An article used as a means of exchange in the early days of trade in West Africa was
Answer
(B)
cowrie
2
The provision of services is classified under
Answer
(D)
tertiary production
3
The growth of commerce is not enhanced by
Answer
(D)
low per capita income
4
One of the products of the construction industry is a
Answer
(B)
bag of cement
5
The service of a retailer is part of production because it
Answer
(B)
enables finished goods to reach consumers
6
The resources put together to create goods and services are
Answer
(C)
factors of production
7
Which of the following organizations provide essential goods and services at low cost to citizens?
Answer
(B)
Public enterprises
8
A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a
Answer
(A)
wholesaler cooperative society
9
Average stock is derived by adding
Answer
(C)
opening stock to closing stock divided by 2
10
A retail business that sells goods by post, using catalogue is a
Answer
(C)
mail order firm
11
Which of the following documents would a shareholder inspect to know his voting rights?
Answer
(A)
Articles of Association
12
An internal source of finance to an enterpreneur is
Answer
(B)
retained earning
13
Use the information below to answer questions 13 and 14
#
Sales
50,000.00
Debtors
10,000.00
Cash in hand
5,000.00
Opening stock
30,000.00
Creditors
8,000
Answer
(C)
#5,000.00
14
Use the information below to answer questions 13 and 14
#
Sales
50,000.00
Debtors
10,000.00
Cash in hand
5,000.00
Opening stock
30,000.00
Creditors
8,000.00
Purchases
16,000.00
Overdraft
12,000.00
Closing stock
10,000.00
Answer
(D)
#14,000.00
15
A partner who contributes only his name to the formation of a partnership is
Answer
(A)
a nominal partner
16
Which of the following groups would advocate for the supply of constant electricity to households?
Answer
(A)
Consumer's association
17
A retail store that sells a single product from a particular manufacturer is a
Answer
(D)
chain store
18
A country's visible balance of payment is made up of
Answer
(C)
earnings from goods exported
19
The quality of money which makes it possible to buy goods in small quantities is
Answer
(C)
divisibility
20
One of the functions of commerical banks that cannot be performed by central banks is
Answer
(B)
collection of deposits from the public
21
A document that instructs an agent to buy goods from a named firm is
Answer
(D)
closed indent
22
The incentive given to a buyer to encourage prompt payment is
Answer
(A)
cash discount
23
The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is
Answer
(B)
contribution
24
Dealers in stock exchange such as bulls, bears and stags are categorized as
Answer
(C)
speculators
25
Which of the following is not a characteristic of a commercial bank?
Answer
(C)
Established to issue bank notes
26
Central banks sell treasury bills to the public to
Answer
(D)
reduce cash in circulation
27
A document used to ensure correct payment of duty at the importing country is
Answer
(D)
bill of lading
28
A cheque is specially crossed if
Answer
(C)
the name of the bank is written between two parallel lines drawn across it
29
One of the functions of a trade association is to
Answer
(B)
promote members' welfare
30
When a share with a nominal value of #50 is quoted at #70, it is being sold
Answer
(D)
at a premium
31
Sea vessels that do not operate on regular times and routes are
Answer
(B)
ocean liners
32
Payment made to a carrier for transportation of goods is
Answer
(A)
freight
33
An advantage of rail transport is that it
Answer
(C)
carries bulky and heavy goods
34
The commission on a postal order is
Answer
(B)
poundage
35
Consumers could be encouraged to purchase a company's product through
Answer
(D)
advertisement
36
The marketing concept emphasizes
Answer
(D)
consumer's satisfaction at a profit
37
An undertaking to repair a customer's vehicle for a certain period after it has been sold is
Answer
(A)
after-sales service
38
Which of the following is not a right of a consumer?
Answer
(B)
Right to buy on credit
39
Advertisement which is geared towards a particular audience is
Answer
(A)
direct advertising
40
The law by which a seller transfers the property in goods to a buyer at an agreed price is the
Answer
(C)
Sale of Goods Act
41
Commerce is defined as
Answer
(B)
all activities in the distribution and exchange of goods and services
42
The type of occupation that a broker belongs to is
Answer
(A)
commercial
43
A form of money which was not used in the early days of trade is
Answer
(C)
cowries
44
Which of the following activities is not an example of the extractive industry?
Answer
(A)
weaving
45
A business unit in which savings of members are lent to others is a
Answer
(C)
credit and thrift society
46
The document issued by a public company allowing it to commence business is the
Answer
(D)
Certificate of Trading
47
Which of the following is not a function of a consumer association?
Answer
(C)
Penalizing importers of fake goods
48
An association formed by computer distributors to safeguard and promote their interest is a
Answer
(C)
trade association
49
The issue of prospectus by a company is an invitation to members of the public to
Answer
(A)
subscribe to the company's shares
50
Examples of current assets are
Answer
(A)
cash and trade debtors
51
When the cost of sales is divided by the average stock, the result is
Answer
(C)
rate of turnover
52
The part of issued share capital that the company has asked the subscribers to pay for
Answer
(B)
called-up capital
53
The last link in a channel of distribution is the
Answer
(C)
consumer
54
The difference between a country's imports and exports of goods in a particular year is
Answer
(C)
balance of payment
55
Goods bought into the country for sale are the country's
Answer
(C)
visible imports
56
A feature of supermarkets which distinguishes it from other large scale retail outlets is that items sold are
Answer
(A)
mainly household goods
57
One advantage of small scale retail outlets is
Answer
(D)
personal attention to customers
58
A discount deducted from the invoice price of goods to enable the retailer to make profit
Answer
(A)
cash discount
59
A document issued by the seller's own courier and signed by the customer to acknowledge receipt of the goods is
Answer
(B)
consignment note
60
A request for goods from another country by an importer would be made using
Answer
(B)
an indent
61
The right to buy or sell stock in the stock exchange within a stipulated period is
Answer
(A)
option
62
The share value stated on a share certificate is
Answer
(D)
nominal value
63
The bank which acts as the lender of last resort is the
Answer
(A)
Central bank
64
An insurance policy which is not a contract of indemnity is
Answer
(C)
life insurance
65
When a company insures the lives of all its employees collectively, the policy is
Answer
(D)
group insurance
66
A cheque that could be cashed over the counter by the payee is
Answer
(C)
open cheque
67
A specially-designed mode of transport for conveying liquid and gas is a
Answer
(B)
tanker
68
The safe keeping of goods produced until they are needed is
Answer
(D)
warehousing
69
One of the objectives of the Niger Basin Commission is to
Answer
(D)
streaming the construction of dams on the river
70
A paid presentation about a product with a view to encouraging purchases by an identifiable sponsor is
Answer
(D)
advertisement
71
The face-to-face meeting of the seller with the buyer for the purpose of making sales is
Answer
(C)
personal selling
72
The activity which improves the appearance of a product and also aimed at protecting it is
Answer
(D)
packaging
73
Which of the following is not a component of the marketing mix?
Answer
(B)
production
74
The marketing term which regards the consumer as king that must be satisfied is
