COMMERCE POST UTME (PRO)

COMMERCE POST UTME

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COMMERCE POST UTME

(PRO) COMMERCE POST UTME

COMMERCE POST UTME
Practice the Commerce Post UTME for Universities, Polytechnics
and College of Education with our CBT software and pass your commerce examination.
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1 / 50

Category: COMMERCE POST UTME

The most important piece of legislation governing business and commercial activities in Nigeria currently is the

Trade Disputes Decree, 1976

Banks and Other Financial Institutions Decree, 1991

Companies Decree, 1968

Companies and Allied Matters Decree, 1990

2 / 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?

50.0%

23.3%

66.6%

33.3%

3 / 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= 24.65 million

=N= 9.35 million

=N= 17.00 million

4 / 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

5 / 50

Category: COMMERCE POST UTME

Freight note is a document

used by government to transport goods from one country to another

given by an importer to pay for goods at a future period

used for payment for imported goods

issued by a shipping company giving details of charges

6 / 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

Nigerian Industrial Development Bank

Nigeria Deposit Insurance Corporation

7 / 50

Category: COMMERCE POST UTME

The use of computers in modern banking industry is a reflection of

competitive development

scientific development

technological development

economic development

8 / 50

Category: COMMERCE POST UTME

A public limited company can raise long-term loans through

the money market

bank overdrafts

the capital market

discount houses

9 / 50

Category: COMMERCE POST UTME

Which of the following is the most important business resource?

materials

money

management

manpower

10 / 50

Category: COMMERCE POST UTME

For the establishment of a powerful consumers’ association in Nigeria to exist, there must be

financial and moral support from the public

freedom from external influence

allocation of goods from the producers

honest and committed leadership

11 / 50

Category: COMMERCE POST UTME

Sole enterprise may flourish best in

a car assembly business

a mining business

a retailing business

an oil exploration business

12 / 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 II only

I and III only

II and III only

I, II and III

13 / 50

Category: COMMERCE POST UTME

When an industry or company is nationalized, the state becomes

the minority shareholder

the majority shareholder

the only shareholder

an equal shareholder with other individuals

14 / 50

Category: COMMERCE POST UTME

An example of a consumer protection agency is the

Nigerian Bar Association

Federal Environmental Protection Agency

Manufacturers Association of Nigeria

Nigerian Medical Association

15 / 50

Category: COMMERCE POST UTME

An underlying principle in the marketing of goods is that firms should

sell through outlets

train their personnel

be consumer oriented

advertise the goods

16 / 50

Category: COMMERCE POST UTME

Which of the following gives the correct order in which the listed documents are used?

invoice, order, statement, debit note and delivery note

order, delivery note, invoice, debit note and statement

debit note, order, delivery note, invoice and statement

statement, order, invoice, delivery note and debit note

17 / 50

Category: COMMERCE POST UTME

The production process that combines two or more raw materials into one end product is

synthesis

conditioning

blending

merging

18 / 50

Category: COMMERCE POST UTME

The merger of two companies producing the same type of products is an example of

vertical integration

horizontal integration

an acquisition

lateral merger

19 / 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

20 / 50

Category: COMMERCE POST UTME

The ordinary shareholders enjoy the following rights EXCEPT the right to

receive dividends at a predetermined rate

vote at annual general meetings

elect the board of directors

participate in additional issues of shares

21 / 50

Category: COMMERCE POST UTME

The overriding objective of the Food and Drug Act in Nigeria is to prevent the

importation of food and drugs that can be locally manufactured

consumption of food and drugs not tested by the ministries of health

adulteration of food and drugs sold in the country

manufacturers of food and drugs from charging excessive prices

22 / 50

Category: COMMERCE POST UTME

The nominal value of a share as specified in the Memorandum of Association and the share certificate is the

face value

discounted value

par value

stock value

23 / 50

Category: COMMERCE POST UTME

Under normal circumstances, a business enterprise can be ideally structured

on the basis of an order from stockholders

by product, function or territories

around the personalities in the enterprise

on the ruling of the management

24 / 50

Category: COMMERCE POST UTME

Commerce makes it possible for man to live in a …

society characterized by dependency

complex and organized society

society characterized by subsistency

simple and organized society

25 / 50

Category: COMMERCE POST UTME

Management is described as

the number of levels in an organisation

implementation of business decisions

the people in authority in an organization

getting things done through people

26 / 50

Category: COMMERCE POST UTME

The main function of thrift, credit and loans co-operative societies is to

raise investment finance among their members

disburse money to their members

collect money from their members

educate their members

27 / 50

Category: COMMERCE POST UTME

The existing system of governance and the administrative sub-divisions of a country which described as

