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