The tendency for firms and individuals to concentrate on the activity which is of most advantage of them is known as?
Answer
(D)
specialization
3
The major divisions of commerce are?
Answer
(C)
trade and aids to trade
4
The sole purpose of production is?
Answer
(C)
consumption
5
Commerce developed as a result of?
Answer
(C)
specialization
6
Which of the following is concerned with obtaining raw materials from their natural locations?
Answer
(A)
Extractive industry
7
In which of the following classes of occupation would you place a commerce teacher?
Answer
(C)
Direct service
8
Turnover may be increased by?
Answer
(B)
advertising and cutting prices
9
The advantage road transport has over other means of transport is that?
Answer
(A)
intermediate terminal handling is eliminated by door-to-door delivery
10
In winding-up a company, the assets of the company are vested in the hands of the?
Answer
(B)
liquidator
11
When more shares are applied for than are offered for sale the offer is said to be over?
Answer
(C)
subscribed
12
Which of the following deals with the problems involved in selling of a particular product?
Answer
(B)
Market segmentation
13
If a seller discovers that he had under charged a buyer, which of the following documents will use to correct the error?
Answer
(D)
A debit note
14
The ship owner's receipt for the goods accepted for carriage in a ship is called?
Answer
(E)
bill of lading
15
Activities aimed at creating an image foe an organization are known as?
Answer
(C)
public relation
16
Patent Right gives the owner the exclusive right to?
Answer
(B)
his invention
17
The method by which insurance companies spread their risk to other insurance companies is called?
Answer
(C)
re - insurance
18
QWhen a number of insurers are liable under one given policy, the principle of insurance that applies is/
Answer
(D)
contribution
19
The interplay of such variables as product, price, distribution and promotion is known as?
Answer
(C)
the market mix
20
Which of the following refers to sale promotion?
Answer
(B)
Offering free samples of products
21
Which shares are sold Ex-div it means that the?
Answer
(D)
sellers has the right to the next dividend
22
The market for short term loans is known as the?
Answer
(C)
money market
23
A house insured against damaged by flood was burnt down and the owner had a claims. Which of the following prevented him from making any claim? The principle of
Answer
(D)
proximate cause
24
The practice of selling in foreign markets at less than cost price is known as?
Answer
(E)
dumping
25
One of the reasons for national of industries is?
Answer
(D)
to control corruption performance of strategic industries
26
The value stated on the share certificate as opposed to the current value is called?
Answer
(C)
nominal value
27
The state of scientific knowledge and production process obtainable in a country is part of the?
Answer
(D)
techonolgical environment of business
28
The Act designed to reserve certain businesses exclusively for Nigerians is known as the?
Answer
(C)
Nigerian Enterprises Promotion Act
29
Which of the following involves gathering and analysing information about demand, consumers wants and new products?
Answer
(B)
Market research
30
Which of the following must be submitted to the Registrar of Companies before the company is incorporated?
Answer
(C)
Articles of Association and Memorandum of Association
31
Which of the following is a feature of Co-operative Societies?
Answer
(C)
All members have equal votes during meetings
32
Workers involved in mining, quarrying or fishing are engaged in?
Answer
(B)
Primary production
33
Which of the following is not a method of trade restriction?
Answer
(B)
Stock exchange
34
When a customer writes a cheque to withdraw cash from his current account, he is both the?
Answer
(A)
Drawer and the Payee
35
The technique of controlling money supply through the purchase and sale of government bond is called?
Answer
(C)
Open market operations
36
The insurance cover on property being shipped from one location to another comes under?
Answer
(C)
Marine insurance
37
Debentures are part of a company's?
Answer
(D)
Loan capital
38
An application form which is filled by anyone taking out an insurance policy is called?
Answer
(C)
A proposal form
39
A customer is granted an overdraft by the bank subject to his operating a?
Answer
(D)
Current account
40
The total assets acquired for permanent use in a business concern is called?
Answer
(B)
Fixed assets
41
Which of the following is not provided by NIPOST?
Answer
(D)
Telegram
42
A service provided by NITEL through which one can dial any number one wants whether it is a local, trunk or overseas is called the?
Answer
(B)
Standard Dialling System
43
The two main categories of marine losses are?
Answer
(A)
Total loss and partial loss
44
Restoring the insured to his former position by the insurer in the event of his suffering the specified loss is called?
Answer
(C)
Indemnity
45
The manufacturer would by-pass the wholesaler and the retailer in the distribution of his products if the?
Answer
(D)
The product make-up and use are highly technical
46
Which of the following is statutorily responsible for providing information and incentives required to increase the volume of Made-in-Nigeria goods in foreign markets?
Answer
(B)
Nigeria Export Promotion Council(NEPC)
47
Which of the following is a retail outlet to eliminate the profit of middlemen?
Answer
(B)
Consumer co-operative
48
The use of catalogues is associated with?
