Commerce questions and answers

Commerce Questions and Answers

Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.

2,866.

Okeze contracted to sell TV sets to Ojo. Unknown to them, the sets were stolen in transit. This contract may be terminated on the ground of

A.

bankruptcy

B.

frustration

C.

fraudulence

D.

breach of contract

Correct answer is B

No explanation has been provided for this answer.

2,867.

The agency that currently oversees the privatization and
commercialization process in Nigeria is the?

A.

Securities and Exchange Commission

B.

Technical Committee on privatization and commercialization

C.

Nigeria Stock Exchange

D.

Bureau of Republic Enterprises

Correct answer is D

No explanation has been provided for this answer.

2,868.

Capital as a factor of production can be used as?

A.

Money that is regarded as assets

B.

Goods that are useful in business

C.

Input for further production

D.

Services that provide satisfaction

Correct answer is C

No explanation has been provided for this answer.

2,869.

Which of the following best described the scope of commerce

A.

All forms of commercial exchanges relating to industry

B.

Buying and selling and the construction industry

C.

All occupational exchanges relating to industries and commercial activities

D.

Buying and selling as well as the extraction of natural resources

Correct answer is C

No explanation has been provided for this answer.

2,870.

The major responsibility of an entrepreneur is?

A.

Employing all factors of production in the business

B.

coordinating and determining the proportion of what to produce

C.

planning and organizing all activities in the business

D.

directing and controlling all the affairs of the business

Correct answer is A

No explanation has been provided for this answer.