COMMERCE POST UTME (PRO)

COMMERCE POST UTME

Practice the Commerce Post UTME for Universities, Polytechnics
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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 existing system of governance and the administrative sub-divisions of a country which described as

political environment

economic environment

legal environment

social environment

2 / 50

Category: COMMERCE POST UTME

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

Refinancing and Recording Faculty

Recording and Rediscounting Faculty

Refinancing and Reinvesting Faculty

Refinancing and Rediscounting Faculty

3 / 50

Category: COMMERCE POST UTME

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

private warehouse

bonded warehouse

public warehouse

ordinary warehouse

4 / 50

Category: COMMERCE POST UTME

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

advertise the goods

be consumer oriented

train their personnel

sell through outlets

5 / 50

Category: COMMERCE POST UTME

Under normal circumstances, a business enterprise can be ideally structured

by product, function or territories

around the personalities in the enterprise

on the basis of an order from stockholders

on the ruling of the management

6 / 50

Category: COMMERCE POST UTME

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

legal environment

economic environment

social environment

political environment

7 / 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 advantage

balance of payments

comparative cost advantage

balance of trade

8 / 50

Category: COMMERCE POST UTME

Sole enterprise may flourish best in

a retailing business

an oil exploration business

a car assembly business

a mining business

9 / 50

Category: COMMERCE POST UTME

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

Political, Cultural and Labour

Competition, Industry and Product

Economic, Social and Legal

Competition, Labour and Political

10 / 50

Category: COMMERCE POST UTME

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

manufacturers of food and drugs from charging excessive prices

importation of food and drugs that can be locally manufactured

adulteration of food and drugs sold in the country

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

11 / 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, II and III

II and III only

I and II only

I and III only

12 / 50

Category: COMMERCE POST UTME

Which of the following statements is TRUE about sea transport?

all ships have specific routes to ply

all ships normally arrive at their destination with goods

all ships must be insured at every journey

all ships are insured separately from the crew

13 / 50

Category: COMMERCE POST UTME

Shares can be forfeited for

violent activities at the Annual General Meetings

non-payment of call money

non-attending three annual general meetings consecutively

non-payment of any due to the company

14 / 50

Category: COMMERCE POST UTME

A major liability of a commercial bank arises from

loans and advances

staff allowances

overdrafts

customers’ deposits

15 / 50

Category: COMMERCE POST UTME

Management is described as

the people in authority in an organization

getting things done through people

implementation of business decisions

the number of levels in an organisation

16 / 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= 17.00 million

=N= 9.35 million

=N= 24.65 million

17 / 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

indemnity

contribution

re-insurance

subrogation

18 / 50

Category: COMMERCE POST UTME

When an industry or company is nationalized, the state becomes

the majority shareholder

the only shareholder

an equal shareholder with other individuals

the minority shareholder

19 / 50

Category: COMMERCE POST UTME

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

lateral merger

horizontal integration

vertical integration

an acquisition

20 / 50

Category: COMMERCE POST UTME

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

educate their members

disburse money to their members

collect money from their members

raise investment finance among their members

21 / 50

Category: COMMERCE POST UTME

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

production

finance

personnel

marketing

22 / 50

Category: COMMERCE POST UTME

The activities of consumers association in Nigeria have not been effective because

the consumers are too many

the government is not favourably disposed towards consumerism

there is poor enlightenment about consumer rights

the consumers have no medium for expressing their feelings.

23 / 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

stock value

par value

discounted value

24 / 50

Category: COMMERCE POST UTME

Commerce makes it possible for man to live in a …

simple and organized society

complex and organized society

society characterized by dependency

society characterized by subsistency

25 / 50

Category: COMMERCE POST UTME

The assets, liabilities and general management of a distressed bank may be taken over by

International Bank for Reconstruction and Development

Nigerian Industrial Development Bank

Nigerian Bank for Commerce and Industry

Nigeria Deposit Insurance Corporation

26 / 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

segmentation

differentiation

identification

penetration

27 / 50

Category: COMMERCE POST UTME

Which of the following is the most important business resource?

materials

manpower

money

management

28 / 50

Category: COMMERCE POST UTME

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

blending

merging

conditioning

synthesis

29 / 50

Category: COMMERCE POST UTME

The ordinary shareholders enjoy the following rights EXCEPT the right to

vote at annual general meetings

participate in additional issues of shares

receive dividends at a predetermined rate

elect the board of directors

30 / 50

Category: COMMERCE POST UTME

A demonstration of social responsibility by a business is the payment of

premium for insurance

interest on loans

dividends to shareholders

taxes to government

31 / 50

Category: COMMERCE POST UTME

Freight note is a document

issued by a shipping company giving details of charges

used for payment for imported goods

used by government to transport goods from one country to another

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

32 / 50

Category: COMMERCE POST UTME

A distinguishing characteristic of a limited liability company is that is

is a collection of many sole proprietors

can sue and be sued

has limited resources

is a multiple partnership

33 / 50

Category: COMMERCE POST UTME

The least of the advantages of indigenization is that

entrepreneurial skills is developed

the standard of living of the indigenes is improved

the economy is controlled by the nationals

foreigners’ domination is avoided

34 / 50

Category: COMMERCE POST UTME

An example of a consumer protection agency is the

Manufacturers Association of Nigeria

Nigerian Medical Association

Nigerian Bar Association

Federal Environmental Protection Agency

35 / 50

Category: COMMERCE POST UTME

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

order, delivery note, invoice, debit note and statement

debit note, order, delivery note, invoice and statement

statement, order, invoice, delivery note and debit note

invoice, order, statement, debit note and delivery note

36 / 50

Category: COMMERCE POST UTME

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

type of demand

price of the goods

nature of the services rendered

type of supply

37 / 50

Category: COMMERCE POST UTME

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

shareholders

directors

debtors

creditors

38 / 50

Category: COMMERCE POST UTME

The ECOBANK is the initiative of

West African States to foster trade

the Federal Government of Nigeria

some well-meaning Nigerian shareholders

the Lagos State Government to enhance capital mobilization

39 / 50

Category: COMMERCE POST UTME

Motivation is an essential element in management because it

helps to eliminate industrial disharmony

reduces friction among the organisation’s objectives

encourages individuals to work towards achieving the organisation’s objectives

leads to the improvement of staff welfare

40 / 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?

23.3%

66.6%

50.0%

33.3%

41 / 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

I and III only

II and III only

III and IV only

I and II only

42 / 50

Category: COMMERCE POST UTME

A public limited company can raise long-term loans through

discount houses

the money market

the capital market

bank overdrafts

43 / 50

Category: COMMERCE POST UTME

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

Export Promotion Council

Chambers of Commerce

Ministry of Finance

Ministry of Commerce and Tourism

44 / 50

Category: COMMERCE POST UTME

A term which indicates that a share is temporarily suspended is

cum-dividend

ex-dividend

bond

stock

45 / 50

Category: COMMERCE POST UTME

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

cartel

conglomeration

vertical integration

horizontal integration

46 / 50

Category: COMMERCE POST UTME

The business organization in which shareholders have equal votes is

co-operative

limited liability

sole proprietorship

partnership

47 / 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

honest and committed leadership

allocation of goods from the producers

freedom from external influence

48 / 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

Companies Decree, 1968

Banks and Other Financial Institutions Decree, 1991

Companies and Allied Matters Decree, 1990

49 / 50

Category: COMMERCE POST UTME

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

scientific development

technological development

competitive development

economic development

50 / 50

Category: COMMERCE POST UTME

NACCIMA stands for

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

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

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

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

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