Commerce 2010

You are about to start UTME Commerce 2010 practice quiz.

You have 60minutes for this test.

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Name

The wealth of a nation depends on the volume of its?

bilateral trade activities

commercial activities

stock market

multilateral trade activities

Which of the following can be used to differentiate skilled and unskilled labour?

Education and training

Available resources

Level of commitment

Salaries and wages

A doctor who attends to patients at home after his official duty is?

a community development worker

a direct service worker

a direct and an indirect service worker

an indirect service worker

Manufacturing and constructive activities are classified under?

primary production

tertiary production

secondary production

direct service

The rewards of rents, wages, interests and profits accrue from?

capital, labour, land and entrepreneur respectively

land, entrepreneur, labour and capital respectively

land, labour, capital and entrepreneur respectively

labour, entrepreneur, land and capital respectively

The factor of production that is subject to depreciation is?

capital

land

labour

entrepreneur

Division of labour ultimately leads to?

conservation

integration

specialization

repetition

A worker who process rice is engaged in?

constructive activity

commercial activity

extractive activity

manufactural activity

After-sales service is a function usually rendered by?

a retailer

a wholesaler

an agent

an entrepreneur

A trend in retailing which enables consumers to have free access to different products is?

after-sales services

branding

self-services

vending machine

The activity which entails buying of goods in bulk and selling in small quantities to retailers is?

assembling

wholesaling

retailing

merchandising

The comparison of a country's visible and invisible exports and imports expressed in monetary term is?

balance of payment

terms of trade

balance of trade

terms of payment

The document that gives an importer a freehand to obtain goods from any manufacturer is?

a consular invoice

a closed indent

an open indent

a freight note

Entrepot trade usually occurs in?

exchanging goods within a nation

exchanging goods among countries

importing goods to be re-exported

exporting goods to be re-imported

The document issued to a port authority when goods are deposited is a?

dock landing account

bill of sight

dock warrant

bill of lading

The details of the goods required by the purchaser is outlined in?

a consular invoice

an indent

an invoice

a certificate of origin

Selling goods in foreign countries at price below their marginal cost is?

dumping

depreciation

devaluation

discounting

process of creating more market for a product is through?

consumerism

marketing

advertising

repositioning

One of the merits of television as a medium of advertising is that it?

is prone to censorship

is relatively cheap

has more sensory stimulation

has more network coverage

The best mode of ensuring that items posted got to the named address through?

recorded delivery

registered mail

certificate of posting

express mail

A businessman who undertakes the hull insurance policy is aiming at?

concerting losses on damages to the cargo

protecting injured crew in the ship

averting payment of the freight

covering damages to the body of the ship

An agent who brings a customer into business contact with his principle is known as?

a del credere agent

an auctioneer

a factor

a broker

A major hindrance to tourism growth in Nigeria is?

absence of genuine tour operators

lack of tourism master plan

inadequate tourist centres

non-compliance to immigration laws

The warehouse that is owned and controlled by the government is a?

wholesalers’ warehouse

public warehouse

manufacturers’ warehouse

state warehouse

One of the main features of a partnership is?

limited liability

lack of corporate existence

unlimited membership

lack of mutual confidence

An arrangement by independent firms to share the market of their products on quota basis is referred to as?

trust

integration

syndicate

cartel

An illegal arrangement by manufacturers to control the price or condition of sale in a product is

Ring

factoring

consortium

merger

A public company with an authorized capital of N60,000, issued N36,000 shares at 150k each. What is its capital?

₦60,000

₦36,000

₦54,000

₦90,000

One of the functions of NACCIMA is?

negotiating with labour unions in matters of wages and conditions of service

pooling of members’ resources for longterm investment

ensuring uniformity in labour matters and industrial relations

disseminating information to members on matters relating to tariffs

A characteristics of money which ensures that its value is not lost is?

homogeneity

easy portability

divisibility

relative scarcity

The instrument used in the capital market is?

treasury bills

bill of exchange

stock

debenture

A per-requisite for admission into the Second Tier Securities Market is for a company to?

make 20% of its equity share available to the public for subscription

have a minimum of 100 shareholders

have a maximum of 100 shareholders

make 10% of its equity share available to the public for subscription

The three components of staffing are?

recruitment, interview and appointment

recruitment, test and placement

recruitment, selection and appointment

recruitment, selection and placement

Which of the following is a matter of personal preference on the part of a superior officer?

Unity of command

Span of control

Delegation of authority

Unity of direction

The conversion of raw materials into finished goods leads to the creation of?

form utility

product utility

possession utility

place utility

The main concern of marketing concept is to?

reduce the number of retail outlets

identify consumer needs and satisfy them

increase sales to meet consumer needs

encourage division of labour

The best pricing strategy for a company that produces warm clothing is?

target return pricing

bid pricing

variable pricing

product line pricing

The deliberate and sustained efforts of an organization towards the creation of goodwill for its products and services is through?

public relations

advertising

sales promotion

rebranding

The label on a product such as 'pampers' is a type of?

trademark

branding

packaging

patent right

An opportunity to reject a binding contract at will by a third party is said to be a?

valid contract

quasi contract

voidable contract

conditional contract

An agency contract must involve?

a principal and a consumer

a principal and a producer

a principal and a third party

a principal and an agent

The difference between trademark and patent right is that the latter?

gives exclusive right to import a particular good

is conferred by the government

confers exclusive right to publish literary works

confers monopoly on a product

Which of the following is a function of consumerism?

Protecting consumers’ rights

providing consumers’ choice

providing consumers’ needs

Making profiteering impossible

A printed copy of processed information from the computer is the?

soft copy

file copy

scanned copy

hard copy

The central working system of a computer used for data processing is the?

memory unit

monitor

floppy disk drive

hard drive

The major problem confronting Cyber Cafe operators is?

advance fee fraud by clientele

poor network coverage

high operating costs

A device that enables the downloading of information from the internet is the?

floppy drive

compact disk

modem

Bluetooth

In e-banking, ATM means

Authentic Teller Machine

Automatic Teller Machine

All-purpose Teller Machine

Automated Teller Machine

One way by which a business can discharge its social responsibility to its community is to?

hold monthly meetings of its customers

building houses for its executives

award scholarship to staff children

build public health centres

1 out of 10

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Commerce 2010

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