Commerce 2016

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Compulsory dissolution of a business can arise from

a declaration by a court

an agreement by the owners

an unfavourable economic climate

the termination of its life

A proforma invoice is not required when

goods are sent on approval

quoting for the supply of goods

final prices are uncertain

dealing regularly with a customer.

What is the cost of goods sold?

Given: ₦ Opening stock 40,000 Purchases 115,000 Closing stock 60,000 Sales 250,000

₦50,000

₦30,000

₦95,000

₦155,000

In the channel of distribution, which of the following sets is entirely made up of middle men?

Manufacturers, consumers and retailers

Wholesalers, retailers and agents

Wholesalers, agents and consumers

Retailers, manufacturers, and wholesalers

What is the current ratio?

Use the information below to answer question 5.

SONU Enterprises Balance sheet as at 31/3/98

5:1

4:1

25.5:1

4.5:1

What is the acid ratio?

5.55:1

4.75:1

4.25:1

2.95:1

The conversion of raw materials into finished product creates

form utility

marginal utility

time utility

place utility

Commerce makes it possible for man to live in a

complex and organized society

simple and organized society

society characterized by subsistency

society characterized by dependency

The insurance principle that requires full disclosure of information on the insured is known as

caveat empto

subrogation

uberrimae fidei

indemnity

Production involves

changing the form of goods, moulding and making, them available as needed

making goods available when and where needed

the manufacturing of goods and provision of services

the assembling of all necessary parts to produce

A merchant wholesaler is referred to as

del-credere agent

a broker

rack gobber

a factor

A proforma invoice is sent to inform a buyer about the

prices of goods

quantity of goods

quality of goods

designation of goods

Capital as a factor of production can be used for

goods that are useful in business

money that is regarded as assets

services that provide satisfaction

input for further production

The agency that currently oversees the privatization and commercialization processes in Nigeria is the

Bureau of public enterprises

Nigerian stock exchange

Technical committee on privatization and commercialization

securities and exchange commission

The payment made periodically in respect of an insurance policy entered into is known as

premium

surrender

bond

commission

An example of services rendered by NIPOST is

courier

electronic mail

mail delivery

Telephone

Ships that sail across the ocean and operate on scheduled time tables are

coastal liners

tramp steamer

ocean liners

ferries

Non-insurable risks include

death

marine problems

damage to property

gambling

The most important right of the employee in discharging his duties to the employer is the right to

job securities

annual leave

regular enrolments

working facilities

The most dangerous pollution is

Air pollution

water pollution

Soil pollution

noise pollution

Tourism can be classified as

visible exports

invisible exports

tangible imports

intangible imports

The inputs. output and central processing units are the basic components of a

software

hardware

memory

printer

Consumers require protection against exploitation to ensure

the sale of quality products

increased aggregate demand

adequate consumer awareness

availability of product variety

The business environment that takes into cognizance the age distribution, ethnic mix and educational level of Consumer is

cultural environment

national environment

demographic environment

economic environment

An activity that involves derivation of raw materials from land and sea is

agricultural

extraction

construction

farming

The art of soap-making is an example of

secondary occupation

primary occupation

construction occupation

tertiary occupation

The central focus of commercial activities is

pricing

marketing

advertising

farming

An aid to trade associated with communication is

insurance

ware housing

banking

transportation

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

Available resources

Education and training

Salaries and wages

Level of commitment

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

a direct and indirect service worker

An indirect service worker

A direct service worker

a community developer

An oil exploration company is engaged in

extractive occupation

constructive occupation

secondary production

tertiary production

Services rendered to the public is provided by

governments

domestic servants

professionals

civil servants

If a customer pays within nine days of receiving goods and takes advantage of 3% off the invoice price, this is stated as

30; net 9/3

9/30; net 3

3/9; net 30

9/27 net 30

Which of the following is a characteristic of a bearer cheque?

it is made payable to whoever presents it

it is made with transverse lines

it is only payable into the payee’s account

it is made without transverse

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

The type of labour that makes use of physical efforts in production procession is the

skilled labour

unskilled labour

white-collar job

blue-collar job

Cooperation and friendliness are enhanced among nations through inter-dependence necessitated by

Agriculture

social-cultural activities

Tourism

Commerce

One of the products of an extractive industry is

a shoe

a textile material

an iron ore

an air plane

An important feature of land is that

is an active factor of production

has elastic supply

is heterogeneous in nature

is subject to return to scale

One of the major determinants of the volume of production is

the availability of bank

the market size

government policy

sex distribution

1 out of 8

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Commerce 2016

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