influence

honest and committed leadership

49 / 50

Category: COMMERCE POST UTME

Goods discharged from ships on which import duties have not been paid are kept in the

ordinary warehouse

bonded warehouse

public warehouse

private warehouse

50 / 50

Category: COMMERCE POST UTME

Freight note is a document

given by an importer to pay for goods at a future period

used by government to transport goods from one country to another

used for payment for imported goods

issued by a shipping company giving details of charges

Your score is

The average score is 40%

0%

SCHOOL PORTAL NG

COMMERCE POST UTME

COMMERCE POST UTME

COMMERCE POST UTME

Author: School Portal NG

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