PAPER TYPE: C
1. Which question paper Type of commerce is given to you?
A. Type A
B. Type B
C. Type C
D. Type D
2. The most important function of commerce is in ___.
A. enhancing business relationships
B. helping people to improve their profits
C. facilitating exchange among individuals and firms
D. assisting trade through banking and insurance
3. The three main classification of occupation are ___.
A. construction, trade and services
B. manufacturing, industry and services
C. farming, banking and trading
D. industry, commerce and services
4. An oil exploration company is engaged in ___.
A. tertiary production
B. constructive occupation
C. extractive occupation
D. secondary production
5. Service rendered to the public is provided by ___.
B. civil servants
D. domestic servants
6. The creation of goods and services to satisfy human wants is referred to as ___.
7. Which of the following is a limitation of division of labour ___.
A. Decline in craftsmanship
B. Monotony of work
C. Reduction in output
D. Reduction in labour force
8. Resources obtained from the extractive sector that are transformed into finished products are examples of ___.
A. primary production
B. tertiary production
C. direct production
D. secondary production
9.From the diagram above, what does I stand for ___.
A. Aids to trade
C. Home trade
10. An individual that links the producer with the retailer is ___.
A. an agent
B. a wholesaler
C. an entrepreneur
D. a principal
11. One of the functions of a retailer is the ___.
A. financing of production activities
B. provision of credit facilities to relations
C. provision of jobs for customers
D. breaking of bulk
12. The main aim of selling directly to the consumers by manufacturers is to ___.
A. reduce transportation cost
B. make contact with individual consumers
C. discourage the activities of middlemen
D. maximize profit margin
13. Balance of payment problems arise if a country's?
A. exports are more than imports
B. imports are more than exports
C. currency devaluation
D. invisible exports are more than visible exports
14. The three components of a country's balance of payments are ___.
A. current account, capital account and monetary movement account
B. capital account, trade account and business record
C. sales account, profit and loss account and capital account
D. monetary movement account, trade account and sales ledger
15. A document that indicates obligation that is transferable by delivery and endorsement is a ___.
A. bill of lading
B. bill of exchange
C. documentary evidence
D. negotiable instrument
16. The document which can be exchange for a bill of lading is ___.
A. freight note
B. mate receipt
C. export invoice
D. ship report
17. The price quoted which includes the cost of insurance, freight and all delivery charges to the importer's warehouse is ___.
A. Free Alongside Ship
C. Free on Board
D. Free on Rail
18. The purchase of goods under the CWO system of payment implies that ___.
A. money must be enclosed when ordering
B. payment must be made on delivery
C. payment must be made within few days
D. cash must be paid on the spot
19. The most effective nut limited medium of advertising in Nigeria is ___.
20. A cheque that has been drawn but not presented for payment can still be honoured ___.
A. within 6 months
B. after 9 months
C. within 9 months
D. after 6 months
21. The major source of income to commercial banks is?
22. An ancillary to trade that easily links suppliers with consumers is ___.
23. Mr. Lawal insured his warehouse against burglary but it was later gutted by fire. this implies that ___.
A. the loss should be borne by the insurer
B. Mr. Lawal is liable only for half of the estimated loss
C. the insurer should make a consolation payment for the loss
D. the loss should be borne by Mr. Lawal
24. The agreement of insurers to spread risks among themselves is a major feature of ___.
B. life insurance
D. marine insurance
25. Inbound tourism occurs when ___.
A. non-residents of a country travel to other countries
B. resident of a country travel to another country
C. non-resident of a country travel within it
D. resident of a country travel within it
26. One of the major disadvantages of pipeline transportation is its ___.
A. high cost of construction
B. limitation in scope
C. vulnerability to climate changes
D. high maintenance cost
27. The business organization that can effectively combine management with control is ___.
A. private limited liability company
B. sole proprietorship
C. public limited liability company
D. co-operation society
28. When two or more companies agree to execute a project too large for one to handle, this is referred to as ___.
A. an amalgamation
B. a cartel
C. a merger
D. a consortium
29. In the event of voluntary liquidation, the appointed of a liquidator is the responsibility of the ___.
30. A source of business financing which involves pledging of a specific asset is ___.
31. An example of a trade association is ___.
32. A broker is an agent who links a potential investor with ___.
A. a shareholder who wants to register a company
B. other members of the exchange who want to trade
C. government official on the exchange
D. a quoted company
33. Second-tier Securities Market differ from the First-tier Securities Market in that the former is ___.
A. highly restricted
B. regulated by the SEC
C. regulated by the NIPC
D. less restricted
34. A communication process providing information for decision-making in an organization is the ___.
A. Management information System
B. Transmission Control Protocol
C. Information Retrieval System
D. File Transfer Protocol
35. The managerial ability of a supervisor in an organization may be underutilized if the ___.
A. morale of the supervised is high
B. span of control is wide
C. span of control is narrow
D. morale of the supervisor is low
36. The arrangement and interrelationship of the various components and positions of a business is referred to as ___.
A. organizational structure
B. clarity of objective
C. unity of direction
D. line structure
37. The variety of goods and services which a company offers for sale is its ___.
A. place mix
B. promotion mix
C. price mix
D. product mix
38. Activities undertaken to create awareness for goods by conducting contest is ___.
A. marketing concept
C. sales promotion
D. marketing mix
39. The slogan, a wonderful world, used by a communication network is a form of ___.
A. product differentiation
B. persuasive advertising
40. To make a simple contract valid, the intention must be ___.
A. legal and written
B. legal and binding
C. legal and attractive
D. legal and harmonious
41. The major parties to an agency relationship are the ___.
A. principal and the creditor
B. Bailee and the bailor
C. principal and the agent
D. shareholder and the creditor
42. One of the obligations of an employer to an employee is to ___.
A. indemnify him against liabilities incurred on duty
B. award scholarship to his children
C. terminate his appointment without prior notice
D. indemnity him against injuries caused through negligence
43. The body charged with the responsibility of regulating foods and drugs in Nigeria is the ___.
44. The physical components of a computer system refers to the ___.
A. system unit
D. compact disk
45. An example of a computer operating system is ___.
A. the PageMaker
B. the Word Perfect
C. Microsoft Word 2000
D. Windows 2000
46. Intranet differs from extranet in that the former ___.
A. requires a modem before it could be used
B. can generally be accessed by the public
C. is restricted to employees of an organization
D. requires internet protocols
47. A software application which enables a user to display and interact with texts, images and videos is the ___.
A. web server
B. Internet Protocol
D. web browser
48. A predominant make-up language for web pages is the ___.
49. The symbol at in an internet mail address is used to ___.
A. separate the user name from the machine name
B. link the user with other Internet users
C. locate the addresses of Internet users
D. link the user with the machine
50. A business organization is said to be socially responsible when it ___.
A. gets involved in issues relating to the society
B. rewards its staff for long-term service
C. offers discounts to customers
D. invites the public to its annual general meetings