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.

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Category: COMMERCE POST UTME

Motivation is an essential element in management because it

reduces friction among the organisation’s objectives

leads to the improvement of staff welfare

encourages individuals to work towards achieving the organisation’s objectives

helps to eliminate industrial disharmony

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Category: COMMERCE POST UTME

The production process that combines two or more raw materials into one end product is

conditioning

synthesis

merging

blending

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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= 24.65 million

=N= 17.00 million

=N= 7.65 million

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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

II and III only

I and II only

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Category: COMMERCE POST UTME

Goods discharged from ships on which import duties have not been paid are kept in the

private warehouse

bonded warehouse

ordinary warehouse

public warehouse

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Category: COMMERCE POST UTME

The main function of thrift, credit and loans co-operative societies is to

educate their members

raise investment finance among their members

collect money from their members

disburse money to their members

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Category: COMMERCE POST UTME

The existing system of governance and the administrative sub-divisions of a country which described as

political environment

economic environment

legal environment

social environment

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Category: COMMERCE POST UTME

Commerce makes it possible for man to live in a …

simple and organized society

complex and organized society

society characterized by dependency

society characterized by subsistency

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Category: COMMERCE POST UTME

A major liability of a commercial bank arises from

staff allowances

loans and advances

customers’ deposits

overdrafts

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Category: COMMERCE POST UTME

When an industry or company is nationalized, the state becomes

an equal shareholder with other individuals

the majority shareholder

the minority shareholder

the only shareholder

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Category: COMMERCE POST UTME

An underlying principle in the marketing of goods is that firms should

train their personnel

sell through outlets

be consumer oriented

advertise the goods

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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

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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

contribution

re-insurance

subrogation

indemnity

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Category: COMMERCE POST UTME

Which of these sets of external environmental factors affect a business operation?

Competition, Labour and Political

Political, Cultural and Labour

Competition, Industry and Product

Economic, Social and Legal

15 / 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

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Category: COMMERCE POST UTME

The least of the advantages of indigenization is that

entrepreneurial skills is developed

foreigners’ domination is avoided

the economy is controlled by the nationals

the standard of living of the indigenes is improved

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Category: COMMERCE POST UTME

For the establishment of a powerful consumers’ association in Nigeria to exist, there must be

honest and committed leadership

allocation of goods from the producers

freedom from external influence

financial and moral support from the public

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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 trade

balance of payments

comparative advantage

comparative cost advantage

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Category: COMMERCE POST UTME

The business organization in which shareholders have equal votes is

limited liability

sole proprietorship

partnership

co-operative

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Category: COMMERCE POST UTME

A public limited company can raise long-term loans through

bank overdrafts

discount houses

the capital market

the money market

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Category: COMMERCE POST UTME

The assets, liabilities and general management of a distressed bank may be taken over by

Nigerian Industrial Development Bank

International Bank for Reconstruction and Development

Nigeria Deposit Insurance Corporation

Nigerian Bank for Commerce and Industry

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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

Trade Disputes Decree, 1976

Companies Decree, 1968

Banks and Other Financial Institutions Decree, 1991

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Category: COMMERCE POST UTME

The merger of two companies producing the same type of products is an example of

lateral merger

vertical integration

horizontal integration

an acquisition

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Category: COMMERCE POST UTME

The body that organizes, promotes and participates in local and foreign trade fairs is the

Ministry of Commerce and Tourism

Chambers of Commerce

Export Promotion Council

Ministry of Finance

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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

penetration

differentiation

segmentation

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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

stock value

par value

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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.

the consumers are too many

there is poor enlightenment about consumer rights

the government is not favourably disposed towards consumerism

28 / 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

some well-meaning Nigerian shareholders

the Federal Government of Nigeria

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Category: COMMERCE POST UTME

Under normal circumstances, a business enterprise can be ideally structured

by product, function or territories

on the ruling of the management

around the personalities in the enterprise

on the basis of an order from stockholders

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Category: COMMERCE POST UTME

An example of a consumer protection agency is the

Nigerian Medical Association

Manufacturers Association of Nigeria

Federal Environmental Protection Agency

Nigerian Bar Association

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Category: COMMERCE POST UTME

Which of the following statements is TRUE about sea transport?

all ships have specific routes to ply

all ships normally arrive at their destination with goods

all ships are insured separately from the crew

all ships must be insured at every journey

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Category: COMMERCE POST UTME

Which of the following is the most important business resource?

management

manpower

materials

money

33 / 50

Category: COMMERCE POST UTME

A term which indicates that a share is temporarily suspended is

bond

ex-dividend

stock

cum-dividend

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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

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Category: COMMERCE POST UTME

Freight note is a document

used by government to transport goods from one country to another

used for payment for imported goods

given by an importer to pay for goods at a future period

issued by a shipping company giving details of charges

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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

II and III only

III and IV only

I and III only

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Category: COMMERCE POST UTME

The use of computers in modern banking industry is a reflection of

economic development

technological development

scientific development

competitive development

38 / 50

Category: COMMERCE POST UTME

Sole enterprise may flourish best in

a mining business

a car assembly business

an oil exploration business

a retailing business

39 / 50

Category: COMMERCE POST UTME

In the case of a voluntary liquidation of a business, the receiver is appointed by the

debtors

creditors

directors

shareholders

40 / 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

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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

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Category: COMMERCE POST UTME

Shares can be forfeited for

non-payment of any due to the company

violent activities at the Annual General Meetings

non-attending three annual general meetings consecutively

non-payment of call money

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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%

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Category: COMMERCE POST UTME

Which of the following makes other functions of business its appendages?

personnel

production

marketing

finance

45 / 50

Category: COMMERCE POST UTME

Which of the following takes place when firms producing at different stages in the same industry combine?

horizontal integration

conglomeration

vertical integration

cartel

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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

adulteration of food and drugs sold in the country

manufacturers of food and drugs from charging excessive prices

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Category: COMMERCE POST UTME

A distinguishing characteristic of a limited liability company is that is

can sue and be sued

is a multiple partnership

has limited resources

is a collection of many sole proprietors

48 / 50

Category: COMMERCE POST UTME

A demonstration of social responsibility by a business is the payment of

interest on loans

taxes to government

premium for insurance

dividends to shareholders

49 / 50

Category: COMMERCE POST UTME

NACCIMA stands for

Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture

Nigerian Association for Culture, Civics, Industries, Minerals and Arts

National Agency for Culture, Civilization, Investments, Manufacturing and Agriculture

Nigerian-American Centre for Culture, Industries, Mines and Arts

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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

invoice, order, statement, debit note and delivery note

debit note, order, delivery note, invoice and statement

order, delivery note, invoice, debit note and statement

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