UTME 2017 Commerce | Objective

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Practice these randomly selected questions to test your readiness.

Question 1
The rate where a country's exports exchange for its imports is called
A. terms of payments
Correct B. terms of trade
C. balance of payments
D. balance of trade

Correct Answer: B

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Question 2
The use of coin-operated machines to sell goods is a form of
A. mail-order selling
B. personal selling
Correct C. retailer
D. wholesaling

Correct Answer: C

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Question 3
The insurance policy which provides full cover against all risks at sea is known as
A. marine voyage policy
B. marine freight insurance
Correct C. policy free of particular average
D. policy with particular average

Correct Answer: C

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Question 4
The practices by which an insurance company accepts a very large risk and later shares it with other insurance companies is called
A. contribution
B. indemnity
C. subrogation
Correct D. re-insurance

Correct Answer: D

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Question 5
A machine which enables sales without the physical presence of a sales attendant is a
Correct A. vending machine
B. computer machine
C. fax machine
D. telex machine

Correct Answer: A

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Question 6
What document is required when a country imposes ad valorem import duties on goods?
Correct A. Consular invoice
B. A bill of lading
C. A shipping note
D. A mail transfer

Correct Answer: A

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Question 7
A business whose owners enjoy loan facilities on the basis of personal goodwill.
A. community bank
Correct B. co-operative society
C. commercial bank
D. thrifts society

Correct Answer: B

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Question 8
Which of the following is not a veritable source of funds to a public limited liability company?
A. advances and loans from bank
Correct B. government financial grants
C. funds from the sale of shares
D. internally generated funds

Correct Answer: B

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Question 9
The term Plc implies that the shares are available
Correct A. publicly on the stock exchange
B. publicly in commercial bank
C. privately on the stock exchange
D. to the public at the company

Correct Answer: A

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Question 10
Which of these is both merit and demerit in partnership?
A. Its unlimited nature
B. The number of partners
C. The withdrawal of a major of partner
Correct D. The bearing of risk

Correct Answer: D

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Question 11
A factor necessary for siting of a warehouse is nearness to
A. labour
B. capital
Correct C. consumers
D. raw materials

Correct Answer: C

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Question 12
Pooling of risk in insurance means that
A. two people can pool their risks to be insured
Correct B. compensation are paid out of a common fund
C. insurance companies should encourage taking risks
D. two insurance companies can buy two policies

Correct Answer: B

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Question 13
Which of the following countries are members of the Lake Chad Basin Commission?
A. Benin and Nigeria
B. Nigeria and Mali
Correct C. Niger and Cameroun
D. Chad and Benin

Correct Answer: C

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Question 14
A core investor in the current phase of privatization in Nigeria is one who
A. has the technical know-how of the enterprises
B. can mobilize foreign currency equivalent to the value of enterprises
C. will be at the core of the enterprises
Correct D. can afford to buy most of the shares of the enterprises

Correct Answer: D

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Question 15
The process of dividing tasks into jobs and departments and delegating authority is known as
Correct A. organizing
B. staffing
C. leading
D. directing

Correct Answer: A

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Question 16
Communication process involves the transmission of a message over a selected channel to the
A. encoder
Correct B. receiver
C. audience
D. sender

Correct Answer: B

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Question 17
A transporter who had to sell perishable goods without the prior authority of the owner becomes an agent by
A. estoppel
B. conduct
Correct C. necessity
D. ratification

Correct Answer: C

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Question 18
Poor sewage disposal, oil spill and indiscriminate refuse dumping all lead to
Correct A. land and water pollution
B. air and water pollution
C. land pollution
D. water pollution

Correct Answer: A

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Question 19
A major function of a Chamber of Commerce is
Correct A. promoting both home and foreign trade
B. increasing productivity
C. maximizing profit
D. promoting trade in a particular line

Correct Answer: A

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Question 20
Which of the middle men in the channel of distribution has title to the goods he distributes?
A. The retailer
B. The limited wholesaler
C. The agents
Correct D. The merchant wholesaler

Correct Answer: D

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Question 21
A seller attracts and retains patronage by
A. rendering pre-sales services
B. enhancing sales promotion
Correct C. render customer service
D. enhancing public relations

Correct Answer: C

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Question 22
A bond which attracts only interest but leaves the capital unpaid is referred to as
A. a redeemable bond
Correct B. an irredeemable bond
C. a long-term loan
D. a development bond

Correct Answer: B

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Question 23
An announcement of a person's willingness to enter into a contract is referred to as
A. a consideration
B. an acceptance
C. a proxy
Correct D. an offer

Correct Answer: D

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Question 24
The macro-environmental forces and trends which are a constraint on business operations are referred to as
Correct A. external factors
B. internal factors
C. economic factors
D. technological factors

Correct Answer: A

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Question 25
A proposed company may not be registered if
A. it has not paid up capital
B. it has no asset of its own
C. it does not put 'limited' after its proposed name
Correct D. the name conflicts with that of another

Correct Answer: D

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