Commerce 2015

You are about to start UTME Commerce 2015 practice quiz.

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A proforma invoice is not required when

dealing regularly with a customer

quoting for the supply of goods

goods are sent on approval

final prices are uncertain

A distinguishing characteristic of a limited liability company is that

is a collection of many sole proprietors

can sue and be sued

has limited resources

is a multiple partnership

Construction activities include the building of houses and roads as well as

shoe-making

black smiting

brick laying

car assembling

Which of the following information is contained in the Articles of Association of a limited liability company?

Objectives of the company

Rights and obligations of directors

Amount of share capital

Limitation of liability of share holders

Which of the following contributed least to the evolution of commercial activities in Nigeria?

Development of banks

Development of transportation

Development of currencies

Development of trader’s union

One of the factors which critically determines the choice of occupation is

skill

training

interest

aptitude

Tourists with no fixed address in a town may receive letters from the post office through

poste resante

recorded delivery

post master

parcel

On liquidation of a public limited liability company, the residual owners are the

debenture holders

creditors

preference shareholders

ordinary shareholders

The major factors that facilitate merchandising are

banking_ insurance and transportation

communication. advertising, and banking

management, insurance, and advertising

trading, warehousing and production

The pivot on which the wheel of commerce rotates is

tariff

taxation

price

trade

The major procedures in the purchase and sale of goods are enquiry

order, sale and invoice

quotation, order and invoice

placement, order and invoice

bargain, order and invoice.

An advantage of hire purchase to the customer is the

low interest rate chargeable

increase in turn over and profits

economics of scale in production

possession of goods before payment

The agency in Nigeria which ensures that products confirm to government quality specifications is the

Nigerian Consumers Association

Standards Organization of Nigeria

Nigerian Chamber of Commerce

Manufacturer’s Association of Nigeria.

The most widely used computer language that focuses on solving science oriented problems is

COBOL

ADA

BASIC

FORTRAN

An essential factor for evaluating the different sources of funds for a business is the

ownership structure of the business concern

burden of cost and repayment

size and the type of the business

decree establishing the business

In the primary market, new shares are issued through

personal selling, publicity and advertising

advertising, a prospectus and a bill of exchange

a prospectus, an offer for sale and placing

a prospectus, offer for sale and a bill of exchange

One of the advantages of commercialization is that it

increases the salaries of workers

encourages entrepreneurship

gives workers on-the-job training

motivates government to establish more business

From the above data, calculate the rate of turn over

Given: ₦ Sales 15,000 Opening stock 5,600 Purchases 9,700 Closing stock 4,400 Gross profit 4,500 Net profit 2,000

218times

3.50 times

3.00 times

2.00 times

Which of the following confirms the accuracy of the duty charged on imported goods?

Consular invoice

An indent

Shipping note

The type of communication from a superior to a subordinate in an organization is referred to as

downward communication

horizontal communication

lateral communication

upward communication

The safety and quality of products are the social responsibility of

the Manufacturer’s Association of Nigeria

the Corporate Affairs Commission

business organization

the Standard Organization of Nigeria

The members of ECOWAS include?

Togo, Nigeria and Ghana

Burkina Faso, Nigeria, Niger and Mauritania

Guinea, Mali, Cameroon and Nigeria

Nigeria, Chad, Gabon and Cape Verde

One of the functions of Nigeria Ports Authority is the provision of

facilities to ensure that goods get to their destinations

courier services to ensure specific delivery

shelter for operators of cargoes

facilities to enhance the speedy loading and offloading of cargoes

A document which advertises the shares of a company is known as

deed

prospectus

dividend warrant

memorandum of satisfaction

An association to which all Chambers of Commerce in Nigeria are affiliated is the

National Association of Chambers of Commerce

Nigeria Labour Congress

Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture

Nigeria Stock Exchange

An aspect of commerce that facilitates the distribution of product is

advertising

branding

transportation

trading

Unresolved disputes between the employer and employees are usually referred to the

industrial arbitration tribunal

disciplinary committee

personal unit.

code of conduct bureau

A chain store usually combines the features of

hyper markets and stalls

multiple shops and hyper markets

multiple shops and departmental shops

mail order business and multiple shop.

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

Delegation of authority

Unity of direction

Span of control

Unity of command

Manufacturing and constructive activities are classified under

direct-service

primary production

tertiary production

secondary production

From the diagram above, what does I stand for

Publicity

Aids to trade

Home trade

Advertising

The three main classification of occupation are

industry, commerce and services.

manufacturing, industry and trading

farming, banking and trading

construction, trade and services.

The person who undertakes life assurance is said to be an

assurer

insurer

insured

assured

A business organization must always consider the overall effect of its actions on the

profit

society

product

competitor

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

subrogation

insurable interest

proximate clause

fidelity guarantee

Which of the following is a quality of money?

scarcity

availability

convertibility

indivisibility

The distribution of petroleum products in Nigeria is through

the bank

air

sea

road

The business that focuses attention on the quality of the goods produced by precisely knowing what the consumers desire is said to be operating the

marketing concept

promotion mix

product orientation

product mix.

A floating policy is an example of

marine insurance

motor insurance

fire insurance

actuaries insurance

The art of soap making is an example of a

construction occupation

tertiary occupation

secondary occupation

primary occupation

1 out of 8

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