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 Which of the following takes place when firms producing at different stages in the same industry combine? cartel horizontal integration vertical integration conglomeration 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 cost advantage comparative advantage 3 / 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 4 / 50 Category: COMMERCE POST UTME NACCIMA stands for Nigerian Association for Culture, Civics, Industries, Minerals and Arts National Agency for Culture, Civilization, Investments, Manufacturing and Agriculture Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture Nigerian-American Centre for Culture, Industries, Mines and Arts 5 / 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 6 / 50 Category: COMMERCE POST UTME The ECOBANK is the initiative of some well-meaning Nigerian shareholders West African States to foster trade the Federal Government of Nigeria the Lagos State Government to enhance capital mobilization 7 / 50 Category: COMMERCE POST UTME When an industry or company is nationalized, the state becomes an equal shareholder with other individuals the majority shareholder the minority shareholder the only shareholder 8 / 50 Category: COMMERCE POST UTME The use of computers in modern banking industry is a reflection of scientific development economic development technological development competitive development 9 / 50 Category: COMMERCE POST UTME Commerce makes it possible for man to live in a … simple and organized society complex and organized society society characterized by dependency society characterized by subsistency 10 / 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 11 / 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 12 / 50 Category: COMMERCE POST UTME Which of these sets of external environmental factors affect a business operation? Competition, Industry and Product Competition, Labour and Political Economic, Social and Legal Political, Cultural and Labour 13 / 50 Category: COMMERCE POST UTME The production process that combines two or more raw materials into one end product is synthesis merging conditioning blending 14 / 50 Category: COMMERCE POST UTME Which of the following statements is TRUE about sea transport? all ships normally arrive at their destination with goods all ships are insured separately from the crew all ships must be insured at every journey all ships have specific routes to ply 15 / 50 Category: COMMERCE POST UTME The business organization in which shareholders have equal votes is co-operative limited liability partnership sole proprietorship 16 / 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= 17.00 million =N= 24.65 million =N= 9.35 million 17 / 50 Category: COMMERCE POST UTME The body that organizes, promotes and participates in local and foreign trade fairs is the Ministry of Finance Chambers of Commerce Export Promotion Council Ministry of Commerce and Tourism 18 / 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 non-payment of call money violent activities at the Annual General Meetings 19 / 50 Category: COMMERCE POST UTME For the establishment of a powerful consumers’ association in Nigeria to exist, there must be honest and committed leadership freedom from external influence allocation of goods from the producers financial and moral support from the public 20 / 50 Category: COMMERCE POST UTME Which of the following gives the correct order in which the listed documents are used? order, delivery note, invoice, debit note and statement debit note, order, delivery note, invoice and statement statement, order, invoice, delivery note and debit note invoice, order, statement, debit note and delivery note 21 / 50 Category: COMMERCE POST UTME The least of the advantages of indigenization is that the standard of living of the indigenes is improved the economy is controlled by the nationals entrepreneurial skills is developed foreigners’ domination is avoided 22 / 50 Category: COMMERCE POST UTME The main function of thrift, credit and loans co-operative societies is to collect money from their members disburse money to their members educate their members raise investment finance among their members 23 / 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 24 / 50 Category: COMMERCE POST UTME The nominal value of a share as specified in the Memorandum of Association and the share certificate is the par value stock value face value discounted value 25 / 50 Category: COMMERCE POST UTME Motivation is an essential element in management because it reduces friction among the organisation’s objectives helps to eliminate industrial disharmony encourages individuals to work towards achieving the organisation’s objectives leads to the improvement of staff welfare 26 / 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 indemnity subrogation re-insurance 27 / 50 Category: COMMERCE POST UTME Management is described as the people in authority in an organization getting things done through people the number of levels in an organisation implementation of business decisions 28 / 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 29 / 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 penetration differentiation segmentation 30 / 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 31 / 50 Category: COMMERCE POST UTME Which of the following makes other functions of business its appendages? marketing finance personnel production 32 / 50 Category: COMMERCE POST UTME A public limited company can raise long-term loans through discount houses the capital market bank overdrafts the money market 33 / 50 Category: COMMERCE POST UTME The merger of two companies producing the same type of products is an example of horizontal integration an acquisition lateral merger vertical integration 34 / 50 Category: COMMERCE POST UTME A demonstration of social responsibility by a business is the payment of dividends to shareholders taxes to government premium for insurance interest on loans 35 / 50 Category: COMMERCE POST UTME A term which indicates that a share is temporarily suspended is bond stock cum-dividend ex-dividend 36 / 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 37 / 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 manufacturers of food and drugs from charging excessive prices consumption of food and drugs not tested by the ministries of health importation of food and drugs that can be locally manufactured 38 / 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 III and IV only I and II only I and III only 39 / 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% 40 / 50 Category: COMMERCE POST UTME An underlying principle in the marketing of goods is that firms should be consumer oriented train their personnel advertise the goods sell through outlets 41 / 50 Category: COMMERCE POST UTME An example of a consumer protection agency is the Federal Environmental Protection Agency Nigerian Medical Association Nigerian Bar Association Manufacturers Association of Nigeria 42 / 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 43 / 50 Category: COMMERCE POST UTME Freight note is a document issued by a shipping company giving details of charges 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 44 / 50 Category: COMMERCE POST UTME Sole enterprise may flourish best in an oil exploration business a car assembly business a mining business a retailing business 45 / 50 Category: COMMERCE POST UTME A major liability of a commercial bank arises from customers’ deposits staff allowances overdrafts loans and advances 46 / 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 legal environment social environment 47 / 50 Category: COMMERCE POST UTME One of the criteria for differentiating consumer markets from industrial ones is the type of demand price of the goods nature of the services rendered type of supply 48 / 50 Category: COMMERCE POST UTME Which of the following is the most important business resource? materials money management manpower 49 / 50 Category: COMMERCE POST UTME In the case of a voluntary liquidation of a business, the receiver is appointed by the shareholders directors debtors creditors 50 / 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 International Bank for Reconstruction and Development Nigeria Deposit Insurance Corporation Nigerian Industrial Development Bank Your score is 0% Restart quiz