Answer
(E)
mail-order business
49
A documents which a retailer sends to a wholesaler requesting him to supply items is called?
Answer
(D)
an order
50
When a seller sends pro-forma invoice to a potential customer, it is?
Answer
(E)
an indication that credit will not be granted
51
A merchant wholesaler is one who?
Answer
(A)
takes title to the goods he sells
52
A trade deficit means that?
Answer
(B)
exports are less than imports
53
A document issued by the government authorizing a person to take goods out of the country for sale abroad is known as?
Answer
(A)
export licence
54
The naria is legal tender because it is?
Answer
(B)
backed by law
55
Which of the following enhances the leading powers of commercial banks?
Answer
(D)
Decreased liquidity ratio
56
A'bear' on the stock exchanges sells share in anticipation of?
Answer
(A)
a fall in price
57
When a share is bought at a rate below the par value, it is said to have been sold?
Answer
(A)
at a discount
58
Which of the following is a function of marketing?
Answer
(D)
distribution
59
The principle of subrogation in insurance means that?
Answer
(E)
the insurer takes the place of the insured in respect of claims due from third paarties
60
Which of the following are the important functions of any organization?
Answer
(B)
Planning, Organizing, Controlling and Motivating
61
Which of the following are elements of the economic environment of business?
Answer
(A)
Government policy
62
Which of the following is not a necessary document in incorporating a company?
Answer
(E)
A statement of minimum subscription
63
Details of a new share for which the public is being invited to subscribe are contained in the?
Answer
(D)
Prospectus
64
Which of the following accompanies goods supplied and forms a receipt when signed by the consignee?
Answer
(A)
Invoice
65
A cover note is a?
Answer
(D)
temporary insurance certificate
66
In nationalized industries, losses are borne by the?
Answer
(A)
tax payers
67
The main aim of the ECOWAS is the?
Answer
(D)
Promotion of economic and cultural interaction
68
The consumer is always right. This describes the doctrine of?
Answer
(C)
consumer sovereignty
69
equity interest in a company is represented by?
Answer
(E)
ordinary shares
70
An organization chart shows the?
Answer
(A)
relative position of employeesin a firm
71
A bill of exchange to which document of title are attached is known as?
Answer
(C)
documentary bill
72
Which of the following policies could be taken for a guaranteed life income?
Answer
(C)
Annuity
73
Buildings, machines and more vehicles used for purpose of production are examples of?
Answer
(D)
fixed assets
74
The nominal capital of a company is the same as?
Answer
(A)
authorized capital
75
A document certifying that goods have been entirely or largely manufactured in the country stated is called?
Answer
(A)
certificate of origin
76
A facility used for impressing pre-paid postage rate on letters is called?
Answer
(E)
franking machine
77
A facility used for impressing pre-paid postage rate on letters is called?
Answer
(E)
franking machine
78
Which of the following ensures that manufactured goods conform to the required standard?
Answer
(B)
Standard Organization of Nigeria
79
Which of the following enjoins the buyers ti examine goods thoroughly beforeigeria making a purchase?
Answer
(D)
Caveat venditor
80
Which of the following enjoins the buyers ti examine goods thoroughly beforeigeria making a purchase?
Answer
(D)
Caveat venditor
81
Which of the following is not a function of money?
Answer
(C)
Determinant of exchange of medium
82
Which of the following is mostly used in Nigeria for setting business transactions?
Answer
(D)
Bank notes and coins
83
When an order cheque is endorsed it becomes?
Answer
(A)
a bearer cheque
84
Which of the following requires acceptance bythe editor to make it valuable?
Answer
(D)
Bill of exchange
85
Which of the following is not a reason for imposing custom duty? The need to
Answer
(D)
decrease the volume of world trade
86
Which of the following was the chief means of transport during the Tran-Saharan Trade?
Answer
(C)
Camels
87
Terms of payments are quoted on the?
Answer
(E)
invoice
88
Who among the following is NOT a middleman?
Answer
(D)
consumer
89
The most important factor influencing the form of a business unit is?
Answer
(C)
the amount of capital value
90
The system of parting with authority not responsibility is known as?
Answer
(C)
delegating
91
The system of parting with authority not responsibility is known as?
Answer
(C)
delegating
92
That part of the money in circulation not backed by gold is known as?
Answer
(B)
fiduciary issue
93
A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
Answer
(C)
statement
94
A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
Answer
(C)
statement
95
Who is liable for the contact entered into by the agent on behalf of his principal? The
Answer
(B)
principal
96
An agreement whereby the seller transfers the title to goods at a price is called?
Answer
(A)
contract of sale
97
The reward of land as a factor of production is known as?
Answer
(B)
rent
98
The reward of land as a factor of production is known as?
Answer
(B)
rent
99
The outright purchase of one company by another is called?
Answer
(D)
acquisition
100
The form of advertising which aims at wining the market for one particular brand is known as?
