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Tuesday, 29 September 2026
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Commerce Past Questions and Answers

Commerce Questions

Question 236:
Extractive industries may also be denominated as
  • A Direct industries
  • B Servicing industries
  • C Primary industries
  • D Indirect industries
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Question 237:
The primary objective of a business organization is to
  • A Cater for the neds of its owners
  • B Work towards making returns
  • C Assist the government to serve the citizens
  • D Improve the standard of living of its proprietors
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Question 238:
Service which are of absolute monopoly can can best be proved by
  • A Private companies
  • B Limited liability companies
  • C Public companies
  • D Public enterprises
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Question 239:
One advantage the co-operative society has over the company is that the
  • A The latter pays tax while the former does not
  • B Former attract more capitals than the later
  • C Members of the former is usually morethan the latter
  • D Former, unlike the latter, has limited liabities
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Question 240:
Use the above information below to answer question 7 and 8.<br/>Mr obi is a manager of obi Agricultural Venture.<br/>he makes all the decisions and takes all profits<br/>from the business. H e had agreed with Alhaji Musa<br/>It can be deduce from the above that obi AgricultrualVenture is a <br/>(a farmer) to pool their resources together and<br/>expand their business.They invited Mr Abayomi<br/>(a cotton grower) to join them. Mr Abayami agreed on the condition that his liability in the new firm will be limited to his investment in it. The thus registered Obi, Musa and Abayaomi''s Agricultural ventures.
  • A A sole proprietorship
  • B General partnership
  • C Limited partnership
  • D Limited partnership
  • E Joint partnership
View Answer & Explanation