Commerce is a structured system for exchanging goods between buyers and sellers. It involves studying the processes and activities related to buying and selling goods and services, particularly on a large scale.
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Question 11: The factor of production that is relatively indestructible and immobile is _______?
Options:
A) capital
B) labour
C) land
D) rent
Show Answer
The correct answer is A .
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Question 12:
Given:
Opening stock: ₦40 000
Purchases: ₦115 000
Closing stock: ₦60 000
Sales: ₦250 000
What is the cost of goods sold?
Options:
A) ₦155 000
B) ₦95 000
C) ₦50 000
D) ₦30 000
Show Answer
The correct answer is B .
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Question 13: A document that indicates obligation that is transferable by delivery and endorsement is a?
Options:
A) bill of lading
B) bill of exchange
C) documentary evidence
D) negotiable instrument
Show Answer
The correct answer is A .
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Question 14: The circulating capital of a business enterprise is classified into?
Options:
A) cash, work-in-progress and debtors
B) cash,vehicles, land and buildings
C) debtors , stock of raw materials and fittings
D) pre-payments, debtors and equipment
Show Answer
The correct answer is A .
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Question 15: Assurance is different from insurance in that the former is based on
Options:
A) probability
B) possibility
C) risk
D) uncertainty
Show Answer
The correct answer is B .
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Question 16: Trade fairs in Nigeria are organised by
Options:
A) the Federal Government
B) Manufacturers'' Association of Nigeria
C) Ministry of Commerce and Industry
D) Chambers of Commerce
Show Answer
The correct answer is D .
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Question 17:
A document that embody the conditions and exceptions attached to the contract is
Options:
A) proposal form
B) cover note
C) the policy
D) insurance certificate
Show Answer
The correct answer is C .
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Question 18: The letters E and OE stand for?
Options:
A) errors of exception
B) errors and omissions expected
C) estimate and order error
D) end of error
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The correct answer is B .
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Question 19: The activities of consumers association in Nigeria have not been effective because
Options:
A) the consumers are too many
B) the government is not favourabley dispose towards consumerism
C) there is poor enlightenment about consumer rights
D) the consumers have no medium for expressing their feelings
Show Answer
The correct answer is D .
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Question 20:
I. Wholesaler
Ii. Fishing
Iii. Canning
Iv. Retailing
The sequence in which the occupational activities above are performed is?
Options:
A) iii, ii, i and iv
B) iii, i, iv and ii
C) i, ii, iii and iv
D) ii, iii, i and iv
Show Answer
The correct answer is D .