The tendency for firms and individuals to concentrate on the activity which is of most advantage of them is known as?
إجابة
(D)
specialization
3
The major divisions of commerce are?
إجابة
(C)
trade and aids to trade
4
The sole purpose of production is?
إجابة
(C)
consumption
5
Commerce developed as a result of?
إجابة
(C)
specialization
6
Which of the following is concerned with obtaining raw materials from their natural locations?
إجابة
(A)
Extractive industry
7
In which of the following classes of occupation would you place a commerce teacher?
إجابة
(C)
Direct service
8
Turnover may be increased by?
إجابة
(B)
advertising and cutting prices
9
The advantage road transport has over other means of transport is that?
إجابة
(A)
intermediate terminal handling is eliminated by door-to-door delivery
10
In winding-up a company, the assets of the company are vested in the hands of the?
إجابة
(B)
liquidator
11
When more shares are applied for than are offered for sale the offer is said to be over?
إجابة
(C)
subscribed
12
Which of the following deals with the problems involved in selling of a particular product?
إجابة
(B)
Market segmentation
13
If a seller discovers that he had under charged a buyer, which of the following documents will use to correct the error?
إجابة
(D)
A debit note
14
The ship owner's receipt for the goods accepted for carriage in a ship is called?
إجابة
(E)
bill of lading
15
Activities aimed at creating an image foe an organization are known as?
إجابة
(C)
public relation
16
Patent Right gives the owner the exclusive right to?
إجابة
(B)
his invention
17
The method by which insurance companies spread their risk to other insurance companies is called?
إجابة
(C)
re - insurance
18
QWhen a number of insurers are liable under one given policy, the principle of insurance that applies is/
إجابة
(D)
contribution
19
The interplay of such variables as product, price, distribution and promotion is known as?
إجابة
(C)
the market mix
20
Which of the following refers to sale promotion?
إجابة
(B)
Offering free samples of products
21
Which shares are sold Ex-div it means that the?
إجابة
(D)
sellers has the right to the next dividend
22
The market for short term loans is known as the?
إجابة
(C)
money market
23
A house insured against damaged by flood was burnt down and the owner had a claims. Which of the following prevented him from making any claim? The principle of
إجابة
(D)
proximate cause
24
The practice of selling in foreign markets at less than cost price is known as?
إجابة
(E)
dumping
25
One of the reasons for national of industries is?
إجابة
(D)
to control corruption performance of strategic industries
26
The value stated on the share certificate as opposed to the current value is called?
إجابة
(C)
nominal value
27
The state of scientific knowledge and production process obtainable in a country is part of the?
إجابة
(D)
techonolgical environment of business
28
The Act designed to reserve certain businesses exclusively for Nigerians is known as the?
إجابة
(C)
Nigerian Enterprises Promotion Act
29
Which of the following involves gathering and analysing information about demand, consumers wants and new products?
إجابة
(B)
Market research
30
Which of the following must be submitted to the Registrar of Companies before the company is incorporated?
إجابة
(C)
Articles of Association and Memorandum of Association
31
Which of the following is a feature of Co-operative Societies?
إجابة
(C)
All members have equal votes during meetings
32
Workers involved in mining, quarrying or fishing are engaged in?
إجابة
(B)
Primary production
33
Which of the following is not a method of trade restriction?
إجابة
(B)
Stock exchange
34
When a customer writes a cheque to withdraw cash from his current account, he is both the?
إجابة
(A)
Drawer and the Payee
35
The technique of controlling money supply through the purchase and sale of government bond is called?
إجابة
(C)
Open market operations
36
The insurance cover on property being shipped from one location to another comes under?
إجابة
(C)
Marine insurance
37
Debentures are part of a company's?
إجابة
(D)
Loan capital
38
An application form which is filled by anyone taking out an insurance policy is called?
إجابة
(C)
A proposal form
39
A customer is granted an overdraft by the bank subject to his operating a?
إجابة
(D)
Current account
40
The total assets acquired for permanent use in a business concern is called?
إجابة
(B)
Fixed assets
41
Which of the following is not provided by NIPOST?
إجابة
(D)
Telegram
42
A service provided by NITEL through which one can dial any number one wants whether it is a local, trunk or overseas is called the?
إجابة
(B)
Standard Dialling System
43
The two main categories of marine losses are?
إجابة
(A)
Total loss and partial loss
44
Restoring the insured to his former position by the insurer in the event of his suffering the specified loss is called?
إجابة
(C)
Indemnity
45
The manufacturer would by-pass the wholesaler and the retailer in the distribution of his products if the?
إجابة
(D)
The product make-up and use are highly technical
46
Which of the following is statutorily responsible for providing information and incentives required to increase the volume of Made-in-Nigeria goods in foreign markets?
إجابة
(B)
Nigeria Export Promotion Council(NEPC)
47
Which of the following is a retail outlet to eliminate the profit of middlemen?
إجابة
(B)
Consumer co-operative
48
The use of catalogues is associated with?
