Which of the following was not used as a medium of exchange by the early Europeans that came to West Africa?
Answer
(C)
Iron bars
2
The ancillary to trade which ensures that people gain access to facts pertaining to goods is
Answer
(B)
advertising
3
Which of the following is classified as an extractive industry ?
Answer
(A)
Digging for minerals
4
Who among the following does not render direct service?
Answer
(D)
Retailers
5
A partnership cannot raise its capital by
Answer
(A)
selling shares to the public
6
Which of the following is not required in the mail order business?
Answer
(C)
Display room
7
The staff responsible for the calculations of probability of losses in insurance is the
Answer
(A)
Actuary
8
The rate at which the country's import exchanges for its export is known as
Answer
(A)
Terms of trade
9
Where a limited partner exists in a partnership
Answer
(C)
at least one ordinary partner must be there
10
Which of the following is best organized as a partnership?
Answer
(C)
Designing and building of houses
11
Public enterprises are financed mainly by
Answer
(C)
government grants
12
Contributing money to buy equipment for making and marketing a product is a feature of
Answer
(D)
producers' cooperatives
13
The operations of a private company is guided by the
Answer
(C)
certificate of incorporation
14
The various rights attached to different classes of shares are stated in the
Answer
(A)
articles of association
15
Which of the following gets extra dividend after its due fixed rate of dividend
Answer
(D)
Participating preference shares
16
A company may be wound up when
Answer
(A)
there is a disagreement among the directors
17
If the opening stock is Le200, cost of goods sold Le2,400, and closing stock Le120, then the rate of turnover is
Answer
(B)
15 times
18
The money used by Njie & Co. Ltd in running the day-to-day activities of the business is represented by
Answer
(D)
current assets less current liabilities
19
A limited company has an authorized capital of 20,000,000 shares. If each share capital costs 5ok and the company sold 12,000,000 shares, its issued capital is
Answer
(C)
#6,000,000
20
A document used to advertise shares for sale is
Answer
(A)
prospectus
21
Which of the following refers to a voluntary association that represents a cross-section of business interests in an area?
Answer
(B)
Chamber of Commerce
22
Which of the following is used to show that goods imported were produced in an ECOWAS member country
Answer
(C)
Certificate of origin
23
Importing goods into a country re-exporting is know as
Answer
(C)
entrepot trade
24
Which of the following is a function of the small retailer?
Answer
(D)
Selling to consumers
25
The content of a bill of lading does not include the
Answer
(D)
demurrage payable
26
Who is responsible for the payment of the bill in a documentary credit
Answer
(B)
Importer
27
A popular product priced low to attract a larger number of buyers to a shop is called
Answer
(A)
loss leader
28
Centralized buying and decentralized selling are features of
Answer
(D)
multiple stores
29
Which of the following is not a feature of a self-service store?
Answer
(B)
it offers steady employment opportunities
30
If a share is sold at a price below its face value, it is sold
Answer
(B)
at a discount
31
Mr Ojo buys a book from a bookseller and pays cash. The bookseller will issue him a
Answer
(D)
receipt
32
A limited company can raise long term capital through the
Answer
(B)
stock exchange market
33
Which of the following is not a reason for dishonoring a cheque?
Answer
(D)
Poor handwriting
34
Which of the following is not a function of the Central Bank
Answer
(D)
Granting loans to the public
35
Treasury bills are bought and sold in the
Answer
(D)
Money market
36
Which of the following is legal tender
Answer
(A)
Bank notes
37
Which of the following is referred to as the oldest form of insurance?
Answer
(A)
Marine insurance
38
An open cheque is one
Answer
(C)
which can be cashed over the counter
39
Madam Tope insured her shop premises for the sum of D60,000, when insuring the shop,she did not tell the Insurance company that she cooks in the shop, but told the insurance company that she sells second hand clothes. Hence she insured her store against natural causes. Tope's shop got burnt yesterday by fire from the cooking pot.
Which of the following insurance principles was breached by Madam Tope?
Answer
(C)
Utmost good faith
40
Madam Tope insured her shop premises for the sum of D60,000, when insuring the shop,she did not tell the Insurance company that she cooks in the shop, but told the insurance company that she sells second hand clothes. Hence she insured her store against natural causes. Tope's shop got burnt yesterday by fire from the cooking pot.
Which of the following insurance principles will prevent her from claiming compensation?
Answer
(C)
Proximate cause
41
Madam Tope insured her shop premises for the sum of D60,000, when insuring the shop,she did not tell the Insurance company that she cooks in the shop, but told the insurance company that she sells second hand clothes. Hence she insured her store against natural causes. Tope's shop got burnt yesterday by fire from the cooking pot.
The amount D60,000 quoted represents
Answer
(A)
Premium
42
If the charterer delayed the ship beyond the lay days, he is asked to pay
Answer
(B)
demurrage
43
Which of the following involves the delivery of mails to a traveler without a fixed address
Answer
(D)
Post restante
44
A document showing full details of the goods and passengers carried in a ship or aircraft is
Answer
(C)
Manifest
45
Which of the following is not a means of water transport
