Which of the following is not the duty of an entrepreneur?
Answer
(E)
Decision on the amount of tax to pay
2
The difference between the total amount of money received by a country and the total amount paid to other countries within a given period is the
Answer
(C)
balance of payments
3
Which of the following is used to transmit typed messages over long distances?
Answer
(B)
Teleprinter
4
When a company buys up firms supplying it with raw materials, this is an example of
Answer
(C)
backward integration
5
Industrial, commercial and direct services are branches of
Answer
(B)
occupation
6
The primary purpose of credit cards is to
Answer
(A)
obtain goods without paying cash on the spot
7
Containers are suitable for transporting goods by
Answer
(E)
road, sea and rail
8
Which of the following is not a credit instrument used in business transactions?
Answer
(E)
Fuel voucher
9
An insurance company shares its accepted risk with others in the form of
Answer
(A)
reinsurance
10
Which of the following stresses the use of only specialists to head departments?
Answer
(D)
Functional organisation structure
11
The process of involving local businessmen in the ownership and control of businesses that were formerly owned by foreigners is called
Answer
(C)
indeginization
12
Which of the following functions is not performed by retailers?
Answer
(D)
Insuring goods for customers
13
Which of these management functions involves checking performance against set standards?
Answer
(A)
Controlling
14
The form given by the Customs Authority to enable an importer examine goods before the arrival of the bill of lading is known as
Answer
(B)
certificate of origin
15
An organization that builds access roads for the benefit of the community in which it is located has fulfilled its
Answer
(C)
social responsibility
16
Which of the following is applicable to foreign trade only?
Answer
(E)
Consular invoice
17
The department that deals with internal grievances and maintenance of discipline in an organization is the
Answer
(C)
personnel
18
Another name for consignment note is
Answer
(B)
waybill
19
Specialization is possible as a result of
Answer
(E)
exchange
20
Which of the following may serve as delivery note?
Answer
(C)
Invoice
21
Mr Chidi insured his house against fire. The house was destroyed by flood. Which of the following principles prevented him from being compensated?
Answer
(D)
Proximate cause
22
The price charged for leasing a ship is known as
Answer
(D)
freight
23
Goods in bonded warehouses are under the strict supervision of the
Answer
(A)
Customs Authority
24
Which of the following regulates and controls the activities of the Nigerian Stock Exchange?
Answer
(B)
The Securities and Exchange Commmission
25
Which of the following is drawn up as a guide to the running of a Partnership?
Answer
(A)
Deed of Agreement
26
The law governing the operations of companies and partnership in Nigeria is the
Answer
(D)
Companies And Allied Matters Decree
27
Which of the following is a non-indemnity insurance?
Answer
(A)
Personal Accident Insurance
28
The document issued to a newly formed public company to commence business is called the
Answer
(D)
trading certificate
29
Small scale retail attracts a lot of new enterpreneurs in West Africa because
Answer
(D)
only a small amouynt of capital is needed to start the business
30
In marine insurance, the deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of
Answer
(C)
a general average loss
31
Tax levied on goods at each stage of their movement from production to the final consumer is known as
Answer
(D)
value added tax
32
An association of businessmen engaged in both commerce and industry is called
Answer
(C)
chamber of commerce
33
When the government decides to run a statutory corporation as a profit-oriented enterprise, this is known as
Answer
(B)
commercialization
34
The primary aim of commerce is to
Answer
(E)
exchange goods and services
35
Which of the following is has a fixed rate of dividend?
Answer
(D)
Preference share
36
Which of the following is not a barrier to the smooth functioning of ECOWAS?
Answer
(C)
Adequate population
37
The capital market is a market
Answer
(A)
for long term loans
38
Which of the following is primarily established to promote the growth of industry in Nigeria?
Answer
(D)
NIDB
39
Another name for sea taxi is
Answer
(A)
tramp
40
Contracts for the carriage of goods by sea are generally called
Answer
(D)
time charter
41
A nation's earnings from tourism are classified as
Answer
(B)
invisible exports
42
An association of employees in an organization is called a
Answer
(A)
trade union
43
A firm that accepts a portion of the risk involved in an insurance contract is
Answer
(D)
an underwriter
44
Musa places the bicycle for sale at #800.00 and Dada had agreed to pay the amount. In this transaction, Musa is the
Answer
(A)
offerer
45
When goods are sent through an independent carrier, the document used by the sender is
Answer
(D)
a consignment note
46
Which of the following may not be considered when choosing an appropriate channel of distribution for a new product?
