Your results on COMMERCE 2012 are shown below

1. The development of trade in West Africa was aided by the.

• emergence of traditional ruler.
• arrival of the Portuguese.
• introduction of tax payment.
• introduction of money.

2. An issuing house is an outlet for ?

• new shares and bonds.
• non-listed companies shares.
• existing shares and bonds.
• only gilt-edged securities.

3. Which of the following is quoted when the buyer is responsible for the cost of loading the goods from the seller’s warehouse up to his own warehouse?

• F.O.R.
• C.I.F
• F.A.S
• Loco

4. The relationship between all imports and exports of a country is known as?

• terms of trade.
• balance of trade.
• balance of payment.
• terms of payment.

5. Which of the following is an example of large-scale retailing?

• Hawking.
• Mobile shops.
• Kiosk.
• Department stores.

6. A cheque drawn by a bank on itself is a/an

• direct debit.
• bank draft.
• bank transfer.
• overdraft.

7. A voluntary body formed by people in the same line of business for the purpose of protecting their interest is a

• trade association.
• trade union.
• chamber of commerce.
• trading partnership.

8. Those who are engaged in the distribution of goods belong to

• commercial occupation.
• extractive inductrv.
• manufacturing industry.
• construction industry.

9. When an insurance policy is declared void because of a false declaration; the principle involved is

• indemnity.
• subrogation.
• proximate cause.
• utmost good faith.

10. Buildings and machinery used in the running of a business are examples of

• current assets.
• intangible assets.
• liquid assets.
• fixed assets.

11. Which of the following is classified as invisible item in balance of payment?

• Import of goods.
• Salaries of expatriates.
• Export of groundnuts.
• Sale of equipment.

12. Collecting information on the taste of consumers and the extent of demand for a product is

• market research.
• market segmentation.
• marketing mix.
• marketing concept.

13. Which of the following is not an insurance of indemnity?

• Life.
• Marine.
• Burglary.
• Fire.

14. The entitlement of a debenture holder from a company’s income is known as

• commission.
• interest.
• lien.
• dividend.

15. The collection of tariffs on imported goods is the function of

• Ports Authority.
• Customs and Excise Authority.
• Clearing and Forwarding Agents.
• Export Promotion Council.

16. A licensed person who is authorized to sell to the highest bidder is

• principal.
• factor.
• broker.
• auctioneer.

17. An efficient transport system enables a trader to

• widen the market for his products.
• avoid examination of goods.
• adopt better price policy.
• reduce cost of production.

18. The Central Bank’s monetary policy instrument by which it buys and sells Treasury bills is known as

• Open Market Operation.
• Bank rate.
• Cash reserve ratio.
• Special deposit.

19. Which of the following acted as the central bank for West African countries before their independence?

• The West African Clearing House.
• The British Bank for West Africa.
• The West African Currency.
• The African Development Bank.

20. Current account holders withdraw money by means of

• credit card.
• draft.
• withdrawal form.
• cheque.

21. Which of the following is a feature of mail order business?

• Employs many shop assistants.
• Practices self service.
• Provides attractive shop front.
• Rents large warehouse.

22. Bonded warehouse is a place where

• duty free goods are kept.
• perishable goods are kept.
• home-made goods are kept.
• dutiable goods are kept.

23. Which of the following is concerned with promoting favourable imaqe of an. organization?

• Consumer sovereignty.
• Public relations.
• Marketing research.
• Market segment.

24. The document issued by the registrar of companies to permit a public limited company to commence business is

• Memorandum of Association.
• Certificate of Incorporation.
• Article of Association.
• Trading Certificate.

25. Which of the following is not an economic grouping?

• Lake Chad Basin Commission.
• Economic Community of West African States.
• European Union.
• International Monetary Fund.

26. One of the principles of insurance is

• consequential loss.
• fidelity guarantee.
• proximate cause.
• surrender value.

27. A written instruction by a current account holder to his bank to debit his account at regular intervals with 3 specified amounts for a given period is known as

• standing order.
• money order.
• bank draft.
• overdraft.