إجابة
(E)
mail-order business
49
A documents which a retailer sends to a wholesaler requesting him to supply items is called?
إجابة
(D)
an order
50
When a seller sends pro-forma invoice to a potential customer, it is?
إجابة
(E)
an indication that credit will not be granted
51
A merchant wholesaler is one who?
إجابة
(A)
takes title to the goods he sells
52
A trade deficit means that?
إجابة
(B)
exports are less than imports
53
A document issued by the government authorizing a person to take goods out of the country for sale abroad is known as?
إجابة
(A)
export licence
54
The naria is legal tender because it is?
إجابة
(B)
backed by law
55
Which of the following enhances the leading powers of commercial banks?
إجابة
(D)
Decreased liquidity ratio
56
A'bear' on the stock exchanges sells share in anticipation of?
إجابة
(A)
a fall in price
57
When a share is bought at a rate below the par value, it is said to have been sold?
إجابة
(A)
at a discount
58
Which of the following is a function of marketing?
إجابة
(D)
distribution
59
The principle of subrogation in insurance means that?
إجابة
(E)
the insurer takes the place of the insured in respect of claims due from third paarties
60
Which of the following are the important functions of any organization?
إجابة
(B)
Planning, Organizing, Controlling and Motivating
61
Which of the following are elements of the economic environment of business?
إجابة
(A)
Government policy
62
Which of the following is not a necessary document in incorporating a company?
إجابة
(E)
A statement of minimum subscription
63
Details of a new share for which the public is being invited to subscribe are contained in the?
إجابة
(D)
Prospectus
64
Which of the following accompanies goods supplied and forms a receipt when signed by the consignee?
إجابة
(A)
Invoice
65
A cover note is a?
إجابة
(D)
temporary insurance certificate
66
In nationalized industries, losses are borne by the?
إجابة
(A)
tax payers
67
The main aim of the ECOWAS is the?
إجابة
(D)
Promotion of economic and cultural interaction
68
The consumer is always right. This describes the doctrine of?
إجابة
(C)
consumer sovereignty
69
equity interest in a company is represented by?
إجابة
(E)
ordinary shares
70
An organization chart shows the?
إجابة
(A)
relative position of employeesin a firm
71
A bill of exchange to which document of title are attached is known as?
إجابة
(C)
documentary bill
72
Which of the following policies could be taken for a guaranteed life income?
إجابة
(C)
Annuity
73
Buildings, machines and more vehicles used for purpose of production are examples of?
إجابة
(D)
fixed assets
74
The nominal capital of a company is the same as?
إجابة
(A)
authorized capital
75
A document certifying that goods have been entirely or largely manufactured in the country stated is called?
إجابة
(A)
certificate of origin
76
A facility used for impressing pre-paid postage rate on letters is called?
إجابة
(E)
franking machine
77
A facility used for impressing pre-paid postage rate on letters is called?
إجابة
(E)
franking machine
78
Which of the following ensures that manufactured goods conform to the required standard?
إجابة
(B)
Standard Organization of Nigeria
79
Which of the following enjoins the buyers ti examine goods thoroughly beforeigeria making a purchase?
إجابة
(D)
Caveat venditor
80
Which of the following enjoins the buyers ti examine goods thoroughly beforeigeria making a purchase?
إجابة
(D)
Caveat venditor
81
Which of the following is not a function of money?
إجابة
(C)
Determinant of exchange of medium
82
Which of the following is mostly used in Nigeria for setting business transactions?
إجابة
(D)
Bank notes and coins
83
When an order cheque is endorsed it becomes?
إجابة
(A)
a bearer cheque
84
Which of the following requires acceptance bythe editor to make it valuable?
إجابة
(D)
Bill of exchange
85
Which of the following is not a reason for imposing custom duty? The need to
إجابة
(D)
decrease the volume of world trade
86
Which of the following was the chief means of transport during the Tran-Saharan Trade?
إجابة
(C)
Camels
87
Terms of payments are quoted on the?
إجابة
(E)
invoice
88
Who among the following is NOT a middleman?
إجابة
(D)
consumer
89
The most important factor influencing the form of a business unit is?
إجابة
(C)
the amount of capital value
90
The system of parting with authority not responsibility is known as?
إجابة
(C)
delegating
91
The system of parting with authority not responsibility is known as?
إجابة
(C)
delegating
92
That part of the money in circulation not backed by gold is known as?
إجابة
(B)
fiduciary issue
93
A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
إجابة
(C)
statement
94
A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
إجابة
(C)
statement
95
Who is liable for the contact entered into by the agent on behalf of his principal? The
إجابة
(B)
principal
96
An agreement whereby the seller transfers the title to goods at a price is called?
إجابة
(A)
contract of sale
97
The reward of land as a factor of production is known as?
إجابة
(B)
rent
98
The reward of land as a factor of production is known as?
إجابة
(B)
rent
99
The outright purchase of one company by another is called?
إجابة
(D)
acquisition
100
The form of advertising which aims at wining the market for one particular brand is known as?
