UTME 2022 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A trade association consists of members engaged in the same trade while a chamber of commerce is
A. highly regulated by a government agency
B. made up of members that are registered
C. made up of firms in the banking industry
D. not restricted on a particular industry
Question 2
The promotion and protection of trade, industry and agriculture through trade fairs is a function of
A. NACRDB
B. NACCIMA
C. the Chamber of Commerce
D. the consumer protection council
Question 3
In foreign trade, document of title is known as
A. declaration form
B. certificate of origin
C. bill of lading
D. bill at sight
Question 4
Public debt management is one of the functions of a
A. central bank
B. merchant bank
C. commercial bank
D. development bank
Question 5
An organization which focuses on consumer satisfaction is practicing
A. selling concept
B. consumerism
C. marketing concept
D. market segmentation
Question 6
Capital to a business is technically
A. an asset
B. a profit
C. a liability
D. an expense
Question 7
Communication enhances business activities by
A. facilitating interaction among media houses
B. ensuring the movement of goods from the producer to the consumer
C. keeping the goods safe, until they are needed
D. facilitating interaction between producers and consumers
Question 8
What is the net working capital?
A. ₦6,000,000
B. ₦16,000,000
C. ₦6,000,000
D. ₦11,000,000
Question 9
A business man who undertakes the hull insurance policy is aiming at
A. protecting injured crew in the ship
B. averting payment of the freight
C. covering damages to the body of the ship
D. covering losses on damages to the cargo
Question 10
A factor necessary for siting of a warehouse is nearness to
A. consumers
B. labour
C. capital
D. raw materials
Question 11
Which of the following documents permits an importer to inspect his goods before the arrival of the bill of lading?
A. import invoice
B. bill of exchange
C. consular invoice
D. bill of sight
Question 12
An example of a cartel is
A. ECOWAS
B. EU
C. OPEC
D. AU
Question 13
An agreement to sell is distinguishable from a sale because in the former, the transfer of goods is
A. deferred
B. immediate
C. not discussed
D. not anticipated
Question 14
An invoice can be described as
A. document specifying quantity, description, prices and total value of purchases
B. receipt containing necessary information about the goods
C. letter specifying the contractual sales of goods between two parties
D. contractual agreement for the sale of goods
Question 15
One of the products of an extractive industry is
A. an iron ore
B. a shoe
C. a textile material
D. an air plane

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