28. A collective bundle of snares is called

• debenture.
• stock.
• bond.
• share.

29. The assets of a business that is available as cash or near cash is called

• equity.
• capital employed.
• reserved capital.
• liquid capital.

30. The bank on which a cheque is drawn is known as the

• drawer.
• drawee.
• cashier.
• payee.

31. A percentage reduction from the quoted price of goods given to a buyer to encourage bulk purchase is called

• cash discount.
• trade discount.
• commission.
• bonus.

32. The difference between the cost price and selling price of an article is

• commission.
• mark-up.
• rebate.
• discount.

33. A ceiling on the quantity of commodity to be imported into the country is called

• ban.
• tariff.
• price limit.
• quota.

34. The buyer in a hire purchase contract becomes the legal owner of the goods by paying

• initial deposit.
• the last installment.
• half of the purchase price.
• two-third of the purchase price.

35. The document which helps in ascertaining the correct value of imports in order to assess the custom duty is

• bill of lading.
• consular invoice.
• bill of sight.
• ships manifest.

36. The combination of product, price, promotion and distribution decisions employed by a company is referred to as its

• pricing policy.
• marketing mix.
• product mix.
• marketing concept.

37. The document which specifies the manufacturer from whom goods are to be imported is

• closed indent.
• open indent.
• export invoice.
• consignment note

38. Who among the following generally has no capacity to enter into a valid contract?

• school principals.
• Infants
• Agents.
• Religious ministers.

39. The satisfaction of consumers in all business activities is emphasized by

• market research.
• marketing concept.
• marketing mix.
• product differentiation.

40. The document which is used when a country imposes ad valorem duties is

• bill of lading.
• consular invoice.
• certificate of origin.
• open indent.

41. An activity involving buying, selling and distribution of goods and services is known as

• trade.
• marketing mix.
• exchange.
• commerce.

42. Which of the following arrangement of documents is the correct sequence as used in the retail trade?

• Quotation II. Enquiry III. Order IV. Invoice.
• 1, 11,111,1V.
• II, I, III, IV.
• I, IV, III only
• I, III, IV only.

43. Mr. Lou who assured his life with XYZ Assurance Company, was involved in an accident and had a broken leg; the sum of # 80,000 was paid to Mr. Lou for his broken leg. The money received is known as

• compensation.
• commission.
• premium.
• indemnity.

44. The size of profit or a business is measured by the

• closing stock.
• opening stock.
• total purchases.
• rate of turnover.

45. Industrial occupation does not involve the

• growing and extraction of raw materials.
• use of machinery.
• construction and manufacturing of goods.
• movement of people and goods.

46. The abbreviation E & O.E. on an invoice seeks to

• draw the attention of the buyer to the contents of the document.
• show that there is no error about price quoted on the invoice.
• protect the seller against any error on the document.
• draw the attention of the seller to the contents of the document.

47. The functions of credit and thrift society do not include

• charging low interest rate on loan.
• providing savings facilities.
• encouraging mutual co-operation of members.
• providing security for members’ property.

48. Throwing cargo over board in order to save a ship from sinking is

• jettison.
• abandonment.
• piracy.
• flotsam.

49. The document in which the full details of goods and the ship carrying the goods are contained is known as

• bill of exchange.
• bill of sight.
• certificate of origin.
• shipping advice note.

50. The exclusive right of an author over his book is

• Trademark.
• Brand name.
• Copyright.
• Patent right.

ANSWERS

1. A
2. C
3. C
4. B
5. D
6. B
7. A
8. A
9. D
10. D
11. B
12. A
13. A
14. B
15. B
16. D
17. A
18. A
19. C
20. D
21. D
22. D
23. A
24. B
25. C
26. C
27. A
28. B
29. D
30. B
31. A
32. B
33. D
34. A
35. D
36. B
37. A
38. B
39. B
40. B
41. D
42. B
43. D
44. D
45. D
46. D
47. D
48. A
49. C
50. C