Jamb 2021 Cbt/Utme Commerce Likely Questions with Answers

A partnership may be automatically dissolved due to the following factors except________

A

Court verdict

B

Joint decision

C

Admission of new partners

D

Bankruptcy of a partner

 

Answer

 

2

One of the disadvantages of Sole Proprietorship is__________

A

It requires small operations

B

It involves small capital

C

It lacks specialization

D

Grants from government

 

Answer

 

3

In the formation of a united liability company, the following documents are prepared except_______

A

Memorandum of Association

B

Article of Association

C

Statement of Nominal Capita

D

Prospectus

 

Answer

 

4

The process of winding up or bringing a company to an end is________

A

Dissolution

B

Liquidation

C

Integrating

D

Merger

 

Answer

 

 

5

Use the following information to answer this question.

The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

Initial Capital 5000
Net Profit 1000
Furniture 2000
Equipment 2900
Debtors 100
Stock 1000
Bank 500

 

From the above, calculate Current assets

 

A

1600

B

1060

C

1500

D

600

 

Answer

 

6

The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

Initial Capital 5000
Net Profit 1000
Furniture 2000
Equipment 2900
Debtors 100
Stock 1000
Bank 500

 

From the above, calculate Fixed assets

 

A

6500

B

2000

C

4900

D

600

 

Answer

 

7

The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018

Initial Capital 5000
Net Profit 1000
Furniture 2000
Equipment 2900
Debtors 100
Stock 1000
Bank 500

 

From the above, calculate Current liabilities

A

100

B

6000

C

600

D

3000

 

Answer

 

8

In a law of contract, what is given in exchange for a promise to perform is_____

A

offer

B

acceptance

C

warranty

D

consideration

 

Answer

 

 

9

In Nigeria, it is mandatory for all business enterprises to be registered with the________

A

Government

B

Corporate Affairs Commission

C

Agent

D

Enterprise

 

Answer

 

10

All but one does not provide an Indirect Service?

A

Custom Officers

B

Family Doctors

C

Civil Servants

D

Law Makers

Examples of commercial occupation are all except___________

A

Bankers

B

Traders

C

Insurers

D

Goldsmith

 

Answer

 

12

All but one is not an output devices?

A

Joystick

B

Monitor

C

Plotter

D

Printer

 

Answer

 

13

A self-contained chunk of code with principal aim to replies preferably undetected and to copy itself into the computer’s memory and the computer’s hard-disk is_________

A

Hardware

B

Software

C

Computer remedies

D

Virus

 

Answer

 

14

The risks that can be forecast and measured is termed___________

A

Gambling

B

Insurable risks

C

Non-Insurable risks

D

Indenmity Insurance

 

Answer

 

 

15

The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________

A

The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be

B

Aviation Insurance

C

Marine Insurance

D

Life Assurance

 

Answer

 

16

Thee major aim of consumer orientation is_________

A

consumer satisfaction

B

consumer sovereignty

C

what to produce

D

market research

 

Answer

 

17

The policy used when contracts are awarded as a result of tender is________

A

market penetration

B

market skimming

C

Bid Pricing

D

Product Line Pricing

 

Answer

 

18

One of these is not a major in the production process?

A

Producers

B

Distributors

C

Marketers

D

Consumers

 

Answer

 

 

19

Examples of consumer goods include all except________

A

Nurse

B

Cars

C

Spoon

D

Shoes

 

Answer

 

20

The most important resources of business is_______

A

Human resources

B

Money resources

C

Material resources

D

Opportunities

The difference between Articles of association and memorandum of Association is that the latter deals

A

with the Internal working relationship of the company and its members

B

with the powers and relationships of the company with outsiders

C

The method of issue, transfer and future of the company’s shares

D

The rights and responsibilities of shareholders

 

Answer

 

42

All except one is not a corporation and boards at the federal level

A

FRCN

B

NNPC

C

CBN

D

MAN

 

Answer

 

43

The basic characteristics of co-operative society include all except one

A

It is managed democratically

B

It follows the principle of one man

C

Amateur Management

D

Extra capital is raised through loan

 

Answer

 

44

The basic characteristics of co-operative society include all except one

A It is managed democratically

B It follows the principle of one man

C Amateur Management

D Extra capital is raised through loan

 

Answer

 

 

45

Which of the limited liability companies have a limit of fifty members and do not issues their shares to the public

A

Private limited liability

B

Public limited liability

C

Partnership

D

Co-operative society

 

Answer

 

46

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

   
Opening stock
Purchase
1000
7000
Sales 8000
Closing Stock 3000

Trading Expenses

Electricity
Salaries
Rent
Depreciations

135
875
180
210

From the figures given, calculate

Gross profit

A

300

B

3000

C

6000

D

11000

 

Answer

 

47

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

   
Opening stock
Purchase
1000
7000
Sales 8000
Closing Stock 3000

Trading Expenses

Electricity
Salaries
Rent
Depreciations

135
875
180
210

From the figures given, calculate

Net profit

A

1400

B

5000

C

1600

D

6400

 

Answer

 

48

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

   
Opening stock
Purchase
1000
7000
Sales 8000
Closing Stock 3000

Trading Expenses

Electricity
Salaries
Rent
Depreciations

135
875
180
210

From the figures given, calculate

Percentage of net profit to turnover

A 30%

B A. 5%

C B. 10%

D 20%

 

Answer

 

 

49

An offer extended to several people at once is called

A

Acceptance

B

Offeror

C

Invitation to threat

D

Consideration

 

Answer

 

50

A conter offer is an offer that is

A

different from the original offer

B

breached

C

different in terms of acceptance

D

extended to several people at once

Which of these is not a merit of division of labour

A

results in specialization

B

brings about an element of automation

C

Training in new jobs is facilitated

D

Creates monotony in the worktask

 

Answer

 

62

The function of management that establish objectives for the organization and trying to determine the best ways to accomplish them

A

organizing

B

planning

C

directing

D

controlling

 

Answer

 

63

The provision of qualified managerial and other skilled personnel for an enterprise is called

A

Directing

B

Controlling

C

Planning

D

Staffing

 

Answer

 

64

A number of shipping lines operating on a certain route, which agree on a common policy regarding the conditions under which goods are to be carried

A

Cartel

B

Conference

C

Syndicate

D

Trust

 

Answer

 

 

65

The difference between a chamber of commerce and a trade association is that the former

A

is not restricted to a particular industry

B

is a branch of trade that sells product

C

consists of members engaged in the same trade

D

are association of individuals or firms

 

Answer

 

66

Which of these is a document used in International trade?

A

Debit note

B

Credit note

C

Invoice

D

Price ring

 

Answer

 

67

All but one is not a barriers to foreign trade

A

Natural Barriers

B

Economic Barriers

C

Social and Language Barriers

D

Trade Fair

 

Answer

 

68

The difference between the buying price and the selling price of a share is referred to as

A

Commission

B

Profit

C

Jobber’s Profit

D

Turnover

 

Answer

 

 

69

A bear market is said to be in existence in a period of

A

Boom

B

Stump

C

Bullish

D

Stagflation

 

Answer

 

70

Use the following information to answer this question.
Oladosu Bookshop
54, Ahmadu Bello Way
Kaduna
P.O.BOOX 336
6 January 1989
Olu Stationery ltd
17, Kakawa Street
Lagos

Dear Sir,
We require 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books.

Please give us quotes for the respective articles for immediate delivery and a statement of your terms of trade.

Yours Faithfully
Manager.

The above represents?

A

A quotation

B

Consignment notes

C

Letters of Inquiry

D

An order form

For Inquiry:

Call/Whatsapp: 07062277854

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