The fastest means of sending a printed message from Lagos to London is through
Απάντηση
(D)
telex
3
An association that mobilizes the savings of members and channels them to needy members is known as
Απάντηση
(C)
Thrift and Credit Co-operative
4
If Ade issues a Union Bank cheque to Chukwu, the Union Bank is the
Απάντηση
(A)
drawee
5
Which of the following is the clearing house for all the banks in the country?
Απάντηση
(C)
The Central Bank of Nigeria
6
Commerce developed as a result of
Απάντηση
(C)
specialization
7
An overdraft can only be granted to the holder of a
Απάντηση
(D)
current account
8
Which of the following is not a source of capital to a partnership?
Απάντηση
(D)
Shares
9
Which of the following functions of the wholesaler helps to stabilize prices
Απάντηση
(E)
Warehousing
10
The rebate given to the retailer by the wholesaler to enable him make profit is known as
Απάντηση
(C)
trade discount
11
Division of labour often results in
Απάντηση
(B)
an increase in production
12
Who among the following is not an agent?
Απάντηση
(D)
Manufacturer's representative
13
Who among the following comes first in the channel of distribution?
Απάντηση
(D)
Manufacturer
14
The services rendered by Nigerian Airways to foreign companies are part of Nigeria's
Απάντηση
(C)
invisible exports
15
One of the characteristics of a debenture is that
Απάντηση
(C)
it yields a fixed rate of interest
16
Which of the following is a disadvantage of credit transaction?
Απάντηση
(D)
encourages bad debt
17
In which of the following do the goods become the property of the buyer on the payment of first installment
Απάντηση
(B)
Deferred payment
18
Which of the following government legislation is not aimed at consumer protection?
Απάντηση
(A)
Taxation Law
19
Self-service, mail order and automatic vending are examples of
Απάντηση
(D)
selling techniques
20
Span of control is defined as the
Απάντηση
(D)
number of surbodinates reporting directly to a supervisor
21
An established pattern of relationships among members of an organization is known as
Απάντηση
(A)
organizational behaviour
22
The aspect of management which ensures that there is no deviation from the set standards is called
Απάντηση
(A)
controlling
23
When a Public Limited Company is incorporated it means that
Απάντηση
(C)
It has a legal existence
24
The Manager,
Afribank,
Lagos.
Please pay to Great Nigeria Insurance Company, from my account, a sum of #125.00 at the end of every month until further notice, starting from this month.
The above instruction is a
Απάντηση
(D)
standing order
25
A retailer's mark-up is his
Απάντηση
(E)
selling price less cost price
26
Debenture is an example of
Απάντηση
(C)
loan capital
27
Which of the following is not an acceptable collateral security for a bank loan?
Απάντηση
(E)
Warehouse warrant
28
Which of the following is the basic principle of marketing concept?
Απάντηση
(C)
Consumer-oriented
29
The compensation given to brokers who sell shares to jobbers is called
Απάντηση
(B)
commission
30
The Stock Exchange does not deal in
Απάντηση
(B)
treasury bills
31
The insurance principle which expects the insured and the insurer to disclose all facts about a proposed contract is called
Απάντηση
(A)
uberrimae fidei
32
Which of the following is not covered by fire insurance policy?
Απάντηση
(D)
Lightning
33
Which of the following is not considered when siting a retail shop?
Απάντηση
(A)
Advertising
34
The law stipulating that labels should contain full details about a product is known as the
Απάντηση
(D)
Trade description Act
35
A design which distinguishes the goods of one producer from those of others is called
Απάντηση
(C)
trade mark
36
Which of the following is responsible for the maintenance of the quality of goods produced
Απάντηση
(C)
Standards Organization of Nigeria
37
The document stating the particular country from which goods are imported is called
Απάντηση
(A)
certificate of origin
38
Which of the following makes it possible for people to collect their letters at their convenient time ?
Απάντηση
(C)
Post Office Box
39
Which of the following is not a function of the Nigerian Ports Authority?
Απάντηση
(A)
Checking smuggling activities
40
Which of the following indicates special crossing on a check? Two parallell lines with
Απάντηση
(C)
"account payee" only
41
Which of the following is usually sent to prospective buyer when the seller expects payment of the goods dispatched?
Απάντηση
(A)
Pro-forma invoice
42
A company which acquires more than 50% voting shares of another company is called?
Απάντηση
(E)
a holding company
43
Which of the following is true of a merger?
Απάντηση
(D)
The company formed aquires a new name
44
Which of the following covers damages to the body of a ship and its machinery?
Απάντηση
(E)
Hull insurance
45
The major disadvantage of pipeline transportation is that it
Απάντηση
(D)
is not easy to detect damages
46
Which of the following are true of a bill of lading? i. it is a means of payment in foreign trade. ii. it is document of title to goods. iii. it is a contract of carriage. iv. it is usually drawn in triplicate.
Απάντηση
(E)
ii, iii and iv only
47
The difference between the total amount owed to a country and the total amount owed by it is
Απάντηση
(E)
balance of payments
48
Which of the following is not true of branding?
Απάντηση
(D)
Encourages pilfering
49
Which of the following is a disadvantage of air transport?
Απάντηση
(C)
High cost
50
Which of the following is not a characteristic of Charter party?
