Post Utme Commerce Past Questions and Answers

Question 31:

Production involves ____________

A. Making goods available where and when needed
B. Changing the form of goods, moving and making them available as needed
C. The manufacturing of goods and provision of services
D. The assembling of all necessary parts to produce a finished product

Question 32:

The application of division of labour should generally bring about ____________

A. Increase in the variety of goods and services
B. Cheapness of goods and services
C. Cost efficiency in the production of goods and services.
D. Low price of goods

Question 33:

A demonstration of social responsibility by a business is the payment of ____________

A. Taxes to government
B. Premium for insurance
C. Dividends 10 shareholders
D. Interest on loans

Question 34:

A Sole proprietor insured his goods worth +200.000 for half the value. There was a fire incident in which goods valuedpm 80.000 were destroyed. The value of compensation expected from the insurer is ____________

A. #40,000
B. #40,000
C. #200,000
D. #100,000

Question 35:

Which of the following insurance principles will prevent someone from claiming compensation?

A. Insurable interest
B. Indemnity
C. Proximate cause
D. Utmost good faith