Try 10 free Commerce questions below, each with the answer explained. When you are ready, practise all 451 on a timed CBT screen.
The UTME is JAMB's computer-based entrance exam for Nigerian universities, polytechnics and colleges of education. You sit Use of English and three other subjects in 2 hours: 60 questions for Use of English and 40 for each other subject.
Tap an answer to check it and see the explanation.
Goods listed at ₦22,400 are sold with 5% trade discount and 2.5% cash discount for prompt payment. How much does the buyer pay if he pays promptly?
Answer: C. After trade discount: ₦21,280. Cash discount is then taken on this: ₦21,280 × 97.5% = ₦20,748.
The principle of insurance that aims to restore the insured to the position before the loss is
Answer: C. Indemnity means compensation, not profit, from a loss.
In trade, a debit note
Answer: D. A debit note increases the amount a buyer owes after an undercharge.
A public corporation is
Answer: A. A public corporation is a government-owned enterprise set up by an Act.
In commerce, ATM stands for
Answer: B. ATM stands for automated teller machine.
On the stock exchange, a preference share is
Answer: A. A preference share is a share with a fixed dividend paid before ordinary dividends.
Which statement is true of a crossed cheque? It
Answer: C. A crossed cheque must be paid into a bank account.
A crossed cheque can only be
Answer: B. Crossing a cheque means it must go into an account.
"Breaking bulk" is a function of the
Answer: D. Wholesalers buy in large quantities and sell in smaller lots to retailers.
Commerce is best defined as
Answer: A. Commerce covers trade plus the services that support it.
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Create a free accountQuestions in the MyGradePrep bank for each topic.
| Topic | Questions |
|---|---|
| Retail trade | 120 |
| Insurance | 92 |
| Discounts | 60 |
| Agents | 60 |
| Business terms | 30 |
| Business documents | 29 |
| Business units | 16 |
| Stock exchange | 16 |
| Means of payment | 14 |