UTME 2024 Commerce | Objective

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Question 1 View Details
The elements of the marketing mix are
A. personal selling, advertising and research
B. promotion, production, place and price
Correct C. product, promotion, place and price
D. procurement, price, product and place

Correct Answer: C

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Question 2 View Details
Consumer sovereignty means that the consumer is
A. a citizen
Correct B. always right
C. always wrong
D. always independent

Correct Answer: B

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Question 3 View Details
Commercial banks are referred to as departmental stores of banking because they
Correct A. offer many types of services
B. have many branches
C. have many customers
D. are found in the cities

Correct Answer: A

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Question 4 View Details
The type of securities that the stock exchange deals with are
A. warrants, currency notes, money orders and postal orders
B. cheques, bankdrafts, warrants and promissory notes
Correct C. stocks, shares, bonds and warrants
D. bonds, ivory, treasury bills, debentures and warrants

Correct Answer: C

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Question 5 View Details
The forum for the selling and buying of securities of small and medium companies is called
A. Foreign Exchange Market
B. Securities and Exchange Commission
Correct C. Second Tier Security Market
D. Second Tier Foreign Exchange Market

Correct Answer: C

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Question 6 View Details
The first known legislation to protect consumer rights in Nigeria is the
A. Hire Purchase Act
Correct B. Sale of Goods Act
C. Food and Drugs Act
D. Usury Laws

Correct Answer: B

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Question 7 View Details
One of the major functions of a chamber of commerce is to
A. advise members on regulations of other countries
B. settle disputes that arise out of trade
Correct C. promote and protect trade, industry and agriculture
D. publish books and periodicals desired by members

Correct Answer: C

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Question 8 View Details
In product pricing, which of these elements needs more consideration than others?
Correct A. the cost of producing the product
B. the demand for the product
C. the demography of the buyers of the product
D. the economic conditions in the market

Correct Answer: A

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Question 9 View Details
The device which interprets and carries out the instructions presented to it by the computer program is known as
A. software
B. hard-disk
C. mouse
Correct D. microprocessor

Correct Answer: D

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Question 10 View Details
Organizing trade fairs in Nigeria is the responsibility of
A. National Directorate of Employment
Correct B. Chambers of Commerce
C. Trade Associations
D. Federal Ministry of Commerce

Correct Answer: B

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Question 11 View Details
From which of the following sources can partnerships increase their capital?
A. Grants from relations
B. Discharge of a mortgage
Correct C. Admission of a new partner
D. Sale of shares

Correct Answer: C

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Question 12 View Details
One advantage of a crossed cheque is that it can
Correct A. only be paid into the owner's account
B. only be paid into a savings account
C. be cashed over the bank's counter
D. be cashed by anyone

Correct Answer: A

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Question 13 View Details
Foreign trade also involves
A. specialization and the exchange of goods in a country
B. buying and selling within a country
C. the exchange of goods and services between firms
Correct D. providing services for other countries

Correct Answer: D

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Question 14 View Details
The documents used in the purchase and sale of goods which contain other terms of trade are
A. debit note and credit note
Correct B. invoice and order
C. delivery note and advice note
D. quotation and invoice

Correct Answer: B

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Question 15 View Details
A new company requiring a large amount of equity finance may source funds from the
Correct A. capital market
B. central bank
C. commercial banks
D. money market

Correct Answer: A

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Question 16 View Details
A credit instrument which also serves as a legal tender is
Correct A. paper money
B. cheque
C. voucher
D. money order

Correct Answer: A

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Question 17 View Details
INSTRUCTION
Use the information below to answer questions 17 and 18. Maimani Plc, whose nominal capital is made up of 5,000,000 ordinary shares of 50k each, decided to offer 80% of it to the public and realized only 50% of the amount due.
What is the company's authorized share capital?
A. ₦4,000,000
Correct B. ₦2,500,000
C. ₦5,000,000
D. ₦7,500,000

Correct Answer: B

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Question 18 View Details
INSTRUCTION
Use the information below to answer questions 17 and 18. Maimani Plc, whose nominal capital is made up of 5,000,000 ordinary shares of 50k each, decided to offer 80% of it to the public and realized only 50% of the amount due.
Determine the company's reserve share capital.
A. ₦2,000,000
Correct B. ₦2,500,000
C. ₦1,500,000
D. ₦1,000,000

Correct Answer: B

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Question 19 View Details
The Manufacturer's Association of Nigeria is an example of a
Correct A. pressure group
B. labour union
C. conglomerate
D. cartel

Correct Answer: A

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Question 20 View Details
Market skimming is an example of
A. sales promotion
Correct B. pricing policy
C. market penetration
D. advertising

Correct Answer: B

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Question 21 View Details
The instrument used in the capital market is
A. treasury bill
Correct B. stock
C. debenture
D. bill of exchange

Correct Answer: B

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Question 22 View Details
One way by which a business can discharge its social responsibility to its community is to
Correct A. build public health centres
B. hold monthly meetings of its customers
C. build houses for its executives
D. award scholarship to staff children

Correct Answer: A

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Question 23 View Details
The three main classifications of occupation are
A. construction, trade and services
B. manufacturing, industry and services
Correct C. industry, commerce and services
D. farming, banking and trading

Correct Answer: C

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Question 24 View Details
The document which can be exchanged for a bill of lading is
Correct A. mate receipt
B. freight note
C. ship report
D. export invoice

Correct Answer: A

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Question 25 View Details
Computers that process all data as binary zeros and ones are
A. analog computers
B. hybrid computers
C. desktop computers
Correct D. digital computers

Correct Answer: D

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