Paper money originated in form of receipt given by?
Answer
(B)
goldsmiths
2
The major divisions of Commerce are?
Answer
(C)
trade and auxiliaries to trade
3
Which of the following statements is not true?
Answer
(B)
There cannot occur commercial services unitl goods have been produced
4
The three main division of production include industrial?
Answer
(B)
commercial and services
5
Which of the following does not belong to the industry?
Answer
(B)
Insuring
6
Which of the following is one of the functions of commerce?
Answer
(C)
Storage of goods
7
Opening stock.................N1000
Closing stock.................N9000
Purchases.....................N14,000
The average stock is?
Answer
(C)
N5000
8
Opening stock.................N1000
Closing stock.................N9000
Purchases.....................N14,000
The cost of goods sold is?
Answer
(A)
N6000
9
The oldest and commonest form of business in Nigeria is?
Answer
(C)
sole proprietorship
10
If a retailer Mr. Aigbojie buys goods manufactured by Adefila Limited from wholesaler Mrs. Jumai, who will prepare the delivery note?
Answer
(C)
Mrs. Jumai
11
Which of the following is not a factor of product?
Answer
(E)
Staffing
12
In which class of occupation would you place a taxi driver?
Answer
(E)
Commercial services
13
The purpose of of issuing a credit note is to?
Answer
(A)
correct errors of overcharging
14
The exchange of goods for other goods in home trade is known as?
Answer
(C)
barter trade
15
Which of the following advertising media combines the advantages of sound and motion?
Answer
(E)
Television
16
Which of the following is a form of sales promotion?
Answer
(D)
Offering free samples to customers
17
Efforts geared towards establishing and maintaining good image for a company is termed?
Answer
(C)
public relations
18
Which of the following is sent as a reply to an inquiry?
Answer
(E)
Quotation
19
Which of the following statements best describes net profit? The excess of
Answer
(A)
total revenue over total expenditure
20
A business is in existence primarily to?
Answer
(A)
make profit
21
A number of shops under one roof is the feature of a?
Answer
(C)
department store
22
An agreement between two parties which will give rise to rights and obligation is known as?
Answer
(B)
a contract
23
Auctions and Tenders become binding when they are?
Answer
(A)
accepted
24
The organizing efforts of consumers to protect themselves against the unfair practices of business is called?
Answer
(B)
consumerism
25
Which of the following is the most suitable means of transporting bulky goods from Lagos to Kaduna? By
Answer
(A)
Train
26
Which of the following is the quickest and accurate means of communication?
Answer
(D)
Telex
27
Which of the following is the safest means of sending a postal order from Lagos to a friend in Jos?
Answer
(B)
Recorded delivery
28
One of the objectives of the indigenisation programme of the Federal Government of Nigeria is to?
Answer
(D)
maximize local retention of profits
29
The law which stipulate that labels should give an accurate account of a product is the?
Answer
(C)
trade description act
30
Which of the following is not an essential of a contract?
Answer
(C)
All contracts written out
31
One advantage of personal selling is?
Answer
(B)
immediate feedback
32
Charges paid by a for staying at at a port beyond agreed sailing time is called?
Answer
(E)
demurrage
33
Entrepot Trade refers to?
Answer
(E)
import for re-port
34
Which of following could account for a favourable balance of payment?
Answer
(D)
higher expert than imports
35
Which of the following is not part of the facilities provided by the Nigerian Ports Authority?
Answer
(C)
Collection of customs duties
36
The main purpose of branding is to?
Answer
(B)
differentiate goods from other similar goods made by other producers
37
An individual who makes the final use of goods and services provided by a firm is the?
Answer
(C)
consumer
38
The organization of Petroleum Exporting Countries(OPEC) is an example of a?
Answer
(A)
cartel
39
When a business is insolvent it may result in?
Answer
(C)
liquidation
40
In insurance the term Uberrimae fidei stands for?
Answer
(A)
utmost good faith
41
Fidelity guarantee is an insurance cover against loss arising from?
Answer
(C)
dishonest staff
42
Which of the following is a type of marine insurance?
Answer
(B)
Freight
43
The word Ltd written after the name of a company means that?
Answer
(C)
members are liable to the extent of their holding
44
Which of the following is not required in a Memorandum of Association? The
Answer
(C)
names of the Board of Directors
45
The amount paid by the insurance company to the insured upon giving up his policy is called?
Answer
(A)
Surrender value
46
The amount paid by the assured to the insurer is called?
Answer
(B)
premium
47
With the exception of life assurance and personal accident insurance, contracts of insurance are contracts of?
Answer
(B)
indemnity
48
An author's exclusive right to published and unpublished works is known as?
