One of the major benefits of commerce to government is to
Answer
(B)
generate revenue for growth and development
2
An example of an activity in the construction industry is
Answer
(C)
car assembling
3
One of the inputs in production that can be motivated by remuneration is
Answer
(C)
labour
4
The allocation of tasks to different skills in a production process is referred to as
Answer
(C)
division of labour
5
The sales of goods through a medium that accepts money and delivers the items to the customer is
Answer
(B)
a vending machiine
6
The main purpose of branding is to
Answer
(A)
create identity for a product
7
The basis for international trade is embedded in the principle of
Answer
(D)
comparative advantage
8
The major problem encountered in international trade is that of
Answer
(D)
differences in currency
9
The document a seller uses in dispatching goods to a customer by a carrier is
Answer
(D)
a delivery note
10
A document which serves as an order with details of goods required by an intending purchaser is
Answer
(B)
an indent
11
If a customer pays within nine days of receiving goods and takes advantage of 3% off the invoice price, this is stated as
Answer
(D)
9/30;net 3
12
Which of the following is a characteristic of a bearer cheque
Answer
(B)
it is made payable to whoever presents it
13
A bill of exchange paid before its due date at an amount less than its face value is said to have been
Answer
(C)
discounted
14
The most effective type of advertising for branded products is
Answer
(C)
informative advertising
15
A current account holder pays fees for services in form of
Answer
(A)
bank charges
16
Printed messages sent by cable are recorded as
Answer
(A)
telegram
17
Communication is relevant to business activities because it
Answer
(C)
connects people
18
The right of an insurance company to stand in place of an insured against a third party , who is liable for the occurrence of a loss, is the principle of
Answer
(C)
insurance priority
19
Assurance is different from insurance in that the former is based on
Answer
(B)
possibility
20
A person who undertakes life insurance is said to be an
Answer
(D)
insured
21
Tourism serves the purpose of
Answer
(D)
exploiting the country's natural endowment
22
The type of letters that are delivered through the normal mail or by airmail express service is referred to as
Answer
(C)
airmail letters express letters
23
A business organization that exploits the capabilities of a member to remedy the weaknesses of another is
Answer
(D)
cooperative
24
The most important business objective is to
Answer
(C)
target consumers for satisfaction
25
In case of a liquidation of a public limited liability company, those that are first paid are
Answer
(D)
debenture holders
26
A feature common to public and private limited liability companies is that
Answer
(A)
both can sue and be sued
27
A business organization can obtain long term financing through
Answer
(B)
the sale of shares
28
The portion of the authorized share capital given out to the public for subscription is
Answer
(B)
issued capital
29
A company has an authorized capital of 40 million shares at N1 each, out of which 32 million are issued and fully paid-up. What happens to the remaining 8 million shares?
The promotion and protection of trade industry and agriculture through trade fairs is a function of
Answer
(D)
the chamber of commerce
33
Securities that entitle the investor to coupon rates are
Answer
(A)
bonds
34
Under what management function will the motivation of employees fall
Answer
(B)
controlling
35
The promotion of team spirit in an organization is referred to as
Answer
(B)
espirit de corps
36
One of the characteristics of a good organizational chart is that it should
Answer
(C)
facilitate communication
37
An organization which focuses on consumer satisfaction is practicing
Answer
(D)
marketing concept
38
Good and services are made available to consumers through
Answer
(A)
the channel of distribution
39
A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a
Answer
(B)
del credere agent
40
Yahaya bought a piece of furniture on a credit sale agreement from Ahmed and resold it to Ali before all installments were made .The court upheld that Ahmed could not recover possession of the items from Ali. The reason for the judgement was because
Answer
(B)
ownership was transfered on delivery
41
The body which ensures that consumers are protected against harmful products in Nigeria is
Answer
(C)
SON
42
The process of decoding data in a computer is known as
Answer
(C)
decryption
43
Which of the following is a type of system software
Answer
(A)
utility programmes
44
Computers that process all data as binary zeros and ones are
