Commerce questions and answers

Commerce Questions and Answers

Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.

91.

Which of the following has power to order withdrawal of a particular food item from circulation?

A.

Food and Drug Department of the Federal Ministry of Health

B.

Federal High Courts in Nigeria

C.

Standard Organization of Nigeria

D.

Local Government Health Inspectors

Correct answer is A

Functions of the department of Planning Research And Statistics in the Food and drug department include developing plans and budgets and monitoring their implementation, serving as Secretariat to the National Council on Health, conducting health research in collaboration with other departments and agencies, institutions and parastatals.

food and drugs department are those that have the power to order withdrawal of a particular food item from circulation

92.

Bank overdraft as a short term source of fund is

A.

A current liability

B.

An overdrawn account

C.

Grade to a newly opened account

D.

Repayable after more than a year

Correct answer is A

An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn

Current liabilities are a company's debts or obligations that are due within one year or within a normal operating cycle, example is overdraft

93.

The factors which critically determines the choice of occupation is

A.

Skill

B.

Training

C.

Aptitude

D.

Interest

Correct answer is A

Occupation is a person's usual or principal work or business, especially as a means of earning a living; any activity in which a person is engaged

Factors That Determine Types of Occupation are Climate and weather differences. Education, Skill and Training. Natural Resources. Salary and Wages.

94.

The board of directors of public enterprise is appointed by who?

A.

Employees

B.

management

C.

government

D.

shareholders

Correct answer is D

In a stock corporation, non-executive directors are voted for by the shareholders and the board is the highest authority in the management of the corporation. The board of directors appoints the chief executive officer of the corporation and sets out the overall strategic direction.

95.

A title, symbol, or design that distinguishes a company is called

A.

Brand name

B.

Trademark

C.

copyright

D.

Patent right

Correct answer is B

A trademark, trade mark, or trade-mark is a recognizable sign, design, or expression which identifies products or services of a particular source from those of others

trademark is a symbol, word, or words legally registered or established by use as representing a company or product.