political environment

social environment

legal environment

economic environment

28 / 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

III and IV only

I and II only

II and III only

I and III only

29 / 50

Category: COMMERCE POST UTME

A distinguishing characteristic of a limited liability company is that is

can sue and be sued

has limited resources

is a multiple partnership

is a collection of many sole proprietors

30 / 50

Category: COMMERCE POST UTME

The body that organizes, promotes and participates in local and foreign trade fairs is the

Ministry of Finance

Export Promotion Council

Ministry of Commerce and Tourism

Chambers of Commerce

31 / 50

Category: COMMERCE POST UTME

Which of the following makes other functions of business its appendages?

personnel

marketing

production

finance

32 / 50

Category: COMMERCE POST UTME

The least of the advantages of indigenization is that

foreigners’ domination is avoided

the economy is controlled by the nationals

entrepreneurial skills is developed

the standard of living of the indigenes is improved

33 / 50

Category: COMMERCE POST UTME

The existing system of governance and the administrative sub-divisions of a country which described as

political environment

social environment

legal environment

economic environment

34 / 50

Category: COMMERCE POST UTME

NACCIMA stands for

Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture

National Agency for Culture, Civilization, Investments, Manufacturing and Agriculture

Nigerian Association for Culture, Civics, Industries, Minerals and Arts

Nigerian-American Centre for Culture, Industries, Mines and Arts

35 / 50

Category: COMMERCE POST UTME

Goods discharged from ships on which import duties have not been paid are kept in the

bonded warehouse

ordinary warehouse

private warehouse

public warehouse

36 / 50

Category: COMMERCE POST UTME

Shares can be forfeited for

violent activities at the Annual General Meetings

non-payment of any due to the company

non-payment of call money

non-attending three annual general meetings consecutively

37 / 50

Category: COMMERCE POST UTME

The ECOBANK is the initiative of

the Federal Government of Nigeria

some well-meaning Nigerian shareholders

the Lagos State Government to enhance capital mobilization

West African States to foster trade

38 / 50

Category: COMMERCE POST UTME

RRF as a scheme introduced by the Central Bank of Nigeria means

Refinancing and Recording Faculty

Refinancing and Reinvesting Faculty

Recording and Rediscounting Faculty

Refinancing and Rediscounting Faculty

39 / 50

Category: COMMERCE POST UTME

The business organization in which shareholders have equal votes is

co-operative

sole proprietorship

partnership

limited liability

40 / 50

Category: COMMERCE POST UTME

Which of these sets of external environmental factors affect a business operation?

Political, Cultural and Labour

Economic, Social and Legal

Competition, Labour and Political

Competition, Industry and Product

41 / 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 have specific routes to ply

all ships must be insured at every journey

all ships are insured separately from the crew

42 / 50

Category: COMMERCE POST UTME

A term which indicates that a share is temporarily suspended is

stock

cum-dividend

bond

ex-dividend

43 / 50

Category: COMMERCE POST UTME

Which of the following takes place when firms producing at different stages in the same industry combine?

horizontal integration

conglomeration

vertical integration

cartel

44 / 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

differentiation

segmentation

penetration

identification

45 / 50

Category: COMMERCE POST UTME

In the case of a voluntary liquidation of a business, the receiver is appointed by the

shareholders

creditors

debtors

directors

46 / 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

comparative cost advantage

balance of trade

balance of payments

comparative advantage

47 / 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

re-insurance

indemnity

contribution

subrogation

48 / 50

Category: COMMERCE POST UTME

A major liability of a commercial bank arises from

loans and advances

staff allowances

overdrafts

customers’ deposits

49 / 50

Category: COMMERCE POST UTME

One of the criteria for differentiating consumer markets from industrial ones is the

price of the goods

type of supply

nature of the services rendered

type of demand

50 / 50

Category: COMMERCE POST UTME

Motivation is an essential element in management because it

leads to the improvement of staff welfare

encourages individuals to work towards achieving the organisation’s objectives

helps to eliminate industrial disharmony

reduces friction among the organisation’s objectives

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