COMMERCE POST UTME PAST QUESTIONS & ANSWERS HomePOST UTME/POST JAMB Past Question & AnswersCOMMERCE POST UTME PAST QUESTIONS & ANSWERS Practice this COMMERCE POST UTME exam questions and answers Our experts have provided correct answers to these questions. 0% COMMERCE POST UTME (APP) COMMERCE POST UTME COMMERCE POST UTME Practice with our Post UTME CBT for Universities, Polytechnics, College of Agriculture, College of Medicine, College of Technology and College of Education and pass your examination. 1 / 50 Category: COMMERCE POST UTME Goods discharged from ships on which import duties have not been paid are kept in the public warehouse private warehouse ordinary warehouse bonded warehouse 2 / 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 balance of payments comparative cost advantage balance of trade comparative advantage 3 / 50 Category: COMMERCE POST UTME The assets, liabilities and general management of a distressed bank may be taken over by Nigeria Deposit Insurance Corporation International Bank for Reconstruction and Development Nigerian Industrial Development Bank Nigerian Bank for Commerce and Industry 4 / 50 Category: COMMERCE POST UTME The ECOBANK is the initiative of some well-meaning Nigerian shareholders the Lagos State Government to enhance capital mobilization the Federal Government of Nigeria West African States to foster trade 5 / 50 Category: COMMERCE POST UTME The merger of two companies producing the same type of products is an example of horizontal integration an acquisition lateral merger vertical integration 6 / 50 Category: COMMERCE POST UTME The production process that combines two or more raw materials into one end product is synthesis merging conditioning blending 7 / 50 Category: COMMERCE POST UTME The activities of consumers association in Nigeria have not been effective because the consumers have no medium for expressing their feelings. there is poor enlightenment about consumer rights the consumers are too many the government is not favourably disposed towards consumerism 8 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as social environment political environment economic environment legal environment 9 / 50 Category: COMMERCE POST UTME The least of the advantages of indigenization is that the standard of living of the indigenes is improved the economy is controlled by the nationals foreigners’ domination is avoided entrepreneurial skills is developed 10 / 50 Category: COMMERCE POST UTME Commerce makes it possible for man to live in a … society characterized by subsistency complex and organized society society characterized by dependency simple and organized society 11 / 50 Category: COMMERCE POST UTME Motivation is an essential element in management because it encourages individuals to work towards achieving the organisation’s objectives helps to eliminate industrial disharmony leads to the improvement of staff welfare reduces friction among the organisation’s objectives 12 / 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 issued by a shipping company giving details of charges used for payment for imported goods 13 / 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% 33.3% 66.6% 23.3% 14 / 50 Category: COMMERCE POST UTME An underlying principle in the marketing of goods is that firms should advertise the goods train their personnel be consumer oriented sell through outlets 15 / 50 Category: COMMERCE POST UTME One of the criteria for differentiating consumer markets from industrial ones is the nature of the services rendered price of the goods type of supply type of demand 16 / 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 consumption of food and drugs not tested by the ministries of health adulteration of food and drugs sold in the country 17 / 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 II only I and III only III and IV only II and III only 18 / 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 19 / 50 Category: COMMERCE POST UTME Management is described as the number of levels in an organisation implementation of business decisions getting things done through people the people in authority in an organization 20 / 50 Category: COMMERCE POST UTME The use of computers in modern banking industry is a reflection of competitive development scientific development economic development technological development 21 / 50 Category: COMMERCE POST UTME Which of the following makes other functions of business its appendages? production marketing finance personnel 22 / 50 Category: COMMERCE POST UTME The business organization in which shareholders have equal votes is co-operative partnership limited liability sole proprietorship 23 / 50 Category: COMMERCE POST UTME The main function of thrift, credit and loans co-operative societies is to raise investment finance among their members educate their members disburse money to their members collect money from their members 24 / 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 and Allied Matters Decree, 1990 Companies Decree, 1968 Banks and Other Financial Institutions Decree, 