UTME 2024 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
From which of the following sources can partnerships increase their capital?
A. Grants from relations
B. Discharge of a mortgage
C. Admission of a new partner
D. Sale of shares
Question 2
The document which can be exchanged for a bill of lading is
A. mate receipt
B. freight note
C. ship report
D. export invoice
Question 3
The Manufacturer's Association of Nigeria is an example of a
A. pressure group
B. labour union
C. conglomerate
D. cartel
Question 4
A contract can be terminated through
A. frustration
B. family intervention
C. consultation
D. physical combat
Question 5
One advantage of a crossed cheque is that it can
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
Question 6
The elements of the marketing mix are
A. personal selling, advertising and research
B. promotion, production, place and price
C. product, promotion, place and price
D. procurement, price, product and place
Question 7
A credit instrument which also serves as a legal tender is
A. paper money
B. cheque
C. voucher
D. money order
Question 8
A factor in a business environment which increases the rate of product obsolescence is
A. legal
B. technology
C. political
D. economic
Question 9
Consumer sovereignty means that the consumer is
A. a citizen
B. always right
C. always wrong
D. always independent
Question 10
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
C. promote and protect trade, industry and agriculture
D. publish books and periodicals desired by members
Question 11
Money is generally acceptable for transaction due to
A. the rule of the law
B. its acceptability in the global market
C. the Central Bank Governor's signature
D. the legal backing
Question 12
Given: Opening stock 40,000 Purchases 115,000 Closing stock 60,000 Sales 250,000 What is the cost of goods sold?
A. ₦95,000
B. ₦50,000
C. ₦30,000
D. ₦155,000
Question 13
The type of letters that are delivered through the normal mail or by airmail express service is referred to as
A. inland letters
B. airmail letters
C. registered letters
D. express letters
Question 14
Market skimming is an example of
A. sales promotion
B. pricing policy
C. market penetration
D. advertising
Question 15
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
D. microprocessor

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