An article used as a means of exchange in the early days of trade in West Africa was
Válasz
(B)
cowrie
2
The provision of services is classified under
Válasz
(D)
tertiary production
3
The growth of commerce is not enhanced by
Válasz
(D)
low per capita income
4
One of the products of the construction industry is a
Válasz
(B)
bag of cement
5
The service of a retailer is part of production because it
Válasz
(B)
enables finished goods to reach consumers
6
The resources put together to create goods and services are
Válasz
(C)
factors of production
7
Which of the following organizations provide essential goods and services at low cost to citizens?
Válasz
(B)
Public enterprises
8
A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a
Válasz
(A)
wholesaler cooperative society
9
Average stock is derived by adding
Válasz
(C)
opening stock to closing stock divided by 2
10
A retail business that sells goods by post, using catalogue is a
Válasz
(C)
mail order firm
11
Which of the following documents would a shareholder inspect to know his voting rights?
Válasz
(A)
Articles of Association
12
An internal source of finance to an enterpreneur is
Válasz
(B)
retained earning
13
Use the information below to answer questions 13 and 14
#
Sales
50,000.00
Debtors
10,000.00
Cash in hand
5,000.00
Opening stock
30,000.00
Creditors
8,000
Válasz
(C)
#5,000.00
14
Use the information below to answer questions 13 and 14
#
Sales
50,000.00
Debtors
10,000.00
Cash in hand
5,000.00
Opening stock
30,000.00
Creditors
8,000.00
Purchases
16,000.00
Overdraft
12,000.00
Closing stock
10,000.00
Válasz
(D)
#14,000.00
15
A partner who contributes only his name to the formation of a partnership is
Válasz
(A)
a nominal partner
16
Which of the following groups would advocate for the supply of constant electricity to households?
Válasz
(A)
Consumer's association
17
A retail store that sells a single product from a particular manufacturer is a
Válasz
(D)
chain store
18
A country's visible balance of payment is made up of
Válasz
(C)
earnings from goods exported
19
The quality of money which makes it possible to buy goods in small quantities is
Válasz
(C)
divisibility
20
One of the functions of commerical banks that cannot be performed by central banks is
Válasz
(B)
collection of deposits from the public
21
A document that instructs an agent to buy goods from a named firm is
Válasz
(D)
closed indent
22
The incentive given to a buyer to encourage prompt payment is
Válasz
(A)
cash discount
23
The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is
Válasz
(B)
contribution
24
Dealers in stock exchange such as bulls, bears and stags are categorized as
Válasz
(C)
speculators
25
Which of the following is not a characteristic of a commercial bank?
Válasz
(C)
Established to issue bank notes
26
Central banks sell treasury bills to the public to
Válasz
(D)
reduce cash in circulation
27
A document used to ensure correct payment of duty at the importing country is
Válasz
(D)
bill of lading
28
A cheque is specially crossed if
Válasz
(C)
the name of the bank is written between two parallel lines drawn across it
29
One of the functions of a trade association is to
Válasz
(B)
promote members' welfare
30
When a share with a nominal value of #50 is quoted at #70, it is being sold
Válasz
(D)
at a premium
31
Sea vessels that do not operate on regular times and routes are
Válasz
(B)
ocean liners
32
Payment made to a carrier for transportation of goods is
Válasz
(A)
freight
33
An advantage of rail transport is that it
Válasz
(C)
carries bulky and heavy goods
34
The commission on a postal order is
Válasz
(B)
poundage
35
Consumers could be encouraged to purchase a company's product through
Válasz
(D)
advertisement
36
The marketing concept emphasizes
Válasz
(D)
consumer's satisfaction at a profit
37
An undertaking to repair a customer's vehicle for a certain period after it has been sold is
Válasz
(A)
after-sales service
38
Which of the following is not a right of a consumer?
Válasz
(B)
Right to buy on credit
39
Advertisement which is geared towards a particular audience is
Válasz
(A)
direct advertising
40
The law by which a seller transfers the property in goods to a buyer at an agreed price is the
Válasz
(C)
Sale of Goods Act
41
Commerce is defined as
Válasz
(B)
all activities in the distribution and exchange of goods and services
42
The type of occupation that a broker belongs to is
Válasz
(A)
commercial
43
A form of money which was not used in the early days of trade is
Válasz
(C)
cowries
44
Which of the following activities is not an example of the extractive industry?
Válasz
(A)
weaving
45
A business unit in which savings of members are lent to others is a
Válasz
(C)
credit and thrift society
46
The document issued by a public company allowing it to commence business is the
Válasz
(D)
Certificate of Trading
47
Which of the following is not a function of a consumer association?
Válasz
(C)
Penalizing importers of fake goods
48
An association formed by computer distributors to safeguard and promote their interest is a
Válasz
(C)
trade association
49
The issue of prospectus by a company is an invitation to members of the public to
Válasz
(A)
subscribe to the company's shares
50
Examples of current assets are
Válasz
(A)
cash and trade debtors
51
When the cost of sales is divided by the average stock, the result is
Válasz
(C)
rate of turnover
52
The part of issued share capital that the company has asked the subscribers to pay for
Válasz
(B)
called-up capital
53
The last link in a channel of distribution is the
Válasz
(C)
consumer
54
The difference between a country's imports and exports of goods in a particular year is
Válasz
(C)
balance of payment
55
Goods bought into the country for sale are the country's
Válasz
(C)
visible imports
56
A feature of supermarkets which distinguishes it from other large scale retail outlets is that items sold are
Válasz
(A)
mainly household goods
57
One advantage of small scale retail outlets is
Válasz
(D)
personal attention to customers
58
A discount deducted from the invoice price of goods to enable the retailer to make profit
Válasz
(A)
cash discount
59
A document issued by the seller's own courier and signed by the customer to acknowledge receipt of the goods is
Válasz
(B)
consignment note
60
A request for goods from another country by an importer would be made using
Válasz
(B)
an indent
61
The right to buy or sell stock in the stock exchange within a stipulated period is
Válasz
(A)
option
62
The share value stated on a share certificate is
Válasz
(D)
nominal value
63
The bank which acts as the lender of last resort is the
Válasz
(A)
Central bank
64
An insurance policy which is not a contract of indemnity is
Válasz
(C)
life insurance
65
When a company insures the lives of all its employees collectively, the policy is
Válasz
(D)
group insurance
66
A cheque that could be cashed over the counter by the payee is
Válasz
(C)
open cheque
67
A specially-designed mode of transport for conveying liquid and gas is a
Válasz
(B)
tanker
68
The safe keeping of goods produced until they are needed is
Válasz
(D)
warehousing
69
One of the objectives of the Niger Basin Commission is to
Válasz
(D)
streaming the construction of dams on the river
70
A paid presentation about a product with a view to encouraging purchases by an identifiable sponsor is
Válasz
(D)
advertisement
71
The face-to-face meeting of the seller with the buyer for the purpose of making sales is
Válasz
(C)
personal selling
72
The activity which improves the appearance of a product and also aimed at protecting it is
Válasz
(D)
packaging
73
Which of the following is not a component of the marketing mix?
Válasz
(B)
production
74
The marketing term which regards the consumer as king that must be satisfied is
