The process of buying and selling and distribution of goods and services is known as?
Answer
(B)
commerce
3
The practice of employing specialists in relevant occupation is a feature of?
Answer
(E)
division of labour
4
Which of the following convert raw materials into finished goods?
Answer
(B)
Manufacturing
5
Which of the following support the view that there was commerce in Nigeria many years ago?
Answer
(E)
Communities were interdependent
6
Which of the following towns was important to the trans-Saharan traders?
Answer
(E)
Kano
7
Production ends when goods?
Answer
(D)
and services reach the final user
8
A counter offer operates as?
Answer
(C)
a rejection
9
In the contract of sale of goods,"let the buyer beware" is signified by?
Answer
(C)
caveat emptor
10
Branding is a good example of?
Answer
(E)
competitive advertising
11
The critical factor in organizing a business is?
Answer
(D)
management
12
Which o the following is not an attribute of an effective business manager?
Answer
(B)
Subjectivity
13
Prior to the issue of a certificate on a motor insurance contract, the insured is issued with?
Answer
(C)
a cover note
14
The worth of a life insurance policy be maturity date is known as?
Answer
(B)
surrender value
15
Under the law of insurance, exemption causes?
Answer
(B)
protect the insurance company under the contract
16
The insured is the?
Answer
(B)
insurance company's client
17
A partnership is formed for banking business is made up of?
Answer
(A)
2 - 10 members
18
Whichof the following is not true of limited partnership?
Answer
(D)
There is at least one ordinary partner
19
Which of the following is not required for the dissolution of a partnership?
Answer
(E)
Order from the registrar of companies
20
Organization formed mainly by traders and manufacturers to cater for the interest of their members is called?
Answer
(C)
trade association
21
The powers of attorney that transfers to a third party the shareholders right to vote is called?
Answer
(C)
proxy
22
The means by which printed messages sent by cable are recorded is called?
Answer
(E)
telex services
23
In which of the following would you advise Mr X Y to check and con firm the exact telephone number of a bank located in Ibadan?
Answer
(E)
Telephone directory
24
Which of the following is a function of NIPOST?
Answer
(A)
Issuing money order
25
Which of the following describes a distinctive symbol title or design that readily identifies the company or its product?
Answer
(B)
Trade mark
26
One disadvantage of advertising is that it?
Answer
(A)
could be misleadiing through its false claims
27
The activities of a company designed to stimulate consumers by giving them samples, premium, or conducting contests are referred to as?
Answer
(C)
sales promotion
28
A clean bill of leading is so-called because?
Answer
(D)
it has no record of demage goods
29
The receipt issued by a warehouse keeper for goods taken into the store is called?
Answer
(D)
dock warrant
30
If a businessman imports stockfish with a view to exporting them to other countries, this form of trade is known as?
Answer
(B)
entrepot trade
31
A trader who wants to buy goods from another country sends?
Answer
(E)
an indent
32
Which of the following is an invisible export of Nigeria?
Answer
(A)
Shipping services Nigeria renders to Russia
33
Most payments in international trade are made by means of?
Answer
(D)
letters of credit
34
A deficit in balance of trade occurs when?
Answer
(C)
visible imports exceeds visible exports
35
The amount of new capitals with which a new company proposes to be registered is called?
Answer
(B)
nominal capital
36
The part of business capital with which capital that does not change its form in the process of production is known as?
Answer
(D)
fixed capital
37
Which of the following is gilt-edge security?
Answer
(A)
Government bonds and stocks
38
Pure profits is the elements of the paid?
Answer
(D)
to an enterpreneur
39
The factor of production which is described as wealth set aside for the the production of further wealth is called?
Answer
(C)
capital
40
Buying and selling of goods and services within the geographical areas of a country is called?
Answer
(C)
domestic trade
41
Which of the following is not an obligation of a common carrier?
Answer
(D)
insuring goods intransit
42
Which of the following conditions may make the manufacturer sell directly to the consumer?
Answer
(C)
The nature of the commodity involved
43
The three main types of speculators found in the Stock Exchange market are?
Answer
(B)
bulls, bears, and stag
44
Which of the following is a disadvantage of Hire Purchase to the consumer?
