Commerce Past Questions And Answers
A major benefit a debtor can derive from using a credit facility is?
- A. better service
- B. goodwill
- C. convenience
- D. control
A price quotation which includes all the expenses involved in loading the goods into a ship is
- A. Free on Board (FOB)
- B. Free Alongside Ship (FAS)
- C. Cost, Insurance, Freight (C.I.F)
- D. ex-ship
Water corporation is an example of ______?
- A. co-operative society
- B. public enterprise
- C. private enterprise
- D. limited company
Which of the following is not a characteristic of a commercial bank?
- A. established as a limited liability company
- B. Established by individuals or organizations
- C. Established to issue bank notes
- D. Established with the view of making profit
The major responsibility of an entrepreneur is?
- A. Employing all factors of production in the business
- B. coordinating and determining the proportion of what to produce
- C. planning and organizing all activities in the business
- D. directing and controlling all the affairs of the business
The provision of dredging and dry dock facilities at any sea port is the responsibility of
- A. Ports and Harbours Authority
- B. Customs and Excise Authority
- C. National Health Authority
- D. National Water and Electricity Authority
Which of the following is used to inform the addressee that a registered parcel is ready for collection?
- A. Express label
- B. Counterfoil
- C. Telegram
- D. Slip
The scope commerce is limited to
- A. home and foreign trade
- B. trade and aids-to-trade
- C. wholesale and retail trade
- D. wholesale and entreport trade
Use the information below to answer question 20 and 21 Mr Awala is a retailer of a single product. he sells at the standard price. He gives a trade discount of 5%, quantity discount of 3% for a volume above 1000 units and a cash of discount of 2/10 net 30. the existing selling price of the product is N100 per units. Mr Bacus purchased 1500 units of the product on credit and promised to pay Mr. Awala in cash in the first 10 days after purchase. The trade discount receivable by Mr Bacus is
- A. N4,500
- B. N7,500
- C. N10,500
- D. N12,000
The Nigerian Telecommunications Limited is a?
- A. jointly owned company
- B. public corpoation
- C. privately owned company
- D. public company