Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Which of the following justifies the existence of public enterprises
Making quick decision
Creating monopoly
Making profit for government
Providing essential services
Correct answer is D
The major and most important reason for the establishment of government-run enterprises is for the provision of essential services at a cheaper rate.
The owners of a public limited company are?
board of directors
management team
shareholders
government
Correct answer is C
No explanation has been provided for this answer.
Which of the following is not an example of Marine insurance?
Fidelity
Hull
Cargo
Freight
Correct answer is A
Marine Insurance is a type of insurance designed to provide protection for the transportation of goods on water.
The types of Marine Insurance include;
- Freight Insurance
- Liability Insurance
- Hull Insurance
- Marine Cargo Insurance.
A sale agreement whereby the buyer takes possession but not title to the goods is
credit purchase
hire purchase
auction sales
direct sales
Correct answer is B
A hire purchase is an agreement whereby a buyer is allowed to take possession of a product after making an initial down payment, and will only take full ownership of the product when it has been paid for in full. The payment is usually done on installment either daily, weekly, monthly, or bi-monthly
Those who are engaged in exploiting natural resources are in
commercial occupation
constructive occupation
manufacturing occupation
extractive occupation
Correct answer is D
The extractive industry involves all kinds of works concerned with the extraction of natural resources from the soil, the sea, or forest e.g. farming, fishing, hunting, lumbering, mining, quarrying etc. It is also known as the primary occupation