WorksheetsCommerce
Total questions: 50
Worksheet time: 25mins
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
Insurance is primarily meant to:
Avoid risks
Minimize risks
Eliminate risks
Transfer risks
Which of these is a function of advertising?
Production of goods
Creation of demands
Stock management
Transportation of goods
The main aim of consumer protection is to:
Ensure high prices
Safeguard the rights of consumers
Support only local producers
Increase taxes on imported goods
The payment of goods before delivery is termed:
Hire purchase
Credit sales
Cash on delivery
Spot purchase
An advantage of advertising is that it:
Increases product prices
Reduces competition
Informs consumers about products
Promotes monopoly
What is a bill of lading used for in trade?
Payment
Legalizing goods
As evidence of shipment
Taxing goods
A trade discount is given to:
Reduce selling price for retailers
Increase sales tax
Boost employee salary
Enhance customer loyalty
Which of these is a characteristic of a public limited company?
Shares are sold privately
Limited to 20 members
Limited liability
Unlimited liability
The central bank of a country primarily regulates:
Import activities
Commercial banks
Retail trade
International trade organizations
The individual who bears the business risks alone is known as a:
Partner
Shareholder
Proprietor
Manager
The middlemen in commerce who buy goods from producers and sell to retailers are called:
Retailers
Consumers
Wholesalers
Manufacturers
What is the primary function of packaging in marketing?
Selling products
Securing goods during transit
Reducing the product cost
Increasing shelf life
The term "consumer goods" refers to:
Goods used in production
Goods bought by retailers
Goods bought for personal use
Goods stored in a warehouse
An example of a service industry is:
Mining
Farming
Banking
Manufacturing
A document that shows proof of payment for goods is called:
Invoice
Debit note
Receipt
Bill of exchange
A trade association aims to:
Promote products overseas
Protect the interests of its members
Reduce competition
Increase prices of goods
An insurance policy that covers damage to property by fire is known as:
Life assurance
Health insurance
Marine insurance
Fire insurance
Which of these is not a function of money?
Medium of exchange
Store of value
Measure of government debt
Unit of account
The act of combining various businesses to operate as one is known as:
Franchise
Conglomerate
Partnership
Merger
In commerce, demand refers to:
What producers want to sell
Goods stored in a warehouse
Consumer desire backed by purchasing power
The supply of goods
The difference between gross profit and net profit is known as:
Turnover
Total revenue
Net sales
Operating expenses
An organization that operates in more than one country is known as a:
Joint venture
Franchise
Partnership
Multinational company
Which type of account is maintained by a bank for daily transactions?
Savings account
Current account
Loan account
Fixed deposit account
An agent who sells goods on behalf of the principal but in their own name is a:
Broker
Factor
Auctioneer
Merchant
In commerce, the term "assets" refers to:
Liabilities of a business
Capital of the business
The resources owned by a business
The debts of the business
Which document is issued by a manufacturer to a wholesaler when goods are sold on credit?
Receipt
Debit note
Invoice
Statement
The mode of transport suitable for heavy and bulky goods over long distances is:
Rail transport
Air transport
Bicycle
Car
Which of these forms of advertising is least expensive?
Television
Radio
Social media
Newspapers
The written contract between an insurer and the insured is called a:
Premium
Policy
Risk note
Warranty
Which of these is considered a short-term source of finance?
Debentures
Bank overdraft
Shares
Retained earnings
A producer who sells directly to consumers without middlemen is involved in:
Wholesale trade
Retail trade
Direct marketing
International trade
Which of the following is a disadvantage of a public limited company?
Limited liability
Access to capital
Disclosure of accounts
High profits
A document that shows proof of ownership of a ship’s cargo is called a:
Consignment note
Certificate of origin
Bill of lading
Waybill
Which of these is NOT an advantage of a sole proprietorship?
Limited liability
Easy to set up
Full control by the owner
Low capital requirement
A trade union is mainly formed to:
Maximize profit
Improve workers' conditions
Create jobs
Monitor employers
A person who organizes, manages, and assumes the risks of a business is called a:
Manager
Employee
Entrepreneur
Supervisor
The amount an insured pays for an insurance policy is called a:
Deductible
Policy
Premium
Bond
The act of selling goods below cost to attract customers is called:
Profit margin
Loss leader
Discount sales
Commission sales
Which of the following functions is performed by a central bank?
Giving loans to individuals
Regulating monetary policy
Offering deposit services
Setting exchange rates
A major reason for business expansion is to:
Increase profits
Reduce product prices
Control workers
Avoid taxes
