Commerce 2013

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The type of labour that makes use of physical effort in production processes is the

unskilled labour

skilled labour

blue-collar job

white-collar job

The assembling of products into usable forms is known as

creation

manufacturing

construction

formation

The final link in the chain of distribution is

middlemen

wholesaling

consumer

retailing

A country is said to be experiencing an unfavourable balance of trade if her

exports exceed imports

visible exports exceed visible imports

imports and exports are equal

visible imports exceed visible exports

Trading position of Nigeria is the same as her

desire to trade with many countries

willingness to grant credit to foreigners

balance of trade

terms of trade

The role of customs and exercise authority includes the

provision of a good transport system to facilitate imports and exports

provision of security at the port

provision of dockyards for ship repairs

control of the flow of goods in and out of the country

The document lodged with the customs authorities before a ship can leave the port is a

shipping note

ship report

ship manifest

dock warrant

The document which must be endorsed by the ambassador of a country of destination before shipment of goods is a

consular invoice

certificate of origin

bill of lading

close indent

A country's terms of trade are said to improve when the ratio of her export

decreases

remains constant

increases

equals import

Which of the following advertising medium appeals to only the literate in the society?

radio advertising

print media advertising

television advertising

cinema advertising

The two main forms of communication are

oral and written

verbal and non-verbal

e-mail and fax

traditional and modern media

The most reliable and efficient means of conveying urgent documents is through

postal order

ordinary letters

registered letters

courier services

An undertaking given by a person to another assuring his integrity is

proximate cause

fidelity guarantee

subrogation

insurable interest

If Mr. N takes a fire insurance policy with average clause, his compensation will be

₦5000

₦7, 500

₦70, 000

₦75, 000

What insurance principle has Mr. P Violated if he decides to overstate the actual value of his property?

Indemnity

Insurable interest

Uberrimae fidei

Subrogation

The difference between indemnity insurance and non-indemnity insurance is that the latter provides

cover for exporters against risks

cover for importers against risks

full payment to the insured

consolation payment to the insured

An importance of warehousing is in the

production of goods

transportation of goods

importation of goods

repackaging of goods

In order to increase the capital owned, a sole trader may

seek for bank loan

issue debentures

acquire extra shop fittings on credit

draw less of his profit for personal use

A business partner who provides capital but abstains from participation in administration of a firm is a

general partner

nominal partner

secret partner

dormant partner

Which of the following will not be stated in a Memorandum of Association?

Name clause

rights of shareholders

object clause

registered office

The amount of authorized capital that shareholders have subscribed to is

issued share capital

authorized share capital

owner’s equity

working capital

The rate of turnover of a firm in a given year is 5 times while the average stock is ₦12,500. What is the turnover of the firm?

₦24,000

₦46,500

₦62,500

₦65,000

A lawyer that defrauds his client may be derobed by the Nigerian Bar association in order to

protect other lawyers

protect the integrity of the association

compensate the affected client

prevent the client from suing the association

In the Nigerian GSM industry, a parliament is organized by the Nigerian Communications Commission in order to

increase profit of service providers

protect the interest of government

encourage more people into the business

protect the interest of consumers

Trade fairs in Nigeria are organised by

the Federal Government

Manufacturers” Association of Nigeria

Ministry of Commerce and Industry

Chambers of Commerce

Money is generally accepted for transactions due to

the legal backing

the rule of law

its acceptability in the global market

the Central Bank Governor’s signature

Which of the following is a quality of money?

Availability

Scarcity

Indivisibility

Convertibility

Money can simply be referred to as a

measure of value

standard of value

means of settlement

durable asset for doing business

Gilt-edged securities are issued mainly by

individuals

non-governmental organisations

Government

multi-national companies

The initial function of a manager is

setting up an organisation

coordinating

provision of welfare package

planning

The initial function of a manager is

setting up an organisation

coordinating

provision of welfare package

planning

The most suitable organizational structure for small or medium sized enterprises is

line structure

staff structure

committee structure

functional structure

In a staff-authority relationship, the opinion of a specialist in one department to another is

a directive

an advice

a command

a delegation

Management of a business involves the development of ideas for the

distribution of goods and services that human wants

transportation of goods and services that human wants

transfer of title of ownership of goods and services to individuals

production of goods and services that satisfy human needs

Which of the following is used as a pricing policy?

Packaging

Market selection

Labelling

Market skimming

The essential utility derived from the use of a product is known as

augmented benefit

branded benefit

core benefit

formal benefit

The breaking down of a market into separate and identifiable elements is known as

differentiation

segmentation

skimming

penetration

A contract that is acknowledged before the law court is referred to as

informal contract

formal contract

contract of records

specialty contract

An agent employed to sell goods delivered to him by the principal is referred to as a

special agent

del credere agent

factor

universal agent

A motor dealer who agreed to sell a car to Mr. X but delivered it to Mr. Y on the delivery date agreed with Mr. X. He has discharged the contract by

performance

frustration

an agreement

breach

A contract can be terminated through

physical combat

family intervention

frustration

consultation

The right to retain possession of goods until the contract price is paid is referred to as

a promise

ultra vires

a breach

a lien

The sole legal right held by the author to publish his book is

trademark

patent right

bookmark

The process of transferring data from one computer to another is referred to as

downloading

faxing

browsing

trademark

The physical component of a computer system is

software

hardware

hard disk

floppy disk

A computer accessory through which information can be retrieved is the

hard disk

input device

control unit

floppy disk

The type of computer software used mainly for management information is

Corel draw

AutoCAD

data base

word perfect

To meet security requirements before gaining access to data, a computer operator supplies

an e-mail address

a yahoo address

a password

a modem

A major factor that affects business operations is

technology

supply

product

rivalry

The environmental hazard that is most difficult to control is

land pollution

water pollution

air pollution

political unrest

1 out of 10

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