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 maximum number of shareholders in a public liability company is
One hundred
Unlimited
Fifty
Twenty
Correct answer is B
To start a company, a minimum number of 7 members are required and no restrictions on maximum number of members as per the provisions of the Companies Act, 2013.
members are unlimited
A company which issues a promissory note in lieu of payment for goods purchased
Is not bound to renew the note before payment
Can return the goods purchased and refuse to pay
Can refuse to pay on due date since it is only a promise
Is bound to redeem the note for cash on due date
Correct answer is D
A promissory note is a financial instrument that contains a written promise by one party to pay another party a definite sum of money.
the company is bound to redeem the cash on the due date
Which is the fastest means of transportation?
Water
air
rail
Road
Correct answer is B
Air transport is an aircraft design for transporting passengers and freight from one location to another in the air using airplanes, jets, rockets helicopters, and drones.
High Speed: It is the fastest means of transport
Why is clear bill of lading called so?
It shows records of damaged goods
It shows no records of damaged goods
It is a clear bill
It signifies no debt is owed
Correct answer is B
So, a bill of lading is a contract of carriage between a shipper and a carrier, outlining the details of a particular shipment. And a clean bill of lading indicates that the carrier received the goods in good condition, before they actually ship them
a clean bill of lading indicates that the carrier received the goods in good condition, before they actually ship them
In Nigeria, the ministry in charge of registering trade association is that of
Culture and tourism
Finance
Industries
Commerce
Correct answer is D
The Ministry of commerce also provides Geological Services for Industrial and Commercial, Registration of Trade Groups and artisans and Export promotion.
The ministry of Commerce is in charge of registering trade associations