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 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 2 / 50 Category: COMMERCE POST UTME Motivation is an essential element in management because it reduces friction among the organisation’s objectives helps to eliminate industrial disharmony leads to the improvement of staff welfare encourages individuals to work towards achieving the organisation’s objectives 3 / 50 Category: COMMERCE POST UTME The nominal value of a share as specified in the Memorandum of Association and the share certificate is the par value stock value face value discounted value 4 / 50 Category: COMMERCE POST UTME Sole enterprise may flourish best in a retailing business a car assembly business an oil exploration business a mining business 5 / 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 6 / 50 Category: COMMERCE POST UTME The business organization in which shareholders have equal votes is limited liability co-operative partnership sole proprietorship 7 / 50 Category: COMMERCE POST UTME A major liability of a commercial bank arises from customers’ deposits overdrafts staff allowances loans and advances 8 / 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 subrogation re-insurance 9 / 50 Category: COMMERCE POST UTME One of the criteria for differentiating consumer markets from industrial ones is the nature of the services rendered type of supply price of the goods type of demand 10 / 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 11 / 50 Category: COMMERCE POST UTME The assets, liabilities and general management of a distressed bank may be taken over by Nigerian Industrial Development Bank Nigeria Deposit Insurance Corporation International Bank for Reconstruction and Development Nigerian Bank for Commerce and Industry 12 / 50 Category: COMMERCE POST UTME A demonstration of social responsibility by a business is the payment of dividends to shareholders interest on loans taxes to government premium for insurance 13 / 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 manufacturers of food and drugs from charging excessive prices adulteration of food and drugs sold in the country 14 / 50 Category: COMMERCE POST UTME When an industry or company is nationalized, the state becomes the majority shareholder the minority shareholder the only shareholder an equal shareholder with other individuals 15 / 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 16 / 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 17 / 50 Category: COMMERCE POST UTME A public limited company can raise long-term loans through discount houses the capital market the money market bank overdrafts 18 / 50 Category: COMMERCE POST UTME An example of a consumer protection agency is the Manufacturers Association of Nigeria Federal Environmental Protection Agency Nigerian Medical Association Nigerian Bar Association 19 / 50 Category: COMMERCE POST UTME The production process that combines two or more raw materials into one end product is synthesis blending merging conditioning 20 / 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 participate in additional issues of shares vote at annual general meetings 21 / 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= 17.00 million =N= 7.65 million =N= 24.65 million =N= 9.35 million 22 / 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 23 / 50 Category: COMMERCE POST UTME The least of the advantages of indigenization is that the standard of living of the indigenes is improved foreigners’ domination is avoided the economy is controlled by the nationals entrepreneurial skills is developed 24 / 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 the consumers have no medium for expressing their feelings. there is poor enlightenment about consumer rights 25 / 50 Category: COMMERCE POST UTME The use of computers in modern banking industry is a reflection of competitive development economic development scientific development technological development 26 / 50 Category: COMMERCE POST UTME Shares can be forfeited for non-attending three annual general meetings consecutively non-payment of call money violent activities at the Annual General Meetings non-payment of any due to the company 27 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as social environment legal environment political environment economic environment 28 / 50 Category: COMMERCE POST UTME Which of the following statements is TRUE about sea transport? all ships are insured separately from the crew all ships have specific routes to ply all ships must be insured at every journey all ships normally arrive at their destination with goods 29 / 50 Category: COMMERCE POST UTME A term which indicates that a share is temporarily suspended is bond cum-dividend stock ex-dividend 30 / 50 Category: COMMERCE POST UTME The ECOBANK is the initiative of West African States to foster trade some well-meaning Nigerian shareholders the Lagos State Government to enhance capital mobilization the Federal Government of Nigeria 31 / 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 II and III only III and IV only I and III only I and II only 32 / 50 Category: COMMERCE POST UTME Which of the following takes place when firms producing at different stages in the same industry combine? vertical integration horizontal integration conglomeration cartel 33 / 50 Category: COMMERCE POST UTME In the case of a voluntary liquidation of a business, the receiver is appointed by the directors shareholders creditors debtors 34 / 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 35 / 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 36 / 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 given by an importer to pay for goods at a future period used by government to transport goods from one country to another 37 / 50 Category: COMMERCE POST UTME Which of the following is the most important business resource? management manpower materials money 38 / 50 Category: COMMERCE POST UTME An underlying principle in the marketing of goods is that firms should train their personnel advertise the goods sell through outlets be consumer oriented 39 / 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 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% 33.3% 50.0% 41 / 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 order, delivery note, invoice, debit note and statement invoice, order, statement, debit note and delivery note 42 / 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 differentiation segmentation penetration 43 / 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 comparative advantage balance of payments 44 / 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 freedom from external influence allocation of goods from the producers 45 / 50 Category: COMMERCE POST UTME Goods discharged from ships on which import duties have not been paid are kept in the bonded warehouse public warehouse private warehouse ordinary warehouse 46 / 50 Category: COMMERCE POST UTME Commerce makes it possible for man to live in a … society characterized by dependency society characterized by subsistency complex and organized society simple and organized society 47 / 50 Category: COMMERCE POST UTME Which of the following makes other functions of business its appendages? finance personnel production marketing 48 / 50 Category: COMMERCE POST UTME The main function of thrift, credit and loans co-operative societies is to collect money from their members educate their members disburse money to their members raise investment finance among their members 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 III only I, II and III I and II only II and III only 50 / 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 legal environment economic environment Your score is 0% Restart quiz