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.
Which of the following must be stated in the article of association?
the objects of the company
the registered office address of the company
the method of issue and transfer of shares
Statement that liabilities are limited
Correct answer is A
The object clause contained in the articles of association of a company sets out the objects for which the company has been formed.
A company whose shares are not easily transferable is a
private limited company
public limited company
public corporation
company limited by guarantee
Correct answer is A
A private limited company, or LTD, is a type of privately held small business entity, in which owner liability is limited to their shares, the firm is limited to having 50 or fewer shareholders, and shares are prohibited from being publicly traded.
The selling of articles from place to place on foot is
mail order
itinerant trading
barter
self service
Correct answer is B
Itinerant means traveling from place to place. Itinerant retailers have no fixed place of business. They move from place to place for selling their goods to the consumers. Itinerant sell in small quantities. They invest a very small amount of capital.
One roof containing a number of shops is a
tied shop
mail order firm
department store
chain store
Correct answer is C
A department store is a very large store that is usually located in a mall that sells everything from clothes to shoes to sheets to towels to appliances to lots of things. It has different stores under that roof. An example in Nigeria is shoprite mall
The import of foreign-produced goods to be re-exported is known as
domestic trade
wholesale trade
entrepot trade
counter trade
Correct answer is C
Entreport; Trade in which imported goods are re-exported with or without any additional processing or repackaging