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 materials management 2 / 50 Category: COMMERCE POST UTME Which of these sets of external environmental factors affect a business operation? Competition, Labour and Political Competition, Industry and Product Political, Cultural and Labour Economic, Social and Legal 3 / 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 advantage comparative cost advantage balance of trade 4 / 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 collection of many sole proprietors is a multiple partnership 5 / 50 Category: COMMERCE POST UTME When an industry or company is nationalized, the state becomes the majority shareholder the minority shareholder an equal shareholder with other individuals the only shareholder 6 / 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 7 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as legal environment political environment social environment economic environment 8 / 50 Category: COMMERCE POST UTME The use of computers in modern banking industry is a reflection of economic development technological development competitive development scientific development 9 / 50 Category: COMMERCE POST UTME In the case of a voluntary liquidation of a business, the receiver is appointed by the directors creditors shareholders debtors 10 / 50 Category: COMMERCE POST UTME Shares can be forfeited for non-payment of call money violent activities at the Annual General Meetings non-payment of any due to the company non-attending three annual general meetings consecutively 11 / 50 Category: COMMERCE POST UTME The merger of two companies producing the same type of products is an example of horizontal integration lateral merger vertical integration an acquisition 12 / 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= 17.00 million =N= 24.65 million =N= 7.65 million 13 / 50 Category: COMMERCE POST UTME Motivation is an essential element in management because it leads to the improvement of staff welfare reduces friction among the organisation’s objectives encourages individuals to work towards achieving the organisation’s objectives helps to eliminate industrial disharmony 14 / 50 Category: COMMERCE POST UTME The existing system of governance and the administrative sub-divisions of a country which described as legal environment social environment political environment economic environment 15 / 50 Category: COMMERCE POST UTME A demonstration of social responsibility by a business is the payment of taxes to government premium for insurance dividends to shareholders interest on loans 16 / 50 Category: COMMERCE POST UTME Commerce makes it possible for man to live in a … society characterized by subsistency society characterized by dependency complex and organized society simple and organized society 17 / 50 Category: COMMERCE POST UTME The business organization in which shareholders have equal votes is limited liability partnership co-operative sole proprietorship 18 / 50 Category: COMMERCE POST UTME Sole enterprise may flourish best in a mining business a retailing business a car assembly business an oil exploration business 19 / 50 Category: COMMERCE POST UTME A major liability of a commercial bank arises from customers’ deposits loans and advances overdrafts staff allowances 20 / 50 Category: COMMERCE POST UTME The overriding objective of the Food and Drug Act in Nigeria is to prevent the consumption of food and drugs not tested by the ministries of health importation of food and drugs that can be locally manufactured manufacturers of food and drugs from charging excessive prices adulteration of food and drugs sold in the country 21 / 50 Category: COMMERCE POST UTME A term which indicates that a share is temporarily suspended is bond stock cum-dividend ex-dividend 22 / 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 23 / 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 24 / 50 Category: COMMERCE POST UTME The body that organizes, promotes and participates in local and foreign trade fairs is the Export Promotion Council Ministry of Commerce and Tourism Chambers of Commerce Ministry of Finance 25 / 50 Category: COMMERCE POST UTME Which of the following statements is TRUE about sea transport? all ships have specific routes to ply all ships must be insured at every journey all ships are insured separately from the crew all ships normally arrive at their destination with goods 26 / 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 government is not favourably disposed towards consumerism the consumers are too many 27 / 50 Category: COMMERCE POST UTME One of the criteria for differentiating consumer markets from industrial ones is the type of supply price of the goods type of demand nature of the services rendered 28 / 50 Category: COMMERCE POST UTME The ECOBANK is the initiative of the Federal Government of Nigeria West African States to foster trade the Lagos State Government to enhance capital mobilization some well-meaning Nigerian shareholders 29 / 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 collect money from their members disburse money to their members 30 / 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 penetration identification 31 / 50 Category: COMMERCE POST UTME Management is described as implementation of business decisions getting things done through people the number of levels in an organisation the people in authority in an organization 32 / 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 Nigeria Deposit Insurance Corporation Nigerian Bank for Commerce and Industry 33 / 50 Category: COMMERCE POST UTME Which of the following gives the correct order in which the listed documents are used? debit note, order, delivery note, invoice and statement order, delivery note, invoice, debit note and statement statement, order, invoice, delivery note and debit note invoice, order, statement, debit note and delivery note 34 / 50 Category: COMMERCE POST UTME Which of the following takes place when firms producing at different stages in the same industry combine? cartel horizontal integration vertical integration conglomeration 35 / 50 Category: COMMERCE POST UTME The least of the advantages of indigenization is that foreigners’ domination is avoided entrepreneurial skills is developed the economy is controlled by the nationals the standard of living of the indigenes is improved 36 / 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 and II only II and III only I, II and III 37 / 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 38 / 50 Category: COMMERCE POST UTME Which of the following makes other functions of business its appendages? personnel production marketing finance 39 / 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 II and III only III and IV only 40 / 50 Category: COMMERCE POST UTME The most important piece of legislation governing business and commercial activities in Nigeria currently is the Companies and Allied Matters Decree, 1990 Banks and Other Financial Institutions Decree, 1991 Trade Disputes Decree, 1976 Companies Decree, 1968 41 / 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 42 / 50 Category: COMMERCE POST UTME A public limited company can raise long-term loans through discount houses the money market bank overdrafts the capital market 43 / 50 Category: COMMERCE POST UTME An example of a consumer protection agency is the Nigerian Medical Association Nigerian Bar Association Federal Environmental Protection Agency Manufacturers Association of Nigeria 44 / 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 ordinary warehouse private warehouse 45 / 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? 33.3% 23.3% 50.0% 66.6% 46 / 50 Category: COMMERCE POST UTME The production process that combines two or more raw materials into one end product is blending synthesis conditioning merging 47 / 50 Category: COMMERCE POST UTME The nominal value of a share as specified in the Memorandum of Association and the share certificate is the discounted value face value stock value par value 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 subrogation re-insurance contribution indemnity 49 / 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 50 / 50 Category: COMMERCE POST UTME Under normal circumstances, a business enterprise can be ideally structured on the ruling of the management on the basis of an order from stockholders around the personalities in the enterprise by product, function or territories Your score is 0% Restart quiz