A transporter who offers to carry goods for anyone at a fee is called
Answer
(B)
a common carrier
2
A dormant partner is one who
Answer
(D)
does not partake in running the business
3
The right that a debenture holder has on the earnings of a company is
Answer
(C)
interest
4
Which of the following does not determine the size of a business unit
Answer
(A)
the quality of its products
5
The printing of catalogs is one of the costs associated with the operation of
Answer
(C)
mail order shops
6
Labour and entrepreneur are examples of
Answer
(A)
factors of production
7
House builders belong to
Answer
(B)
constructive industry
8
Which of the following groups of activities are commercial services
Answer
(B)
Vending, purchasing and banking
9
The price quotation where the buyer uses his own means to collect goods from the producer's warehouse is
Answer
(D)
F.O.R
10
Which of the following is used only in international trade?
Answer
(A)
Letter of inquiry
11
The following information relates to Mallam Amidu Kachella for the year ended 31/12/2005.
#
Opening stock 4,000
Purchases 16,000
Sales 30,000
Debtors 6,500
Creditors 4,200
Cash in hand 800
Closing stock 5,600
Bank overdraft 3,000
The average stock is
Answer
(B)
#4,800
12
When the public wants to buy more of a company's share than has been offered for sale, the share is said to be
Answer
(B)
over subscribed
13
Which of the following goods has the lowest rate of turnover?
Answer
(A)
Staple foods
14
Which of the following is not a duty of a credit union?
Answer
(D)
Confirming members' indebtedness
15
An association formed to protect the interests of buyers of various commodities is known as
Answer
(C)
Consumers Association
16
An outright prohibition on the importation of goods to a country is referred to as
Answer
(C)
embargo
17
Which of the following assesses duties payable on imports and exports?
Answer
(C)
Customs and Excise Authority
18
Which of the following trends in retailing provides the convenience of shopping without cash
Answer
(C)
Credit card
19
The place where dutiable goods are kept until the duties on them are paid is
Answer
(C)
bonded warehouse
20
The provision of dredging and dry dock facilities at any sea port is the responsibility of
Answer
(A)
Ports and Harbours Authority
21
The time allowed for unloading and loading a ship is referred to as
Answer
(B)
lay days
22
Which of the following institutions does not belong to the capital market
Answer
(A)
Commercial banks
23
The beneficiary of a cheque is called
Answer
(D)
payee
24
The speculator who applies for a new issue of shares without the intention of keeping them is
Answer
(B)
stag
25
Which of the following is not the duty of an agent to the principal?
Answer
(D)
Making secret profit
26
The amount the assured receives if he decides to discontinue the life policy is known as
Answer
(C)
surrender value
27
A specialized market where stocks and shares are bought and sold is
Answer
(D)
stock exchange market
28
The principle where many insurance companies join to compensate one policy holder is called?
Answer
(A)
contribution
29
Demurrage is paid by a vessel for
Answer
(C)
delaying at the port
30
In a limited partnership, one of the members must be
Answer
(A)
a general partner
31
It is safer and quicker to transport petrol and gas by
Answer
(C)
pipeline
32
The process of taking over the management and control of a privately owned business by government is
Answer
(B)
nationalization
33
Who among the following is a middlemen?
Answer
(B)
Agent
34
The monopoly right granted to an inventor is a
Answer
(C)
patent
35
The process of putting goods in attractive packets to arouse the interest of customers is
Answer
(D)
packaging
36
Which of the following is not reason for nationalization
Answer
(A)
Encouraging foreign investors
37
Any activity aimed at finding out the wants of consumers and supplying them at a profit is referred to as?
Answer
(B)
marketing
38
The reduction in the value of a country's currency in relation to other country's currencies is
Answer
(A)
devaluation
39
Which of the following is the main purpose of a third party insurance? To
Answer
(D)
compensate the driver for injuries sustained
40
The term "utmost good faith" in insurance requires that the insured must
Answer
(C)
disclose all relevant facts on what is being insured
41
Commercial banks usually settle their interbank indebtedness through the
Answer
(B)
clearing house
42
Which of the following retail outlets is described as selling without shops
Answer
(C)
Mail order business
43
Which of the following arranges for the conveyance of goods abroad
Answer
(D)
Export Promotion Council
44
The difference between the cost of goods sold and the sales value is known as
Answer
(C)
gross profit or loss
45
Which of the following is not a feature of a sole trader
