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WorksheetsRSS Commerce
Total questions: 50
Worksheet time: 25mins
What is the main objective of business?
To provide employment
To make profit
To increase population
To reduce competition
Which of the following is NOT a factor of production?
Land
Capital
Money
Labour
Which type of business ownership has unlimited liability?
Limited liability company
Sole proprietorship
Partnership
Public limited company
Which of these is an example of a variable cost?
Rent
Salaries
Raw materials
Insurance
What is meant by 'liquidity' in business?
The ability to meet long-term obligations
The ability to convert assets to cash quickly
The profitability of business
The number of employees in the business
Which document shows the financial position of a business at a specific point in time?
Income Statement
Cash Flow Statement
Balance Sheet
Profit and Loss Account
What is the main role of the Central Bank of Nigeria?
To control inflation
To provide loans to farmers only
To regulate and supervise commercial banks
To distribute salaries
What is the purpose of trade unions?
To increase workers' salaries only
To represent workers in disputes and protect their rights
To run businesses for workers
To provide training for tax officials
Which of the following is an example of indirect tax?
Pay As You Earn (PAYE)
Value Added Tax (VAT)
Company Income Tax
Capital Gains Tax
What is the term for buying and selling goods in different countries?
Importing
Exporting
International trade
Domestic trade
What term describes the physical location where buyers and sellers meet for trade?
Market
Stock Exchange
Bank
Store
What is the meaning of 'entrepreneurship'?
The ability to manage a business successfully
The skill of producing goods cheaply
The act of financing a business only
The act of supplying goods to customers
Which of these is NOT a primary sector activity?
Fishing
Mining
Banking
Farming
How is profit calculated?
Revenue - Expenses
Expenses - Revenue
Revenue + Expenses
Capital - Expenses
Which of the following is a source of internal finance?
Bank loans
Sale of fixed assets
Issuing shares
Mortgage
What is the main function of commercial banks?
To accept deposits and grant loans
To print money
To control government policy
To sell goods
Which of the following is a feature of a partnership business?
Limited liability
Unlimited shareholders
Shared capital and responsibility
One owner only
What is meant by 'trade barriers'?
Incentives to promote trade
Obstacles imposed to restrict free trade
Marketing strategies
Methods to increase exports
What type of business organization is owned by shareholders and managed by a board of directors?
Partnership
Sole proprietorship
Limited liability company
Cooperative society
What is VAT an abbreviation for?
Variable Asset Tax
Value Added Tax
Very Active Tariff
Value Aggregate Tax
Which of these is NOT a form of advertising?
Television commercials
Personal selling
Product labeling
Taxation
What does 'bills of exchange' mean?
A written order to pay a certain sum of money
A bank loan document
A legal document for ownership
A budget plan
What is meant by 'market segmentation'?
Dividing a market into smaller groups based on characteristics
Increasing market size
Selling goods at a higher price
Reducing production cost
Which of the following is a primary function of insurance?
To provide financial protection against loss
To increase production
To raise capital
To sell goods
Who appoints the managing director of a company?
The workers
The government
The board of directors
Customers
What is the term for the increase in the general price level of goods and services?
Deflation
Inflation
Recession
Depression
Which of these is NOT an example of a durable consumer good?
Furniture
Soap
Car
Refrigerator
What is the meaning of 'capital' in business?
Money used to start and run a business
Land owned by a firm
Total sales made
Employees working
What is a characteristic of a public corporation?
Owned by private individuals
Established by government to provide essential services
Has unlimited liability
Has few shareholders
Which document contains particulars of goods bought or sold?
Invoice
Receipt
Purchase order
Statement of account
What is the gross profit formula?
Sales revenue - Cost of goods sold
Net profit + Expenses
Total revenue - Expenses
Cost of goods sold - Sales revenue
What is meant by 'capital market'?
Market for short-term funds
Market for long-term finance
Market for goods and services
Market for cheap labor
Which one of these methods is a promotional method?
Discount
Inflation
Taxation
Saving
What does 'credit' mean?
Buying goods and paying for them immediately
Buying goods with a promise to pay later
Selling goods at a discount
Giving loans to banks
Which of the following is an advantage of partnership over sole proprietorship?
More capital is available
Unlimited liability
Decision making is slower
Less skill diversity
Who regulates the securities market in Nigeria?
Nigerian Stock Exchange
Central Bank of Nigeria
Securities and Exchange Commission
Nigerian Export Promotion Council
What is the main objective of taxation?
To raise revenue for government
To increase business profits
To reduce unemployment
To improve marketing
Which of these is a reason for international trade?
To reduce supply
To increase goods variety and demand
To avoid competition
To make taxes higher
Which of these is a social responsibility of a business?
Profit maximization
Payment of taxes
Welfare of employees
Increasing sales
What is meant by 'depreciation'?
Increase in asset value
Reduction in the value of an asset over time
Purchase of assets
Total asset value
What kind of business is a cooperative?
Owned and controlled by workers only
Owned and operated by government officials
Owned jointly by members who share profits equally
Owned by one person only
Which of the following is NOT typically a feature of a sole proprietorship?
Single ownership
Limited liability
Unlimited liability
Direct control by owner
What is meant by 'working capital'?
Capital used to buy fixed assets
Long-term capital investment
Capital used for day-to-day running of business
Profit earned from sales
What is the function of marketing?
To produce goods
To satisfy customers' needs through promotion, selling, and distribution
To manufacture raw materials
To invest capital
What is the document called that confirms receipt of payment?
Invoice
Receipt
Bill of lading
Credit note
What does 'joint venture' mean?
Two or more businesses working on a project together sharing risks and profits
Sole proprietorship business
Business run by government only
Partnership with unlimited liability
Which organization protects the interests of consumers?
Standard Organization of Nigeria (SON)
Nigerian Stock Exchange (NSE)
Securities and Exchange Commission (SEC)
Nigeria Customs Service (NCS)
Capital employed in a business means:
Fixed assets only
Total assets minus current liabilities
Total debts of the business
Cash on hand
What is a budget?
A prediction of future income and expenditure
An organization’s total assets
A summary of past expenses
A type of loan
What is meant by 'demand'?
The willingness and ability to buy a commodity at a given price and time
The plan to produce goods
The supply of goods in the market
The government policy on trade
