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.
One of the demerits of sole trading is
quick decision taking
flexibility in operation
unlimited liability
pride of ownership
ease of commencement
Correct answer is C
No explanation has been provided for this answer.
An insurance policy which benefits one's family only is in the event of one's death is known as
a comprehensive insurance
a whole-life insurance
an endowment policy
an annuity
a third party insurance
Correct answer is B
No explanation has been provided for this answer.
Which of the following will enable customs officers to correctly assess import duties on goods?
Pro-forma invoice
Bill of exchange
Documentary credit
Consular invoice
Bill of laden
Correct answer is E
No explanation has been provided for this answer.
Which of the following ensures that the quality of a product is maintained?
Price Control Board
Chamber of Commerce
Food and Drugs Act
Standards Organisation of Nigeria
Manufactures Association of Nigeria
Correct answer is D
No explanation has been provided for this answer.
Which of the following clearly defines business?
The process of planning, coordinating, organising and controlling
The act of achieving goals with the help of others
The act of buying and selling
Sole proprietorship, Partnership and Public Limited Companies
Any productive activity undertaken for profit motive
Correct answer is E
No explanation has been provided for this answer.