Answer
(E)
Provision of credit facilities to customers
47
Which of the following may be used to restrict imports?
i. Bill of lading ii. Specific Licenses iii.Foreign exchange rationing iv. Letters of credit v.Customs duties and tariffs
Answer
(B)
ii, iii and v only
48
Which of the following is not a reason for dishonoring a cheque?
Answer
(E)
Special crossing
49
Which of the following is not true of a private limited company?
Answer
(B)
its shares are freely transferable
50
A retail co-operative society aims at
Answer
(E)
cutting off the profits of middlemen
51
The value of a product expressed in monetary terms is known as
Answer
(B)
price
52
Which of the following is not true of franking machines ?
Answer
(E)
Postage stamp is used
53
Which of the following is suitable for transporting fish a long distance?
Answer
(E)
Refrigerated ship
54
Which of the following is not an element of a contract?
Answer
(B)
Probability
55
Which of the following is an advantage of personal selling?
Answer
(A)
Immediate feedback
56
A partner who does not play an active role in a business but contributes capital is a
Answer
(B)
dormant partner
57
Which of the following is not included in the Memorandum of Association?
Answer
(A)
Winding up procedure
58
Which of the following is not a source of capital?
Answer
(B)
Credit transfer
59
The contract between ship owners and hires whereby the hires take full control of the ship is called?
Answer
(E)
charter party
60
Which of the following does not aim at protecting the customer?
Answer
(D)
Partnership Act
61
Which of the following activities makes the consumer its focus in decision making?
Answer
(B)
Marketing concept
62
Which of the following is a direct service?
Answer
(B)
Teaching
63
Which of the following is a disadvantage of foreign trade?
Answer
(A)
Encourages dumping
64
An agreement that is enforceable in law is called?
Answer
(A)
a contract
65
A document signed by a customs officer of the exporting country to confirm the country of export of the goods is
Answer
(C)
a certificate of origin
66
For which of the following reasons would a seller not issue a credit note to a customer? If
Answer
(A)
goods are undercharged
67
A statement of account is a
Answer
(E)
summary of a customer's transactions over a given period
68
Management is
Answer
(A)
getting things done through other people
69
The sum of money the assurer is prepared to pay the assured in total discharge of a contract before its maturity is
Answer
(D)
surrender value
70
Which of the following services is not rendered by NIPOST
Answer
(D)
Telephone
71
Which of the following functions may not be performed by a whole saler?
Answer
(E)
Manufacturing
72
The commercial term "Caveat emptor" means, Let the
Answer
(A)
buyer beware
73
Which of the following is not a business resource?
Answer
(A)
Wages
74
In which of the following business units are the owners mostly the customers?
Answer
(A)
Co-operatives
75
Which of the following is not a way of raising capital for business?
Answer
(E)
Issuing dividend warrants
76
In a business environment, which of the following variables can a business man conveniently control?
Answer
(A)
Product
77
Which of the following is not a reason for imposing import duties? To
Answer
(B)
improve quality of goods for consumers
78
The face to face contact between sellers and buyers with the aim of selling a product is known as
Answer
(A)
personal selling
79
Which of the following is the main tool of mass selling
Answer
(E)
Advertising
80
The allowance given to a retailer to enable him make a profit is known as
Answer
(C)
trade discount
81
One of the features of a supermarket is
Answer
(C)
selling common household goods
82
A group of public limited companies that commonly own a joint venture is known as
Answer
(B)
consortium
83
Which of the following clearly defines business?
Answer
(E)
Any productive activity undertaken for profit motive
84
Which of the following ensures that the quality of a product is maintained?
Answer
(D)
Standards Organisation of Nigeria
85
Which of the following will enable customs officers to correctly assess import duties on goods?
Answer
(E)
Bill of laden
86
An insurance policy which benefits one's family only is in the event of one's death is known as
Answer
(B)
a whole-life insurance
87
One of the demerits of sole trading is
Answer
(C)
unlimited liability
88
A group of people in the same line of business who come together for the interest of its members is called
Answer
(B)
trade association
89
A foreign order which instructs an agent to buy certain goods at a particular place called
Answer
(D)
closed indent
90
The shares of XYZ Plc are quoted at the stock exchange by a jobber at 85k for k share. How much will Alabi, an investor who buys 500 shares pay?
