Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Which of the following has power to order withdrawal of a particular food item from circulation?
Food and Drug Department of the Federal Ministry of Health
Federal High Courts in Nigeria
Standard Organization of Nigeria
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
Bank overdraft as a short term source of fund is
A current liability
An overdrawn account
Grade to a newly opened account
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An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero.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
The factors which critically determines the choice of occupation is
Skill
Training
Aptitude
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.
The board of directors of public enterprise is appointed by who?
Employees
management
government
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.
A title, symbol, or design that distinguishes a company is called
Brand name
Trademark
copyright
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.