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Questions on Commerce


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Academic Quotes

The first problem for all of us, men and women, is not to learn, but to unlearn - Gloria Steinem

The act of unlearning is an excellent form of learning. Infact, you will need the skills of unlearning if you intend to become an expert in your desired field.

Do yourself a favor by unlearning, learning and re-learning on a daily basis

If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much - Jim Rohn

There's something special about you. It doesn't matter whether you work for a company or someone; what matters is the amount of investment you've made on yourself.

Investing in yourself is the best life plan you can design for your future

Smile - Len Academy

Peace begins with a smile - Mother Teresa

Never underestimate the power of your smile. It can lift up the depressed, improve the mood of the downtrodden and even discourage a suicidal attack. Also remember that your smile makes you more beautiful

Smile always for your own good and the good of others

The only person who is educated is the one who has learned how to learn …and change - Carl Rogers

To perfect your learning process, you must learn, unlearn and re-learn. Infact, we all need to learn how to unlearn those vices we know about ourselves.

Do you know that seeing the devastating consequences of vices (perhaps in movies or real-life) can initiate the unlearning processes in one who does such?

Start where you are. Use what you have. Do what you can - Arthur Ashe

Start now. You've got all it takes to achieve greatness, so no environment can limit you. Just begin something, give in your best and don't stop.

Remember, don't stop giving your best if you truly desire greatness. Nothing can stop you except yourself


In commerce, which of the following is false with regards to a commodity?

  • A. A commodity must always have a market value

  • B. Rendered services are also instances of commodities

  • C. Products applicable to commodities can be bought or sold with money

  • D. A commodity must be standardized

  • E. A commodity must be usable upon delivery

  • F. Commodities can be traded in the futures market

ANSWER: Rendered services are also instances of commodities

Commodities are always products (or tangible goods), not services. In fact, a commodity is defined as any product (or tangible good) with market value; and such product can be bought or sold with money.

For an item to be considered a commodity, it must satisfy three conditions. These are:

  1. It must be standardized. In the case of agricultural commodities, they must be in their unprocessed state.

  2. It must be usable upon delivery

  3. The price of a commodity item must vary.


Generally, commodities can be put into two. These are:

  1. Hard commodities: They include goods extracted from the earth crust via mining processes. Examples of such commodities are crude oil, gold, coal and diamond

  2. Soft commodities: They include all products derived from agricultural activities. Examples includes chicken, wheat, fruits and grains.

It is noteworthy to state that certain commodities can be traded in the futures and forex markets respectively. Gold and petroleum (crude oil) are instances in this regard.

Please read more on commodity market here

Whatever is being marketed must always provide value to its potential consumers.

  • A. True

  • B. False

ANSWER: True

The ultimate goal of marketing is to create an awareness such that the consumers eventually purchase whatever is being marketed. To this end, the goal of every consumer is to get value for what they had purchased.

Understand the marketing or manufacturing company aims to make profit. Profit making in business is a typical characteristic of commerce (on the part of the producer or marketer).

Which of the following is not a branch of marketing?

  • A. Merchandising

  • B. Promotions

  • C. Forex

  • D. Search Media Optimization

  • E. Social Media Optimization

  • F. Copywriting

ANSWER: Forex

Forex is not a branch of marketing. It is a business in its own right. In forex business, people trade (buy and sell) currencies with an ultimate aim of making profit.

Please read more on Marketing and it's branches here

Which of the following is not a characteristics of commerce?

  • A. The only aim of commerce is to make profit

  • B. It is a discontinuous process after profit had been made

  • C. It is accompanied with challenges and uncertainties

  • D. It is 100% business and economic activity

  • E. Transaction processes are always involved in commerce

  • F. It connects the process of production and marketing

ANSWER: It is a discontinuous process after profit had been made

Commerce is always a continuous process. This is true because human needs and wants are always unlimited.

You can read on scale of preference and opportunity cost here

Which of the following is not a function of commerce?

  • A. Unnecessary in times of emergencies like earthquakes and wars

  • B. Facilitates mass production of goods

  • C. Influences transportation network within and outside a state

  • D. Attempts to satisfy human needs and wants

  • E. Improves the standard of living

  • F. Acts as an online business link between buyers and sellers

ANSWER: Unnecessary in times of emergencies like earthquakes and wars

Commerce is necessary and important in times of emergencies like wars, earthquakes, famines and hurricanes.

Without commerce at these perilous times (as listed above), the victims may die from lack of food and proper medical treatment, both of which are made possible via commercial activities.

Please read on the functions of commerce here

One of the following is a form of division of labour.

  • A. Agonistic division of labour
  • B. Antagonistic division of labour
  • C. Mutualistic division of Labour
  • D. Advanced division of labour
  • E. Solitary division of labour
  • F. Occupational division of labour

ANSWER: Occupational division of labour

Occupational division of labour is a form of division of labour that relates to the various occupation available in a society, country or state.

As an instance, in every society, some are teachers while others may be lawyers, bankers, security personnel and so on.

The above separation of job (or duties) in a society is a function of their occupation. This inturn is a form of division of labour (occupational division of labour) since all of these are specialized in their respective duties within the society.

