UNILAG COMMERCE 2007 POST-UTME

UNIVERSITY OF LAGOS 2007 POST UME TEST

SUBJECT: COMMERCE

INSTRUCTION: ANSWER ALL QUESTIONS

1. If goods or ‘returnable’ are returned, the seller issues
A. debit note
B. consignment note
C. advice note
D. credit note
2. The ratio of capital owned to other liabilities in a business is known as:
A. efficiency ratio
B. liquidity ratio
C. gearing ratio
D. rate of return
3. lf duty has been paid on goods, and they are later exported, what can the exporter claim?’
A. drawback
B. tax exemption
C. demurrage
D. a bond
4. What would a ‘Bull do?
A. sell shares in anticipation of a fall in price
B. subscribe for new issues
C. Buy shares in anticipation of a price rise
D. Buy and sell shares on commission for other people
5. The term subrogation relates to
A. insurance
B. finance
C. advertising
D. premium
6. The computer using linear integrated circuit technology coupled with quantification of data in terms of length and distance is known as
A. analogue computer
B. hybrid computer
C. digital computer
D. mainframe computer
7. A n agreement to hire a ship which gives the chatterer compete control of the ship is known as a
A. demurrage
B. voyage charted
C. charter by demise
D. shipping conference
8. The Jobber’s Turn is
A. his commission for arranging dealings in share
B. the price at which he is prepared to sell shares
C. the difference between his buying and selling prices
D. the price at which he is prepared to buy shares
9. A del credere agent
A. has unrestricted powers
B. arranges credit terms
C. guarantees payment by the buyers
D. arranges insurance
10. The following information was obtained from the books of Johnson on 31st December, year 2000.
N
Stock 31/12/2000 2500
Rent 500
Insurance 300
Lighting expenses 500
Motor expenses 500
Discount allowed 1000
Stock 01/01/2000 22,400
Salaries and wages 2,000
Purchases 30,000
Sales 35,000
Return outwards 600
Return inwards 900
Debtors 6 ,800
Furniture 5,000
Discount received 1,300
Drawings 2,500
Capital 39,900
The net profit is
A. N2,500
B. N1,300
C. N2,800
D. Nl,700
11. What will ships be unloaded on to if the number of berths at a port is inadequate?
A. stearners
B. tramps
C. lighters
D. container ships
12. Mr. Chukwuma tools up a fire insurance on a property valued at N1000 and the amount insured is N800. The property caught tire causing a loss of N400. If the insurance was taken with the clause ‘with average’, what is the amount to be paid by the insurance company?
A. N420
B. N320
C. N460
D. N570
13. The process whereby a business organiZation regularly compares physical events with the standard set and takes corrective action is
A. organizing
B. coordinating
C. controlling
D. planning
14. A package contained in a wrapper bound with rope, wire, or iron strips is known as alan
A. bail
B. berth
C. bale
D. bait
15. The following information was obtained from the books of Johnson on 31st December, year 2000.
N
Stock 31/12/2000 2500
Rent 500
Insurance 300
Lighting expenses 500
Motor expenses 500
Discount allowed 1000
Stock 01/01/2000 22,400
Salaries and wages 2,000
Purchases 30,000
Sales 35,000
Return outwards 600
Return inwards 900
Debtors 6 ,800
Furniture 5,000
Discount received 1,300
Drawings 2,500
Capital 39,900
The cost of goods available for sale is
A. N2,500
B. N42,400
C. N31,800
D. N34,100
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