1991 25 / 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= 9.35 million =N= 17.00 million =N= 24.65 million 26 / 50 Category: COMMERCE POST UTME Which of the following gives the correct order in which the listed documents are used? statement, order, invoice, delivery note and debit note debit note, order, delivery note, invoice and statement invoice, order, statement, debit note and delivery note order, delivery note, invoice, debit note and statement 27 / 50 Category: COMMERCE POST UTME A public limited company can raise long-term loans through the money market the capital market bank overdrafts discount houses 28 / 50 Category: COMMERCE POST UTME Shares can be forfeited for violent activities at the Annual General Meetings non-payment of call money non-payment of any due to the company non-attending three annual general meetings consecutively 29 / 50 Category: COMMERCE POST UTME In the case of a voluntary liquidation of a business, the receiver is appointed by the debtors creditors shareholders directors 30 / 50 Category: COMMERCE POST UTME The ordinary shareholders enjoy the following rights EXCEPT the right to elect the board of directors receive dividends at a predetermined rate vote at annual general meetings participate in additional issues of shares 31 / 50 Category: COMMERCE POST UTME Which of the following is the most important business resource? management money manpower materials 32 / 50 Category: COMMERCE POST UTME A demonstration of social responsibility by a business is the payment of taxes to government dividends to shareholders premium for insurance interest on loans 33 / 50 Category: COMMERCE POST UTME Under normal circumstances, a business enterprise can be ideally structured on the basis of an order from stockholders around the personalities in the enterprise by product, function or territories on the ruling of the management 34 / 50 Category: COMMERCE POST UTME An example of a consumer protection agency is the Nigerian Bar Association Manufacturers Association of Nigeria Nigerian Medical Association Federal Environmental Protection Agency 35 / 50 Category: COMMERCE POST UTME When an industry or company is nationalized, the state becomes an equal shareholder with other individuals the minority shareholder the majority shareholder the only shareholder 36 / 50 Category: COMMERCE POST UTME The body that organizes, promotes and participates in local and foreign trade fairs is the Chambers of Commerce Ministry of Finance Ministry of Commerce and Tourism Export Promotion Council 37 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as economic environment political environment social environment legal environment 38 / 50 Category: COMMERCE POST UTME A term which indicates that a share is temporarily suspended is cum-dividend ex-dividend stock bond 39 / 50 Category: COMMERCE POST UTME A distinguishing characteristic of a limited liability company is that is has limited resources is a multiple partnership can sue and be sued is a collection of many sole proprietors 40 / 50 Category: COMMERCE POST UTME RRF as a scheme introduced by the Central Bank of Nigeria means Refinancing and Rediscounting Faculty Recording and Rediscounting Faculty Refinancing and Recording Faculty Refinancing and Reinvesting Faculty 41 / 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 identification segmentation differentiation penetration 42 / 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 43 / 50 Category: COMMERCE POST UTME A major liability of a commercial bank arises from customers’ deposits overdrafts staff allowances loans and advances 44 / 50 Category: COMMERCE POST UTME Which of these sets of external environmental factors affect a business operation? Economic, Social and Legal Political, Cultural and Labour Competition, Labour and Political Competition, Industry and Product 45 / 50 Category: COMMERCE POST UTME For the establishment of a powerful consumers’ association in Nigeria to exist, there must be honest and committed leadership financial and moral support from the public allocation of goods from the producers freedom from external influence 46 / 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 must be insured at every journey all ships have specific routes to ply all ships are insured separately from the crew 47 / 50 Category: COMMERCE POST UTME Which of the following takes place when firms producing at different stages in the same industry combine? vertical integration cartel horizontal integration conglomeration 48 / 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 subrogation contribution indemnity 49 / 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, II and III I and III only II and III only 50 / 50 Category: COMMERCE POST UTME NACCIMA stands for Nigerian Association for Culture, Civics, Industries, Minerals and Arts Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture National Agency for Culture, Civilization, Investments, Manufacturing and Agriculture Nigerian-American Centre for Culture, Industries, Mines and Arts Your score is 0% Restart quiz