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.
The main divisions of production are
industry, direct and indirect services
extraction, manufacturing and construction
industry, commerce and direct services
industry, commerce and trading
Correct answer is B
Production has 3 main divisions
- Extraction
- manufacturing
- construction
Shipping services rendered by Nigeria to The Gambia would be classified by The Gambia as
invisible imports
invisible exports
visible imports
vivible exports
Correct answer is A
Invisible import is any service, such as banking, insurance and tourism, that cannot be seen and recorded as it crosses boundaries between countries.
Which of the following is a means of payment?
I.O.U
Postal order
Promissory note
C.I.F
Correct answer is B
A postal order is an order for payment of a specified sum to a named payee, issued by the Post Office.
i,iii and iv only
i and iii only
iii,iv and v only
iii and iv only
Correct answer is A
Manufacturers may decide to sell directly to consumers if the good are;
- made to customer's specification
- perishable
- Highly technical
multi-lateral trade
counter trade
barter trade
entrepot trade
Correct answer is D
Entreport is a trade in which imported goods are re-exported with or without any additional processing or repackaging.