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.

276.

Which of the following is NOT a function of Commerce?

A.

Assisting Companies in raise capital

B.

Assisting in transporting men and materials to production points

C.

Extracting goods for further production and processing

D.

Storing goods until they are needed

E.

Offering employment opportunities to a large number of people

Correct answer is A

No explanation has been provided for this answer.

277.

Use the following information to answer question

Kolawole’s Opening Stock was N10, 000. His purchases was N280,000 Goods returned outward was N3,000, and the Closing Stock was N8,000
Cost of goods sold is

A.

N180,000.00

B.

N227,000.00

C.

N279,000.00

D.

N290,000.00

E.

N301,000.00

Correct answer is C

Cost of goods sold = opening stock + purchases - closing stock - returns outwards (returns outwards represent goods that were bought but returned to the supplier due to one reason or the other. It will be subtracted from the purchase)

10,000 + 280,000 - (8,000 - 3,000)

290,000 - 11,000 = 279,000

278.

Telecommunication services are provided by

A.

Bureau De Change

B.

Courier Services

C.

Date Post

D.

NIPOST

E.

NITEL

Correct answer is E

No explanation has been provided for this answer.

279.

Shares that are fully paid can be converted into bulks known as

A.

bonds

B.

capital reserves

C.

debentures

D.

guilt-edged securities

E.

stocks

Correct answer is E

No explanation has been provided for this answer.

280.

The practice of selling some goods below market price to attract more customers is known as

A.

hoarding

B.

loss leader

C.

market sharing

D.

profiteering

E.

speculating

Correct answer is C

No explanation has been provided for this answer.