Which of the following is not a function of commerce?
Answer
(B)
Assists in raising capital
3
Production is defined as
Answer
(B)
creation of utilities
4
Babou Penn, a fisherman says he has all necessary materials to go to sea today, except the captain of his boat . Captain here as a factor of production refers to
Answer
(C)
labour
5
Farmers and all other workers concerned with getting raw materials from the earth are engaged in
Answer
(D)
extractive occupation
6
The process of making goods attractive and easy to handle is
Answer
(C)
packaging
7
The charges imposed by the government on locally manufactured goods is called
Answer
(B)
excise duties
8
A grocer invoiced a carton of fish valued at #2,500 for #2,000 only. To correct the error, which of the following documents will be sent to the buyer?
Answer
(B)
Debit note for #500.00
9
The exchange of goods and services among many countries is
Answer
(A)
multilateral trade
10
If a ship overstays its stipulated time at a port, it pays a charge known as
Answer
(B)
demurrage
11
A transaction where the buyer of a commodity becomes its legal owner after the payment of the last installment is
Answer
(C)
hire purchase
12
An agreement whereby the seller transfers or agrees to transfer the property in goods for a monetary consideration is a
Answer
(A)
contract of sale
13
The main purpose of sending delivery notes along with goods is to
Answer
(A)
enable the goods to be checked on arrival
14
A shop that sells only products of a particular manufacturer is known as
Answer
(C)
tied shop
15
Which of the following statements cannot be found in a partnership deed?
Answer
(C)
Payment of tax
16
Product differentiation is achieved by
Answer
(A)
packaging and branding
17
Which of the following services is not offered to retailers by wholesalers?
Answer
(A)
Keeping them informed of the demands of consumers
18
The buying and selling of goods and services within a country is called
Answer
(D)
home trade
19
The relationship between partners is stipulated in the
Answer
(C)
Partnership Deed
20
Which of the following cannot be used to regulate importation?
Answer
(D)
Increase of excise duty
21
A firm that accepts, sells and delivers goods by post is a
Answer
(D)
mail order business
22
Okoni and Co. law chamber is an example of a
Answer
(B)
partnership
23
A refund of the duty collected on goods imported into a country which are later re-exported is called
Answer
(C)
customs drawback
24
Which of the following is mostly used by a mail order business to sell goods
Answer
(B)
Catalogues
25
Information requested from a bank concerning the credit worthiness of a new customer to a business is
Answer
(C)
general enquiry
26
The document which gives legal authority to a company to operate as a legal entity is
Answer
(D)
Certificate of Incorporation
27
A business that is independent of its owners is a
Answer
(C)
limited liability company
28
The amount paid regularly by the assured to the insurer is
Answer
(B)
premium
29
The net profit is calculated as
Answer
(C)
gross profit less expenses
30
Which of the following carries specialized goods?
Answer
(D)
Tanker
31
In sea transport, vessels that operate on fixed routes and schedules are called?
Answer
(C)
liners
32
Which of the following advertising media combines the advantages of both sight and sound?
Answer
(A)
Television
33
One disadvantage of advertising to the consumer is that it
Answer
(A)
brings confusion on the choice of goods
34
Which of the following is not a sales promotion method?
Answer
(D)
Newspaper
35
Working capital is
Answer
(D)
current assets less current assets
36
A cheque dated 30th July, 2004 but presented for payment on 28th February, 2005 is
Answer
(D)
stale
37
Which of the following receives dividend based on patronage?
Answer
(B)
Co-operative society member
38
If a customer opens a deposit account with a bank, he will
Answer
(D)
recieve interest
39
A chamber of commerce normally consists of
Answer
(D)
the people who represent a cross-section of business interests in a town
40
A group of musicians can come together to form a
Answer
(C)
trade association
41
Which of the following is not an advantage of marketing?
Answer
(C)
Implementing government regulations
42
One disadvantage of indigenization is that it
Answer
(D)
discourages foreign investment
43
The takeover by government of Sanking Sillah and Sons Ltd is referred to as
Answer
(D)
nationalization
44
Which of the following economic unions is made up of countries in West Africa only?
Answer
(B)
ECOWAS
45
People who sell shares in anticipation of a fall in their value are called