Answer
(C)
copyright
49
Which of the following is a function of money?
Answer
(C)
Standard for deferred payment
50
An overdraft is usually granted a?
Answer
(C)
current account holder
51
which of the following documents may be used when an importer requires a longer period of credit before settlement?
Answer
(E)
bill of exchange
52
the value of anything expressed in monetary terms is the?
Answer
(B)
price
53
which of the following is not a means of making payment to a businessman?
Answer
(E)
statements
54
the production of goods in anticipation of demand is made possible by?
Answer
(B)
warehousing
55
total sales less total returns inwards is called?
Answer
(E)
net sales
56
which of the following currencies does/do not belong to any country within the ECOWAS?
Answer
(E)
kwasha and shilling
57
which of the following is not a means of raising capital by a promoter?
Answer
(A)
goodwill
58
which of the following is a feature of co-operative society?
Answer
(D)
democratic controll and management
59
a company has recently advertised an issue of one million ordinary shares of 50kobo and 65kobo per share.wen the issue is fully paid the company will collect?
Answer
(C)
N650,000.00
60
which of the following is not the function of a small? retailer
Answer
(E)
selling in large quantities
61
a speculator in the stock exchange market who sells securities in expectation of a fall in their prices is called?
Answer
(C)
a bear
62
an association formed by Tyre manufacturers to safeguard and promote their interests is known as
Answer
(E)
trade association
63
the reward of capital is?
Answer
(B)
interest
64
to inform the buyer that the goods are in transit,the seller sends him?
Answer
(D)
an advice note
65
the main source of income for a limited liability company is?
Answer
(E)
share subscrptions
66
the authorised capital of a company is also referred to as it's?
Answer
(D)
nominal capital
67
which of the following is an aspect of the marketing concept?
Answer
(B)
sales orientation
68
a study to discover consumers preferences and needs is called?
Answer
(B)
consumer orientation
69
a partnership agreement specifying the relationship amongst partners is called?
Answer
(D)
partnership deed
70
management can be defined as?
Answer
(B)
implementation of business decisions
71
The term capital account in international trade includes?
I.foreign investment
II.long-term lending
III. short-term lending
IV.foreign exchange reserve
V.short-term borrowing.
Answer
(A)
I & II only
72
money spent for the day-to-day running of a business is called?
Answer
(B)
working capital
73
which of the following is not a fixed asset of a business?
Answer
(A)
sundry debtors
74
the main purpose of establishing a public corporation is to?
Answer
(C)
provide essential services
75
a document that regulates the internal operations of a company is known as?
Answer
(B)
articles of association
76
which of the following is not a reason for imposing a tariff? to
Answer
(C)
encourage imports
77
customs duties are?
Answer
(E)
import tariffs
78
which of the following documents transfers title to goods?
Answer
(C)
bill of lading
79
The purchase of one company by another is called?
Answer
(B)
merger
80
The main object of a cartel agreement is to control?
Answer
(A)
output to maintain price
81
Which of the following concepts is concerned with determining the business objectives and how they can be achieved?
Answer
(A)
Planning
82
A holding company assumes control of its subsidiaries through?
Answer
(C)
majority shareholding
83
The accomplishment of a good company's objective by guiding and motivating subordinates is known as?
Answer
(E)
Directing
84
The taking over by state of ownership and control of certain business enterprises is known as?
Answer
(B)
nationalization
85
The concept of marketing as a process which begins and ends with the needs and wants of the consumer rather than those of the organization is called?
Answer
(B)
consumer orientation
86
Which of the following is not an advantage of advertising? It
Answer
(D)
improves the quality of products
87
Which of the following is the acceptable classification of warehouse?
Answer
(E)
Private, public and bonded warehouse
88
A cheque made payable to "bearer"
Answer
(C)
can be negotiated for cash by any holder
89
Which of the following arguments are in favour of establishing ECOWAS? I. The countries concerned would be able to expand market beyound their territorial boundaries.
II. Currency union is the final objective of member countries
III. Capital movement is not allowed across the boundaries
IV. Free movement across the borders of members would be allowed.
Answer
(C)
I, II & IV only
90
Which of the following countries is not a member of ECOWAS?
Answer
(E)
Cameroun
91
The major dealers on stock exchange market are the?
Answer
(B)
jobbers
92
The selection and promotion of staff in an organization is the function of the?
Answer
(C)
personnel department
93
A trade document signed by a representative of the country to which goods are being sent is called?
Answer
(E)
consular invoice
94
Which of the following is not an element of the marketing mix?
Answer
(D)
Merchandising
95
Retail outlets which sell from specialized vans are?