Answer
(B)
Temptation to buy more than one can pay for
45
Which of the following functions is performed by the stock exchange markets?
Answer
(C)
Provision of the purchase and sale of existing securities
46
Which of the following is not a true characteristic of a Chamber of Commerce?
Answer
(B)
It is open only to political party members
47
The management of evaluating the company's performance to determine whether it is achieving its objective is?
Answer
(A)
controlling
48
Which of the following is primarily responsible for protecting against poor quality goods?
Answer
(D)
Standards Organization of Nigeria
49
Information on new goods is passed on to buyers through?
Answer
(D)
advertising
50
Which o the following is not a component of a company's marketing mix?
Answer
(D)
Economic plan
51
An important marketing concept is that all company planning and operations should be?
Answer
(E)
customer-oriented
52
Which of the following is the the main aim of the Indigenization Decree?
Answer
(D)
allow Nigerians greater participation in commercial activities
53
Which of the following institutions provides the volume of credit to the public?
Answer
(B)
Mail order business
54
When a cheque has special crossing it should be?
Answer
(C)
Paid into a named bank
55
Through which of the following does the central Bank carrying out the monetary policy of the country?
Answer
(B)
Banks rate
56
Which of the following is not a means of money?
Answer
(C)
Accessibility
57
Which of the following is not a means of effecting payment through current account?
Answer
(C)
Giro system
58
A bill holder wishing to dispose of his bills before maturity would be paid?
Answer
(A)
the discount value of the bill
59
Which of the following is not a necessary seaport facility?
Answer
(C)
Containers
60
The main disadvantage of rail transport to traders is that?
Answer
(C)
it is slow and flexible
61
A telephone call within a town is called?
Answer
(E)
local call
62
The body controlling the installation and maintenance of telephone in Nigeria is?
Answer
(C)
NITEL
63
A teleprinter is used to transit?
Answer
(B)
typed message quickly over long distance
64
Warehousing is one of the functions of the?
Answer
(A)
wholesaler
65
Which of the following price quotation contains the cost price, insurance charges and the cost of transporting the goods?
Answer
(E)
C.I.F
66
Any powers exercise by a company in pursuance of objectives not authorized by the Memorandum of Association is regarded as?
Answer
(C)
ultra vires
67
The process whereby a firm buys over the assets and liabilities of another firm is known as?
Answer
(D)
holding
68
It is advantageous to provide services which are natural monopoly through?
Answer
(D)
public enterprises
69
The rate at which a country's exports exchange for its imports is called?
Answer
(D)
terms of trade
70
A company had an authorized share capital of 30,000. It offered applicants N20,000 share capital out of which the company collected N15,000.
What was the issued capital?
Answer
(D)
N20,000
71
A company had an authorized share capital of 30,000. It offered applicants N20,000 share capital out of which the company collected N15,000.
What was the paid-up capital?
Answer
(D)
N15,000
72
A company had an authorized share capital of 30,000. It offered applicants N20,000 share capital out of which the company collected N15,000.
What was the unissued capital?
Answer
(D)
N10,000
73
Which of the following is not necessary when ordering goods?
Answer
(C)
Invoice
74
With regard to payment, the amount payable when no deductions are made is called?
Answer
(E)
draft
75
Exchange in the international market which does not involve the use of money as a medium is known as?
Answer
(B)
counter trade
76
A shipping company's document detailing the charges for carrying a particular cargo for a specified journey is known as?
Answer
(B)
freight note
77
Which mode of transport would you suggest as the most suitable for natural gas?
Answer
(C)
Pipeline
78
Which of the following documents contains the complete information on goods available in the wholesaler's warehouse? the
Answer
(A)
catalogue
79
The essence of marketing is?
Answer
(B)
sales
80
For continuous existence, a service oriented concern depends on?
Answer
(C)
patronage of consumers
81
Which of the following is not one of the functions of warehousing?
Answer
(A)
Goods are avaiable where the are required
82
Which of the following is not a problem of distribution, sales and merchandizing?
Answer
(E)
Easy payment for purchases
83
Which of the following shows the financial position of a business on a given date?
Answer
(B)
Balance sheet
84
The last link in the chain of distribution is the?
Answer
(B)
retailer
85
The management function of anticipating the future determining the best course action to achieve company objective is?
