Cooperation and friendliness are enhanced among nations through interdependence necessitated by
Answer
(B)
commerce
2
One of the products of an extractive industry is
Answer
(B)
an iron ore
3
The payment for direct service is usually made by the
Answer
(D)
individual
4
An important feature of land is that it
Answer
(B)
is an active factor of production
5
One of the major determinants of the volume of production is
Answer
(A)
the market size
6
Mrs Jones who lives in the riverine community of Rivers State makes her living through crabbing and fishing . This type of occupation she is in is
Answer
(D)
extractive
7
To eliminate middlemen, there should be a retail outlet such as
Answer
(C)
multiple shop
8
The document issued by a port authority for goods deposited is a
Answer
(C)
consular invoice
9
The document submitted to the customs authority when full description of imported goods is not provided is
Answer
(A)
a bill of sight
10
The role of customs and excise authority includes the
Answer
(A)
control of the flow of goods in and out of the country
11
A document recording the transactions of an organization with its customer for a specified period which normally shows the indebtedness of one to the other is a
Answer
(A)
statement of account
12
In response to an inquiry from a customer, a wholesaler is expected to send back
Answer
(C)
a qoutation
13
A carton of noodles valued at #2,000 was invoiced at #200 only.The accounting procedure to correct this error is to issue
Answer
(D)
a debit note for #1,800
14
Tourists with no fixed address in a town may receive their letters from post office through a
Answer
(A)
poste restante
15
Endowment policy in insurance business is an aspect of
Answer
(D)
life assurance policy
16
Insurance against burglary is an example of
Answer
(A)
indemnity insurance
17
The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is
Answer
(C)
uberrimae fidei
18
The insurance principle that allows an insurance company to take over the rights of the insured once he has been compensated is
Answer
(D)
subrogation
19
A trader who experienced loss through fire can be restored by
Answer
(A)
an insurance company
20
The distribution of petroleum products in Nigeria is through
Answer
(B)
road
21
The deliberate effort geared towards discarding some cargoes in order to lighten the vessel is
Answer
(D)
jettison
22
The major aim of establishing a public corporation is to
Answer
(B)
provide essential services
23
The coming together of a manufacturing business with a firm that markets its products is
Answer
(C)
forward integration
24
An association of voluntary organizations that work together for a common aim while retaining their independence is a
Answer
(C)
cartel
25
The document that explains the types of shares available for sale to the public is
Answer
(A)
a prospectus
26
Which of the following attracts only interest but leaves the capital unpaid
Answer
(D)
an irredeemable bond
27
A loan to a customer with a cheque account at a bank in which the account is allowed to go into debit is
Answer
(A)
overdraft
28
Part payments made on allotted shares by subscribers is usually the
Answer
(D)
called-up capital
29
The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is
Answer
(A)
the difference between gross profit and trade expenses
30
A form of money with face value which is greater than the value of the metal content is
Answer
(C)
token money
31
An agent who transacts business with the broker in the stock exchange is a
Answer
(D)
jobber
32
A document sent by a broker to his client to confirm a purchase or sale made on his behalf is
Answer
(D)
contract note
33
Cum div differs from ex div in that, the later
Answer
(A)
entitles the purchaser to recieve a company's current dividend
34
The payment made by a speculator to the buyer when he is unable to deliver stocks on the agreed date is
Answer
(D)
backwardation
35
Which of the following regulates and controls the activities in the Nigerian Stock Exchange?
Answer
(B)
SEC
36
The principle of management that emphasizes on the number of subordinates under the direct supervision of a manager is
Answer
(A)
span of control
37
Marketing differs from selling in that,the latter only creates
Answer
(A)
possession utility
38
A business that focuses attention on the quality of the goods produced by precisely knowing what the consumers desire is said to be operation the
Answer
(C)
marketing concept
39
The physical and psychological satisfaction a customer derives from the purchase of goods and services is
Answer
(C)
utility
40
Which of the following aspects of marketing stimulates buying by providing free gifts
Answer
(B)
sales promotion
41
Which of the following is used as pricing policy?
Answer
(D)
market skimming
42
Mr Taiwo entered into a contract to let a car to Mr Bunmi for his wedding for two days. However, the car had an accident before the first day. Mr Bunmi attempted to claim damages but failed. This implies the contract was terminated by
Answer
(B)
frustration
43
Hire purchase is advantageous to the seller in that
Answer
(B)
his turnover will increase
44
The difference between a factor and a broker is that the former