Read more on forms of division of labor here

A place where people buy homogenous goods in large quantities is called _____.

  • A. Wholesaler's Market

  • B. Goods Market

  • C. Products Market

  • D. General Market

  • E. Commodity Market

  • F. Forex Market

ANSWER: Commodity Market

Homogeneous goods are bought in large quantities in the commodity market.

Think of homogeneous goods as products that essentially have the same physical characteristics and qualities as similar products from other brands.

Please read more on commodity market here

Any activity aimed at getting people interested in a company's product or service is termed _____.

  • A. Commerce

  • B. Economics

  • C. Financial Accounting

  • D. Marketing

  • E. Production

  • F. Distribution

ANSWER: Marketing

Marketing involves getting people interested in a product or service.

Marketing processes can take place through posters, hand bills, public relations campaign, radio, television, social media and so on.

Please read more on the concept of marketing here

Which of the followings isn't a characteristics of commerce?

  • A. Commerce is solely aimed at making profit

  • B. Commerce is 100% business

  • C. Commerce is a discontinuous process because it eventually satisfies human needs

  • D. Commerce is accompanied by uncertainties

  • E. Transaction processes are always done in commerce

  • F. Commerce connects the processes of production and marketing

ANSWER: Commerce is a discontinuous process because it eventually satisfy human needs

Because human needs are unlimited, commerce is therefore a continuous process since it attempts to satisfy it.

Please read more on the characteristics of commerce here

The followings are disadvantages of division of labour except _____.

  • A. It becomes difficult to hold any of the workers accountable for poor sales
  • B. A worker may face the risk of unemployment
  • C. Limitation in the size of the market will affect division of labour
  • D. It can lead to loss of lives
  • E. All of the above
  • F. None of the above

ANSWER: None of the above

Options A through D are all disadvantages of division of labour. Since the question says EXCEPT, then, none of the answer is correct.

Please read on the Disdvantages of Division of Labour here.

The followings are principles of marketing mix except _____.

  • A. People

  • B. Positioning

  • C. Pressure group

  • D. Packaging

  • E. Promotion

  • F. Product

ANSWER: Pressure group

The principle of marketing mix explain how various marketing process interact with each stage of the business. They are 7 in number. These are:

  1. Product

  2. Price

  3. Place

  4. Promotion

  5. Packaging

  6. Positioning

  7. People

The followings are advantages of division of labour EXCEPT _____.

  • A. It promotes the use of machines in production industries
  • B. There is an increase in profit
  • C. It saves time and expenses of training
  • D. It fosters the spirit of division
  • E. It increases the production of quality goods and services in the market
  • F. It increases a country's economic growth

ANSWER: It fosters the spirit of division

Division of labour does not foster the spirit of division, rather it fosters the spirit of cooperation.

Through division, different people cooperate by working together to achieve a common goal

Please read on the Advantages of Division of Labour here.

Which of the following statement is incorrect concerning division of labour?

  • A. It is the specialization of works
  • B. It can become monotonous
  • C. It is the specialization of processes
  • D. The nature of a job is not a condition for division of labour
  • E. A person performs only a part of the job
  • F. Division of labour has some of its drawbacks

ANSWER: The nature of a job is not a condition for division of labour

The Nature of a job is a condition necessary for division of labour.

For instance, A taxi drive will find it difficult to embark on division of labour while a water production company will likely require it.

The above instance points to the fact that the nature of certain jobs are necessary for division of labour while others are not.

Please read on Division of Labour and the Conditions necessary for it here

What does a bearer cheque mean?

A bearer cheque is a cheque that is made payable to whoever presents it. The cheque can be presented by anyone regardless the name written on it.

For instance, if Mr. Jibola presents a bearer cheque to the bank, such cheque may have a different name written on it; e.g James John. Regardless, the cheque will still be made payable to Mr. Jibola

You can read on the Characteristics of Cheque here

What is an order cheque?

An order cheque is a cheque made payable either to the person whose name is written on it OR on the order of the one who wrote the cheque. This implies that:

  1. Money will only be paid to the person whose name appeared on the cheque
  2. Money will be paid to another person after the cheque had been endorsed by the owner. The owner of the cheque can therefore order the bank to pay a person even through their name isn’t present on it.

Please read on Cheque and Types of Cheque here

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Commerce topics

Principle of Marketing: People as a Marketing Mix and their Importance Principle of Marketing: Positioning as a Marketing Mix Principle of Marketing: Packaging as a Marketing Mix Elements of Promotion in Marketing Mix Principle of Marketing: Promotion as a Marketing Mix Principle of Marketing: Place as a Marketing Mix Principle of Marketing: Price as a Marketing Mix Principles of Marketing: The 7 Ps of Marketing Mix Factors necessary for Division of Labour Disadvantages of Division of Labour


Amazing facts for Students

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Laughing ape - Len Academy

Like humans, all apes laugh when tickled

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Antibiotics fights and kills bacteria. However, they do nothing to a virus

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The longest street in the world is Yonge street in Toronto Canada. It has a length of 1,895,807.232 meters or 1,178 miles

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