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.
A document which gives a legal status to a company is the certificate of?
incorporation
trading
commencement of business
business registration
Correct answer is A
A certificate of incorporation is a document given by the companies' regulation agency of a country (in Nigeria's case this is the Corporate Affairs Commission – CAC) as evidence of the existence of a company, and its right to do business.
The promotion of savings culture is a feature of a?
trade association
consumers' cooperative society
thirft cooperative society
business association
Correct answer is C
Thrift Cooperative is a voluntary association of individuals who come together to meet their savings, credit, and insurance needs. One of the major purposes of forming these associations is to encourage saving cultures amongst its members.
The quality and quantity of production mostly depend on the?
effectiveness of factors
availibility of factors
level of education of enterpreneurs
level of cooperation among workers
Correct answer is A
When businesses can improve the efficiency of the factors of production, this leads to the creation of more goods at a higher quality and perhaps a lower price.
In the long run, all factors of production are?
fixed
variable
marginal
constant
Correct answer is B
The long-run is a period of time in which all factors of production and costs are variable.
The process of changing the form of a new material is known as?
fabrication
extraction
conversion
production
Correct answer is D
Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is simply the conversion of raw materials into semi-finished goods or goods.