Απάντηση
(E)
An association of ship owners
51
Which of the following is issued to the exporter or his agent when the goods has been loaded in the ship?
Απάντηση
(B)
Mate's reciept
52
A common carrier is
Απάντηση
(E)
one who engages in the transportation of goods and passengers for a fee
53
The cost of goods sold divided by the average stock held during a trading period gives the
Απάντηση
(D)
rate of stock turnover
54
An organized market for securities is called
Απάντηση
(C)
Stock Exchange Market
55
A carton of spoons valued at #3,000.00 was invoiced at #300 only. Which of the following documents would be used by the seller to correct the error?
Απάντηση
(E)
A debit note for #2,700.00
56
Which of the following is not a means by which banks facilitate foreign trade?
Απάντηση
(C)
Open market operations
57
Which of the following is a characteristic of a private company?
Απάντηση
(C)
Shares are not dealt in on the stock exchange
58
Food and Drugs Act, Weights and Measure Act, Standards Organization of Nigeria, etc are aimed at
Απάντηση
(E)
protecting consumers
59
The reorganization of public enterprises to operate as profit-making ventures is known as
Απάντηση
(D)
commercialization
60
The intangible benefits arising from the business connections and reputation of a firm is called
Απάντηση
(B)
goodwill
61
Which of the following monitors people's opinion about a firm and takes measures to correct adverse impressions?
Απάντηση
(A)
Public Relations
62
Which of the following mostly serves as a useful promotional device for consumer goods?
Απάντηση
(E)
Packaging
63
Which of the following is a function of advertising?
Απάντηση
(A)
Stimulation of demand
64
The main reason for advertising an already existing line of products is to
Απάντηση
(D)
build brand recognition
65
The principle of insurance that restores the insured to the position he occupied immediately before the loss occurred is called
Απάντηση
(B)
indemnity
66
Business activities that direct the flow of goods and services from the producer to the consumer is
Απάντηση
(D)
marketing
67
Capital owned is synonymous with the
Απάντηση
(C)
net worth
68
Which of the following is not performed by marketing?
Απάντηση
(A)
Provision of revenue
69
The products that are regularly and easily bought by customers through habit are called?
Απάντηση
(D)
giffen goods
70
A business unit whose membership range from 2 to 20 is a
Απάντηση
(B)
partnership
71
Which of the following conditions may lead to the dissolution of a partnership?
Απάντηση
(C)
One partner becomes dormant
72
Which of the following is a legal tender?
Απάντηση
(B)
Bank notes
73
Which of the following takes the shortest time and is the most accurate means of communication?
Απάντηση
(A)
Telephone
74
When an assured is unable to honor his obligation in an insurance contract thereby terminating it before maturity he could only receive
Απάντηση
(C)
the surrender value
75
Assets of a business which cannot easily be changed into cash are known as
Απάντηση
(B)
fixed capital
76
The imposition of high tariff on imported goods by the customs authority is to
Απάντηση
(E)
protect infant industries
77
Who among the following has no right of ownership to a business organization?
Απάντηση
(D)
Debenture holder
78
From the following figures in the accounting books of XY company, calculate its working capital : stock #2,000; cash #1,500; Creditors #1,000; Bank overdraft #1,400
Απάντηση
(C)
#1,100
79
If goods invoiced at #1,500 were sold to Etim at less 15% trade discount, he would pay
Απάντηση
(C)
#1,275.00
80
An agent who takes possession of goods and sells in his own name but does not guarantee payment is known as
Απάντηση
(D)
factor
81
The total assets of Ogo Plc is #16,000 and the liabilities included loan #2,000, creditors #1,000 and electricity bill #2,000. Calculate the capital owned by the company?
Απάντηση
(E)
#11,000.00
82
Ali Plc with issued capital of #500,000 in #1.00 shares has for now requested shareholders to pay only 50k for each #1.00 share. The amount requested from the shareholders by the company is called?
Απάντηση
(B)
Called-up capital
83
When a company raises additional capital by selling shares directly to the public through insurance companies or investment houses, this is known as
Απάντηση
(C)
private placing
84
Which of the following is not one of the aims of indigenization? To
Απάντηση
(E)
transfer of a portion of risk from one insurer to another
85
One of the features of reinsurance is the
Απάντηση
(E)
transfer of a portion of risk from one insurer to another
86
Which of the following is used in home trade?
Απάντηση
(B)
Bank draft
87
To which of the following occupations does a broker belong?
Απάντηση
(C)
Commercial
88
When firms that operate at different stages in the production of a commodity merge, this is known as
Απάντηση
(B)
vertical intergration
89
The document which gives the current price and terms of trade of a product is called?
Απάντηση
(B)
an invoice
90
Which of the following is not a function of merchant banks?
Απάντηση
(E)
Printing new bank notes
91
A restriction on the quantity of a commodity that could be imported is known as
Απάντηση
(C)
quota
92
The art of combining human, material and other resources to achieve the stated goals of a business is known as
Απάντηση
(E)
organizing
93
An agent with authority to bind his principal in everything, provided he acts lawfully is called
Απάντηση
(C)
a universal agent
94
Mr Ojo paid Nnamdi the sum of #3,000 for a piece of land without their signing any deed of sale. Which of the following elements of contract is lacking in the transaction?
Απάντηση
(B)
Formality
95
When an industry is nationalized, ownership belongs to the
