The conversion of raw material into finished products creates
Answer
(C)
form utility
2
Commerce makes it possible for man to live in a
Answer
(C)
society characterized by dependency
3
Use the information below to answer questions 3 and 4.
Aboki Plc, became the insolvent and decided to wind up to meet the legitimate claims of its creditors.
Babalawee was called in to manage the dissolution.
after paying the debts of aboki Plc, the balance goes to?
Answer
(C)
shareholders
4
Use this information to answer the question below.
Aboki Plc became insolvent and decided to wind up to meet the legitimate claims of its creditors. Babalawee was called in to manage the dissolution.
Babalawee is ___________?
Answer
(D)
a reciever
5
A common requirement for public and private limited companies in Nigeria is that
Answer
(B)
their annual account are made available to the Corporate Affairs Commision
6
The primary motive behind an individual engaging in production is to?
Answer
(C)
meets projected profit
7
Musa obtains wool from his sheep, spins and transforms it into cloth which he sells to consumers. This is a form of
Answer
(A)
vertical integration
8
A company has an authorized capital of 40 million shares at N1 per share, out of which 32 million shares have been issued and fully paid-up. The remaining 8 million shares have
Answer
(D)
not yet been issued
9
An abridged version of a company's income statement for 11993 contains the following information: N
Turnover 286.5
cost of goods sold 147.5
overhead and other expenses 85.5
Taxes due for the year 26.9
What was the company's profit before tax for 1993?
Answer
(B)
53.5 million
10
A business whose owners enjoys loan facilities on the basis of personal goodwill is a?
Answer
(B)
thrift society
11
Which of the following is not a veritable source of funds to a public limited company?
Answer
(A)
government financial grant
12
Use the document below to answer question
Okon Etim Esin is the?
Answer
(B)
creditor
13
The document represents a
Answer
(A)
Bill of exchange
14
The term ‘5 Net 7’ on an invoice means that?
Answer
(A)
5% discount will be allowed on the price charged if payment is made within seven days
15
Kabir receives two quotations. Ade quotes N 100 less 20% trade discount and 20% cash discount while Benson N100 less 30%trade discount and 10% cash discount. If Kabir wants to take advantage and cash discount, then
Answer
(A)
the material should be supplied by Ade
16
A company which issues a promissory note in lieu of payment for goods purchased
Answer
(B)
is bound to redeem the note for cash on due date
17
Kamaldeen is a seller in a hire-purchase agreement with Emeka. By law, Kamaldeen cannot recover the hire purchased goods. This is an instance of a restriction on
Answer
(B)
Kamaldeen's right to re-hire the Goods
18
The main document sent to an importer of goods by the exporter are?
Answer
(D)
bill of lading, invoice insurance policy, consular invoice, certificate of orign and bill of exchange
19
The document that indicate instant payment of cash for goods whenever the are delivered is
Answer
(D)
statement of account
20
Which of the following document permit an importer to inspect his goods before the arrival of the bill of lading?
Answer
(C)
Consular invoice
21
The overriding advantage of home trade over foreign trade is
Answer
(A)
accessibility of seller to buyer
22
A distinction between Comprehensive insurance and Thrid party Insurance is that the latter covers damages
Answer
(A)
caused by the insured vehicle
23
The rate at which a central bank discount first class bills is called the
Answer
(C)
bank rate
24
The principle of subrogation states that
Answer
(B)
an insurance company can stand in place of the insured in dealing with third party
25
Tolu purchase goods from Yemisi and is to pay custom duties before collection. The goods are likely to be collected from.
Answer
(B)
a bonded warehouse
26
The three major function unit which the modern computer has are
Answer
(A)
the input the processor and the output units
27
(i)Foreign investment (ii) Long-term lending (iii) Short-term lending (iv)Foreign exchange (v) Short-term borrowing. Which combination of the above include capital account in international trade?
Answer
(D)
i and ii
28
The elimination of fault in a computer programme is called?
Answer
(B)
debug
29
Aliyu bought 100 shares at the stock market through a stockbroker. He was told the price each share was N3 cum. div. This means that Aliyu
Answer
(B)
is entitled to the next dividends due to the shares
30
The forum for the selling and of buying of securities of small and medium companies is called
Answer
(A)
Second Tier Foreign Exchange Market
31
A wholesaler dealer in securities is known as a
Answer
(C)
jobber
32
Modern business philosophy emphasizes
Answer
(B)
customer satisfaction
33
The main role of advertising is to
Answer
(A)
convince prospective buyers to buy
34
The concept of limiting types, sizes and other characteristics of a product line without sacrificing utility or durability is called
Answer
(B)
standardization
35
The focal point of the marketing efforts is the`
Answer
(D)
buyer
36
Adigun displays goods of different makes on shelves in his supermarket. This is an example of
Answer
(A)
invitation to treat
37
The process of bringing a company under exclusive state ownership and control is know as
Answer
(A)
nationalization
38
Q,act as an agent of P, lawfully and reasonably incur the amount of N350 as expenses.If Q comes to P, for payment , this is an instance of P'S duty to
Answer
(C)
indemnify Q
39
In a hire purchase agreement between Argungu Ltd and Maikudi, Argungu Ltd inserted provision that it can enter Maikudi’s premises at any time and remove the hired vehicle for any breach. This provision is
Answer
(A)
lawful to both
40
In every simple contract, the price which is paid to purchase a promise is called
Answer
(C)
consideration
41
One major disadvantage of a cartel is that it
Answer
(D)
eliminate competitions and waste
42
Staff position in an organization borders on
Answer
(C)
responsibility
43
The line function in a typical manufacturing enterprise is normally performed by the
Answer
(C)
marketing department
44
(i)Money and machines (ii) Materials and Money (iii)Market and Man.
Which combination of the above are basic requirement as business resource?
Answer
(B)
ii and iii
45
Under what management function would the motivation employees fall?
