A distinguishing characteristic of labour is that it is
Answer
(C)
mobile
3
Land as a factor of production does not vary in?
Answer
(A)
quantity
4
Which of the following services does a lawyer render?
Answer
(C)
direct services
5
The partner that only contributes part of the capital used in the formation and running of a business is known as?
Answer
(C)
a dormant partner
6
One major advantage of a credit and thrift cooperative is that
Answer
(B)
It encourages saving habit
7
A form of ownership which exploits the strength of one partner to remedy the weakness of the other is a?
Answer
(A)
joint partnership
8
At the collapse of a business enterprise, the person appointed to dispose of all assets is called
Answer
(C)
a liquidator
9
Entrusting the management of a company to the courts to enable the settlement of the company’s obligations is an indication of?
Answer
(C)
bankruptcy
10
The capital employed is
Answer
(A)
N 1,000
11
The financial instrument for borrowing in which the collateral is usually more than the amount borrowed is?
Answer
(C)
mortage bond
12
(i) Personal Savings
(ii)Retained Earnings
(iii)Accrued taxes
Which of the items above constitute internal sources of financing for companies?
Answer
(A)
i and ii
13
The difference between total current assets and total current liabilities of a business is known as
Answer
(C)
working capital
14
The capital owned is
Answer
(D)
N570
15
One of the reasons why wholesaling must continue is that?
Answer
(D)
the gap between manufacturers and retailers is reduce byn wholesalers
16
The merchant wholesaler is referred to as
Answer
(C)
rack jobber
17
A pro-forma invoice is sent to inform a buyer about the
Answer
(B)
prices of goods
18
The balance of payments of countries is
Answer
(B)
a systematic record of transaction among countries at a given time
19
The major procedures in the purchase and sale of goods are enquiry
Answer
(A)
quotation, order and invoice
20
The trade discount receivable by Mr Bacus is
Answer
(B)
N7,500
21
If Mr. Bacus fulfills his promise, he will be entitled to a cash discount of?
Answer
(B)
N3,000
22
Bank Giro is a method of settling debt from a
Answer
(C)
customer to another
23
Warehousing is a productive function because it increase the
Answer
(B)
utility of goods
24
A factor necessary for siting a warehouse is nearness to
Answer
(D)
consumers
25
Pooling of risk in insurance means that?
Answer
(A)
compensations are paid out of a common fund
26
The major difference between insurance and assurance is that while insurance
Answer
(C)
hinges on probabilities, assurance is based on possibilities
27
A documentary bill will normally be accompanied by
Answer
(D)
consular invoice, FOB certificate and bill of lading
28
Which of the following best describes the classification of computer?
Answer
(C)
Mini-computer, Micro-computer and work station
29
The temporary working area of the central processing unit is called the?
Answer
(D)
RAM
30
The significance of money to modern economic system is that it?
Answer
(C)
measures value and promotes exchange
31
One major characteristic of credit unions and thrift societies is that?
Answer
(C)
the contribution of every member depends on the member's ability
32
The Nigerian Stock Exchange publishes a daily official list that gives full information on the?
Answer
(C)
changes in the prices and earnings of securities
33
The main factors that determine the value of a stock on the stock Exchange are dividend and
Answer
(C)
capital appreciation
34
One of the main objectives of the Second-tier Securities Market in Nigeria is to
Answer
(D)
attract investment flow
35
The activities aimed at finding out customers' needs and satisfaction can be described as?
Answer
(D)
conceptual marketing
36
The most effective type of advertising for branded product is?
Answer
(D)
competitive advertising
37
Which of these companies are more engaged in public activities?
Answer
(A)
i and ii
38
Which of these companies offers after-sales services?
Answer
(C)
ii
39
Use the information below to answer question 40 and 41.
Musa rented a room to adamu for N1,500 and N1,000 part-payment was made. Adamu brought Audu and Jacob his friends to stay in the room.
The two friends later paid balance of N500 to Musa.
Who are the parties to the contract of renting the room?
Answer
(C)
Adamu and Musa
40
Who is the offeree in this contract ?
Answer
(C)
Adamu
41
Who is the offeree in this contract ?
Answer
(C)
Adamu
42
The maximum number of shareholders in a public liability company is?
Answer
(D)
unlimited
43
One way government reduces the repatriation of capital is through
Answer
(C)
indidenization
44
One of the major function of a chamber of commerce is to
Answer
(A)
promotes and protect trade, industry and agriculture
