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 Which of the following is the most important business resource? manpower money management materials 2 / 50 Category: COMMERCE POST UTME A term which indicates that a share is temporarily suspended is stock ex-dividend bond cum-dividend 3 / 50 Category: COMMERCE POST UTME The ordinary shareholders enjoy the following rights EXCEPT the right to elect the board of directors vote at annual general meetings participate in additional issues of shares receive dividends at a predetermined rate 4 / 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 5 / 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? 66.6% 50.0% 23.3% 33.3% 6 / 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 contribution indemnity subrogation 7 / 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 8 / 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 9 / 50 Category: COMMERCE POST UTME The merger of two companies producing the same type of products is an example of an acquisition vertical integration horizontal integration lateral merger 10 / 50 Category: COMMERCE POST UTME An underlying principle in the marketing of goods is that firms should advertise the goods be consumer oriented sell through outlets train their personnel 11 / 50 Category: COMMERCE POST UTME Which of these sets of external environmental factors affect a business operation? Economic, Social and Legal Competition, Industry and Product Political, Cultural and Labour Competition, Labour and Political 12 / 50 Category: COMMERCE POST UTME Shares can be forfeited for non-payment of any due to the company non-payment of call money non-attending three annual general meetings consecutively violent activities at the Annual General Meetings 13 / 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 III only I and II only II and III only 14 / 50 Category: COMMERCE POST UTME A distinguishing characteristic of a limited liability company is that is has limited resources is a collection of many sole proprietors can sue and be sued is a multiple partnership 15 / 50 Category: COMMERCE POST UTME Which of the following makes other functions of business its appendages? personnel finance production marketing 16 / 50 Category: COMMERCE POST UTME Goods discharged from ships on which import duties have not been paid are kept in the public warehouse ordinary warehouse private warehouse bonded warehouse 17 / 50 Category: COMMERCE POST UTME The business organization in which shareholders have equal votes is limited liability partnership sole proprietorship co-operative 18 / 50 Category: COMMERCE POST UTME Under normal circumstances, a business enterprise can be ideally structured by product, function or territories on the basis of an order from stockholders on the ruling of the management around the personalities in the enterprise 19 / 50 Category: COMMERCE POST UTME NACCIMA stands for Nigerian Association for Culture, Civics, Industries, Minerals and Arts Nigerian-American Centre for Culture, Industries, Mines and Arts National Agency for Culture, Civilization, Investments, Manufacturing and Agriculture Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture 20 / 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 21 / 50 Category: COMMERCE POST UTME RRF as a scheme introduced by the Central Bank of Nigeria means Refinancing and Reinvesting Faculty Refinancing and Rediscounting Faculty Recording and Rediscounting Faculty Refinancing and Recording Faculty 22 / 50 Category: COMMERCE POST UTME When an industry or company is nationalized, the state becomes the only shareholder an equal shareholder with other individuals the majority shareholder the minority shareholder 23 / 50 Category: COMMERCE POST UTME The main function of thrift, credit and loans co-operative societies is to disburse money to their members collect money from their members educate their members raise investment finance among their members 24 / 50 Category: COMMERCE POST UTME For the establishment of a powerful consumers’ association in Nigeria to exist, there must be honest and committed leadership freedom from external influence financial and moral support from the public allocation of goods from the producers 25 / 50 Category: COMMERCE POST UTME Management is described as implementation of business decisions the number of levels in an organisation the people in authority in an organization getting things done through people 26 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as economic environment social environment political environment legal environment 27 / 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 28 / 50 Category: COMMERCE POST UTME The production process that combines two or more raw materials into one end product is synthesis blending merging conditioning 29 / 50 Category: COMMERCE POST UTME A major liability of a commercial bank arises from loans and advances overdrafts staff allowances customers’ deposits 30 / 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 31 / 50 Category: COMMERCE POST UTME The least of the advantages of indigenization is that foreigners’ domination is avoided entrepreneurial skills is developed the standard of living of the indigenes is improved the economy is controlled by the nationals 32 / 50 Category: COMMERCE POST UTME Sole enterprise may flourish best in a retailing business an oil exploration business a mining business a car assembly business 33 / 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 34 / 50 Category: COMMERCE POST UTME The ECOBANK is the initiative of the Lagos State Government to enhance capital mobilization West African States to foster trade the Federal Government of Nigeria some well-meaning Nigerian shareholders 35 / 50 Category: COMMERCE POST UTME Freight note is a document issued by a shipping company giving details of charges given by an importer to pay for goods at a future period used for payment for imported goods used by government to transport goods from one country to another 36 / 50 Category: COMMERCE POST UTME Motivation is an essential element in management because it leads to the improvement of staff welfare helps to eliminate industrial disharmony encourages individuals to work towards achieving the organisation’s objectives reduces friction among the organisation’s objectives 37 / 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 38 / 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= 9.35 million =N= 7.65 million =N= 24.65 million =N= 17.00 million 39 / 50 Category: COMMERCE POST UTME Commerce makes it possible for man to live in a … complex and organized society society characterized by dependency simple and organized society society characterized by subsistency 40 / 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 41 / 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 42 / 50 Category: COMMERCE POST UTME An example of a consumer protection agency is the Manufacturers Association of Nigeria Nigerian Bar Association Nigerian Medical Association Federal Environmental Protection Agency 43 / 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 Nigeria Deposit Insurance Corporation International Bank for Reconstruction and Development Nigerian Industrial Development Bank 44 / 50 Category: COMMERCE POST UTME The most important piece of legislation governing business and commercial activities in Nigeria currently is the Companies Decree, 1968 Banks and Other Financial Institutions Decree, 1991 Trade Disputes Decree, 1976 Companies and Allied Matters Decree, 1990 45 / 50 Category: COMMERCE POST UTME In the case of a voluntary liquidation of a business, the receiver is appointed by the shareholders directors creditors debtors 46 / 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 identification penetration differentiation 47 / 50 Category: COMMERCE POST UTME A demonstration of social responsibility by a business is the payment of taxes to government interest on loans premium for insurance dividends to shareholders 48 / 50 Category: COMMERCE POST UTME A public limited company can raise long-term loans through the money market discount houses bank overdrafts the capital market 49 / 50 Category: COMMERCE POST UTME Which of the following takes place when firms producing at different stages in the same industry combine? cartel vertical integration conglomeration horizontal integration 50 / 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 government is not favourably disposed towards consumerism the consumers are too many the consumers have no medium for expressing their feelings. 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