Commerce

The primary purpose of commerce is to:

• Produce goods

• Sell products

• Facilitate trade and distribution

• Employ people

A trade that involves the buying and selling of goods and services within a country is called:

• International trade

• Foreign trade

• Domestic trade

• Retail trade

An example of a commercial activity is:

• Teaching

• Road construction

• Selling goods

• Planting crops

The difference between wholesale and retail trade is that wholesalers:

• Sell directly to consumers

• Sell to retailers

• Produce goods

• Sell at higher prices

Which of these is a function of the stock exchange?

• Manufacturing goods

• Supervising banks

• Providing a market for trading shares

• Managing insurance claims

A partnership can have a maximum of:

• 5 partners

• 20 partners

• 50 partners

• Unlimited partners

One major advantage of a sole proprietorship is:

• Limited liability

• Large capital base

• Total control by the owner

• High tax rate

An example of a primary industry is:

• Banking

• Mining

• Insurance

• Retailing

The government agency that regulates the establishment of companies in Nigeria is:

• CBN

• NAFDAC

• NDLEA

• CAC

Commerce helps to create employment by:

• Reducing imports

• Promoting businesses

• Enforcing laws

• Monitoring government activities