Which of the following contributed least to the evolution of commercial activities in Nigeria?
Answer
(D)
Development of currencies
2
One of the factors which critically determines the choice of occupation is
Answer
(B)
skills
3
Extractive industries may also be denominated as
Answer
(C)
primary industries
4
The primary objective of a business organization is to
Answer
(B)
work towards making returns
5
Service which are of absolute monopoly can can best be proved by
Answer
(D)
public enterprises
6
One advantage the co-operative society has over the company is that the
Answer
(A)
the latter pays tax while the former does not
7
Use the above information below to answer question 7 and 8.
Mr obi is a manager of obi Agricultural Venture.
he makes all the decisions and takes all profits
from the business. H e had agreed with Alhaji Musa
It can be deduce from the above that obi AgricultrualVenture is a
(a farmer) to pool their resources together and
expand their business.They invited Mr Abayomi
(a cotton grower) to join them. Mr Abayami agreed on the condition that his liability in the new firm will be limited to his investment in it. The thus registered Obi, Musa and Abayaomi''s Agricultural ventures.
Answer
(A)
A sole proprietorship
8
Which of the statements below is true of Mr Abayomi?
Answer
(C)
His actions as a limited partner can bind the firm
9
A source of capital to private limited companies is shares issued to
Answer
(B)
selected persons
10
Which of the following is an example of a conglomerate?
Answer
(B)
United Africa Company Nigeria Plc
11
Which of the following statement is true of preferred stockholders?
Answer
(A)
They have no voting rights at annual general meetings
12
A provision in the charter of a company which gives holders of common stock the first option to purchase additional issues of the firm's common stock is known the?
Answer
(B)
shareholders right
13
Use the information Above to answer this question
What is the current ratio?
Answer
(C)
5:1
14
Use the information above to answer this question
What is the ratio?
Answer
(A)
2.95:1
15
The form of capital which is easily transferred into the form desired is known as?
Answer
(C)
circulating capital
16
If a firm's turnover is N15,000 and the cost of goods sold is N 10,000 What is the percentage of gross profit on sales?
Answer
(B)
33.3%
17
A machine which enable s sales without the physical presence of a sales attendant is a
Answer
(B)
vending machine
18
What document is required when a country imposes ad valorem import duties on goods?
Answer
(B)
A shipping note
19
Enter pot trade is said to have taken place when goods are?
Answer
(C)
imported and then re-export
20
When a price is quoted at F.O.B. it means that the price?
Answer
(C)
includes all charges payable on shipping a consignment to the port destination
21
The document with which a manufacturing enterprises releases stock
Of raw materials to the factory for product is called?
Answer
(C)
stock issues voucher
22
the two main categories under which marine losses fall into are?
Answer
(C)
total loss and partial loss
23
Insurance companies operate on the principal of indemnity. This means that an insured person or firm collector
Answer
(D)
damage claims equal to the loss suffered.
24
The most important difference between community banks and peoples’ bank is that the?
Answer
(A)
latter is owned solely by government while the former are not
25
The assets, liabilities and general management of a distressed bank may be taken over by?
Answer
(C)
Nigeria Banks Deposit Insurance corporation
26
The type of securities that the stock exchange deals with are
Answer
(D)
stocks, shares, bonds and warrants.
27
(i) Companies must be registered as private limited liability companies. (ii)Companies must not have less than 100 shareholders (iii) No shareholder may have more than 75% of issued shared capital. What of the above are requirements for admission into the second-tier securities market?
Answer
(D)
ii and iii only.
28
An underlined principle in the marketing of goods is that firms should
Answer
(B)
be consumers oriented
29
Product X was introduced into the market at N4.00 with its cost of product at N3.90 while competing products are at N4.50. What pricing policy are producers of X adopting?
Answer
(A)
market skimming
30
The oral presentation iv a conversation with one or more prospective buyers for the purpose of making sales is
Answer
(B)
personal selling
31
Personnel activities that promote the general image of an organization are part of
Answer
(C)
public relations
32
An agent must not make any secret profit in the performance of his duties but can be rewarded by his principal through
Answer
(B)
payments of commision and salary
33
Sabo and Gambo entered into a contract for the sale of two baskets of tomatoes belonging to Gambo. Before the date the date of delivery and without any default by Gambo, the tomatoes were stolen. This is an example of termination of contract by
Answer
(D)
frustration
34
A minor is not permitted to enter into a valid contract because he
Answer
(C)
Is young in the eye of the law
35
A person who is cheated in business transaction can seek legal remedy
Answer
(D)
only if the transaction is documented in a contract
36
The most essential element of a product is the
Answer
(B)
utility
37
Which of the following is a disadvantage of nationalization
Answer
(D)
The development of local skills and technologyis retarded
38
An example of a consumer protection agency is the?
Answer
(C)
Ferderal Environmental Protection Agency
39
The body that organizes, promotes and participates in local and foreign trade fairs is the
Answer
(C)
Chambers of Commerce
40
The Continental West African Conference is a
Answer
(D)
trust with shareholders fromall West African countries
41
The main function of thrift, credit and loans co-operative societies is to
Answer
(D)
raise investment finance among thir members
42
Management is described as
Answer
(B)
implementing of business decision
43
Under normal circumstances, a business enterprise can be ideally structured
Answer
(A)
by product, function or territories
44
Which of the following sequences can best fit into the structure above?
Answer
(D)
Material --> production --> product
45
When a business enterprise provides free service to its environment, the service is said to be a
