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Commerce (2016) QUIZ STUDY
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1.
The cost which is incurred asa result of failure to load or unload a ship at the ports within a specified period is referred to as
.
A. demurrage charges
B. premium charges
C. excess charges
D. trade charges

2.
The process whereby a firm directs its marketing efforts towards a single market by the use of a particular marketing mix isreferred to as
.
A. concentration segmentation
B. market concept
C. consumer orientation
D. market penetration

3.
The function of money that is mostly affected by inflation is
.
A. store of value
B. medium of exchange
C. measure of value
D. unit of account

4.
Ordianry warehouse is usually owned and used by
.
A. government
B. agents
C. retailers
D. wholesalers

5.
The winding up of a firm by a resolution of its shareholders is an example of
.
A. voluntary liquidation
B. bankruptcy
C. recession
D. involuntary liquidation

6.
Which of the following is used for temporary storage of data on a computer?
.
A. RAM
B. ROM
C. Floppy disk
D. flash drive

7.
An advantage of the Second-Tier Securities Market to an economy is in
.
A. creating avenues for investment
B. regulating competition amongst companies
C. granting financial assistance to consumers
D. increasing companies profit margins

8.
The lumbering of trees by a furniture company is an example of
.
A. primary production
B. secondary production
C. tertiary production
D. direct production

9.
Which of the following types of occupation involues services that can be referred to as auxiliaries trade?
.
A. Constructive occupation
B. Manufacturing occupation
C. Industrial occupation
D. Commercial occupation

10.
The transformation of cotton into clothings is an example of
.
A. secondary production
B. tertiary production
C. primary production
D. direct production

11.
A basic concept of advertising that reveals the essential message an advertiser wishes to communicate is referred to as the
.
A. medium
B. theme
C. targer
D. reach

12.
The type of wholesaler that combines selling, delivery and collection in one operation is
.
A. specialist wholesaler
B. rack jobber
C. drop shipment
D. truck wholesaler

13.
Given \(\frac{\text{index of export price}}{\text{index of import price}}\) X \(\frac{100}{1}\)

The formular above can be used to determine the
.
A. terms of payment
B. balance of payments
C. tearms of trade
D. import tariffs

14.
Commission on turnover is usually a benefit accruable to the
.
A. drawer
B. drawee
C. payer
D. payee

15.
Avast is an example of
.
A. a web browser
B. a search engine
C. an antivirus
D. a spread sheet

16.
The component of balance of payments which shows how the balance of both current and capital accounts are settled is know as
.
A. current account
B. monetary movement account
C. capital account
D. social-welfare account

17.
The act of interpreting ideas within an organization is
.
A. motivating
B. organizing
C. planning
D. communicating

18.
One of the duties of the employer to his employee is to
.
A. delegate his duties to others staff
B. charge the employee on the use of equipment
C. serve faithfully and honestly
D. provide job security

19.
The buying and selling of goods and services is referred to as
.
A. trading
B. marketing
C. insurance
D. advertising

20.
A document that serves as an instument for perferential tariff is referred to as
.
A. an indent
B. a certificate of origin
C. a consular invoice
D. an advice note

21.
Funds used for paying wages, salaries and payments for raw materials are categorized under
.
A. liquid capital
B. circulating capital
C. fixed capital
D. nominal capital

22.
A formal letter to a dealer to enquire details about certain items for sale is referred to as
.
A. an inquiry
B. an invoice
C. an order
D. a quotation

23.
The pricing policy that seeks to set prices relatively high in order to attract the wealthy segment of the market is
.
A. target return pricing
B. market skimming
C. variable pricing
D. market penetration

24.
In the transportation industry, dead freight is used to describe the
.
A. cost paid for an empty space left in the ship
B. charge for each day a performance was delayed
C. persons that hire a ship for a specific purpose
D. cost of shipping a particular cargo for a specific voyage

