WorksheetsCommerce Quiz
Total questions: 46
Worksheet time: 23mins
What is branding in commerce?
Pricing a product
Giving a product a unique name and logo
Distributing goods widely
Promoting goods aggressively
"Consumer sovereignty" means:
Producers dictate what consumers buy
Government controls consumer choices
The buyer is the king
Consumers have limited choices
Which occupation is extractive?
Teaching
Mining coal
Selling clothes
Assembling computers
Insurance requires "utmost good faith" meaning:
Only the insurer discloses facts
Only the insured discloses facts
Both parties disclose all relevant facts
No disclosure needed
Working capital is used for:
Buying fixed assets like buildings
Day-to-day business operations
Long-term investments
Paying dividends
A professional assessing insurance claims is a(n):
Adjuster
Underwriter
Actuary
Agent
A cheque refused due to insufficient funds is:
Bounced
Certified
Crossed
Dishonored by payee
Market segmentation divides markets based on:
Product price
Buyers with common characteristics
Production costs
Government policies
An invisible export is when:
Goods are physically shipped abroad
Services are sold to foreigners locally
Goods are imported
Cash flows out of the country
BXY Enterprise (March 2010 data): Gross Profit is:
₦7,000
₦9,000
₦21,000
₦30,000
Rate of stock turnover for BXY Enterprise is:
2 times
3 times
4 times
5 times
Advertising helps commerce by:
Reducing production costs
Stimulating demand for goods
Increasing taxes
Limiting competition
A tax on imports as a % of value is:
Specific tax
Ad valorem tax
Excise duty
Subsidy
Why does government participate in business?
Increase private profits
Control economy, ensure social welfare
Promote foreign competition
Reduce entrepreneurship
Difference between private & public limited companies:
Number of employees
Share availability to the public
Location of business
Profit levels
A vending machine sells goods:
With a salesperson present
Automatically when money is inserted
Only online
Through tenders
Current assets include:
Land and buildings
Stock, debtors, cash
Long-term loans
Share capital
A document acknowledging goods receipt on ship is a:
Bill of lading
Consignment note
Invoice
Receipt
What promotes division of labour?
Self-sufficiency
Specialization
Hoarding skills
Decreasing productivity
Commerce aids production by:
Increasing taxes
Providing market & finance
Limiting distribution
Reducing innovation
Entrepot trade involves:
Importing goods for local use only
Importing, storing, re-exporting goods
Barter trade
Domestic trade only
Gross profit calculation uses:
Sales - admin expenses
Sales - cost of goods sold
Sales + expenses
Net profit + expenses
Headquarters of World Tourism Organization is in:
Geneva
Madrid
Paris
New York
Factors hindering West African commerce (EXCEPT):
Poor transport
Inadequate capital
Insurance
Trade restrictions
"Immaterial want" in commerce means a want for:
Protection
Goods with physical form
Services (e.g., education)
Tangible products only
Product pricing considers:
Only production cost
Cost, competition, demand
Competitors’ losses
Government tax only
Fire insurance premium depends on:
Insured’s age
Property type & risk level
Profit of business
Location popularity
New share market is called:
Primary market
Secondary market
Stock exchange
Commodity market
Liner vessels operate:
Irregularly on oceans
On specific routes & schedules
Only near shores
Without cargo handling
Corporate Social Responsibility involves:
Maximizing shareholder profit only
Community welfare activities (e.g., health centers)
Ignoring environmental impact
Reducing employee benefits
Current ratio = Current Assets ÷ Current Liabilities. If CA=₦3,700, CL=₦2,300:
0.6 : 1
1.6 : 1
2 : 1
3 : 1
Acid test ratio excludes:
Cash
Debtors
Stock
Bank balance
Wholesalers typically sell to:
Final consumers
Retailers
Producers directly
Exporters only
E-commerce benefits include:
Limited customer reach
Higher operational costs
24/7 availability, global reach
Manual transactions only
A proforma invoice is sent to:
Request payment
Provide goods estimate before sale
Confirm order receipt
Ship goods
Document used to correct under-invoicing is:
Debit note
Credit note
Invoice
Receipt
Trade discount is given to:
Final consumers
Retailers & wholesalers
Employees only
Competitors
Business risk is reduced by:
Avoiding insurance
Diversifying products/services
Increasing debt
Ignoring market trends
Partnership maximum number of partners (Nigeria):
2
10
20
Unlimited
Limited liability means owners risk:
All personal assets
Only invested capital
No risk at all
Unlimited business debts
Cash discount encourages:
Late payments
Early payments
Credit purchases
Barter trade
Bill of exchange requires:
Drawee acceptance
No signatures
Oral agreement
Payee refusal
Retailers add value by:
Producing goods
Convenient location, small quantities for consumers
Selling only online
Mass production
Stock turnover ratio indicates:
Sales efficiency
How fast stock sells & replenishes
Employee productivity
Debt collection speed
Warehousing aids commerce by:
Discouraging storage
Storing goods safely, reducing spoilage
Increasing immediate sales
Limiting distribution
Incoterm "EXW" means:
Seller delivers to buyer’s door
Buyer collects goods at seller’s factory
Seller pays freight
Goods delivered at port
