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.
| N | |
| sales | 15,000 |
| opening stock | 5,600 |
| purchase | 9,700 |
| closing stock | 4,400 |
| gross profit | 4,500 |
| net profit | 2,000 |
what is the rate of turnover from the table?
3.50 times
3.00 times
2.00 times
2.18
Correct answer is D
Definition of rate of turnover: Number of times a firm sells out its merchandise or finished goods inventory, computed by dividing the total sales revenue in a period by the average inventory in that period.
The inventory turnover ratio is calculated by dividing the cost of goods sold for a period by the average inventory for that period. Average inventory is used instead of ending inventory because many companies' merchandise fluctuates greatly throughout the year. thus we have;
cost of goods sold = opening stock + puchases - closing stock
5600+ 9700 = 15300 - 4400 = 10900 (to get the average inventory, add the opening and closing stock, then divide it by 2. thus we have);
opening stock + closing stock / 2
5600 + 4400=10000 / 2 = 5000
rate of turn over = 10900/5000 = 2.18 times
The progragramme that makes up the operating system in a computer system is called?
system software
micro program
syntax
system flow-chart
Correct answer is A
System software is software designed to provide a platform to other software. Examples of system software include operating systems like macOS,
A group of companies is a collection of?
subsidiaries and their holding company
firms
associates and their holding company
industries
Correct answer is A
An industry is a group of companies that are related based on their primary business activities. it is also a group of manufacturers or businesses that produce a particular kind of goods or services. Workers in the textile industry design, fabricate, and sell cloth.
standard organisation of Nigeria
Nigeria consumer association
manufacturers association of Nigeria
Nigeria chambers of commerce
Correct answer is A
The Standard Organisation of Nigeria (SON) is the sole statutory body that is vested with the responsibility of standardising and regulating the quality of all products in Nigeria.
The temporary working area of the control processing unit is called the?
CD-ROM
CD-RAM
ROM
RAM
Correct answer is D
Random-access memory;is a form of computer data storage that stores data and machine code currently being used. A random-access memory device allows data items to be read or written in almost the same amount of time irrespective of the physical location of data inside the memory. it is a temporal storage device example is the harddisk