Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Industrial occupation does not involve the
growing and extraction of raw materials
use of machinery
construction and manufacturing of goods
movement of people and goods
Correct answer is D
Industrial Occupation: This involves those who engage in the physical production of goods or changing of raw materials into finished or semi-finished goods or products.
The size of of profit of a business is measured by the
closing stock
opening stock
total purchases
rate of turnover
Correct answer is D
Rate of turnover: Is the number of times a firm sells out its merchandise or finished goods inventory
compensation
commission
premium
indemnity
Correct answer is D
Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party. Mr Lou was indemnify at the tone of N80,000
i,ii,iii,iv
ii,i,iii,iv
i,iv,iii only
i,iii,iv only
Correct answer is B
The sequence goes thus; enquiry => quotation => order => invoice
A buyer sends an enquiry to the seller asking about the goods he wants to purchase
The seller send the buyer a quotation containing products description, prices etc
The buyer then places an order
The seller sends an invoice to the buyer as prove of a business transaction
An activity involving buying, selling, distribution of goods and services is known as
trade
marketing mix
exchange
commerce
Correct answer is D
Generally, commerce refers to the exchange and distribution of goods, services or something of value, between businesses or entities.