25.
When expenses on trading are deducted, the result is the
.
A. rate of turn over
B. net profit
C. gross profit
D. cost of goods sold

26.
A supplier of flour who intends to sign a contract with a baker through post can establish a binding agreement only
.
A. after the offeror has made an offer
B. when the offeror's letter has reached the offeree
C. when the offeree's letter has been posted
D. after the offeree's letter has been recieved by the offeror

27.
Which of the followingis a modern trend in retailing ?
.
A. Kiosk
B. Mobile shop
C. Vending machine
D. Tied shop

28.
Which of the following is a traditional medium of communication used to mark festivals?
.
A. Palm frond
B. Metal gong
C. Talking drum
D. Gum blast

29.
One of the functions of the retailer is
.
A. granting credit facilities to close relatives
B. provision of after - sales services
C. branding and packaging of goods
D. warehousing of goods

30.
One of the factors of determining the volume of production is
.
A. availablity of forex
B. availability of storage facilities
C. the location of the business
D. the number of skilled manpower

31.
The minimum lending rate of a bank is a component of its
.
A. current assets
B. debit balances
C. credit balance
D. fixed assets

32.
Which of the following is the best method for computing working capital
.
A. Total assets less current liabilities
B. Current liabilities less current assets
C. Fixed liabilities less current assets
D. Current assets less current liabilities

33.
One of the functions of the Nigerian Ports Authority is that it
.
A. gives preferential treatment to Nigerian investors
B. provides credit facilities to importers
C. encourages the growth of infant industries
D. provides warehosing facilities at the docks

34.
An ancillary to trade which promotes socio - cultural development all over the world is
.
A. transportation
B. communication
C. tourism
D. insurance

35.
An association that acts as a watchdog between enterpreneurs and government to protect trade from any unfavourable laws is said to be a
.
A. cartel
B. syndicate
C. Chamber of Commerce
D. Nigeria Bar Association

36.
Labour as an input in production can be motivated by
.
A. training
B. profit
C. remuneration
D. promotion

37.
DFischarging certian duties by an organization to the public to gain high patronage is a concern of financial resposibility
.
A. financial responsibility
B. economic responsibility
C. legal responsibility
D. social responsibility

38.
Complying with the rules relating to the conduct of business activities in a country is an aspect of
.
A. cultural enviroment
B. demographic environment
C. legal environment
D. political environment

39.
Which of the following is a legal tender?
.
A. Cheque
B. Travellers cheque
C. Bank note
D. Goldsmith receipt

40.
Which of the following is NOT backed by gold but by government securites?
.
A. Fiduciary note
B. Token money
C. Commodity money
D. Fiat money

41.
Where a manufacturer collects money from wholesalers in exchange for goods produced is referred to as
.
A. charge account
B. trading checks
C. trade credit
D. I owe you

42.
Quantity discount is offerred mainly to persuade the buyer to
.
A. defer payment
B. make prompt purchases
C. make advance payment
D. purchase more

43.
The placement of workers based on their qualifications can be categorized under
.
A. public sector
B. skilled labour
C. private sector
D. unskilled labour

44.
A group of computers that exchange data is referred to as
.
A. an information bank
B. a network
C. a database
D. an intranet site

45.
The form of credit sales common to low income groups is
.
A. hire purchase
B. club trading
C. booking -me -down
D. credit trading

46.
Petrol voucher is an example of a
.
A. bankdraft
B. legal tender
C. token money
D. partial money

47.
One of the major reasons for merger is to
.
A. reduce the number of unskilled manpower
B. increase the number of skilled manpower
C. prevent liquidation
D. liberalize the market

48.
A Major funtion of commerce is to
.
A. facilitiate human satisfaction through exchange
B. eliminate trade barriers
C. provide raw materials for manufacturers
D. influence government policies

49.
A company's expenditure on raw materials is termed as_______?
.
A. Prime cost
B. Explicit cost
C. Average cost
D. Implicit cost

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