The development of trade in West Africa was aided by the
Answer
(B)
arrival of the Portuguese
2
An issuing house is an outlet for
Answer
(C)
existing shares and bonds
3
Which of the following is quoted when the buyer is responsible for the cost of loading the goods from the seller's warehouse up to his own warehouse?
Answer
(C)
F.A.S
4
The relationship between all imports and exports of a country is known as
Answer
(B)
balance of trade
5
Which of the following is an example of large-scale retailing?
Answer
(D)
Department stores
6
A cheque drawn by a bank on itself is a/an
Answer
(B)
bank draft
7
A voluntary body formed by people in the same line of business for the purpose of protecting their interest is a
Answer
(A)
trade association
8
Those who are engaged in the distribution of goods belong to
Answer
(A)
commercial occupation
9
When an insurance policy is declared void because of a false declaration ; the principle involved is
Answer
(D)
utmost good faith
10
Buildings and machinery used in the running of a business are examples of
Answer
(D)
fixed assets
11
Which of the following is classified as invisible item in balance of payment?
Answer
(B)
Salaries of expartriates
12
Collecting information on the taste of consumers and the extent of demand for a product is
Answer
(A)
market research
13
Which of the following is not an insurance of indemnity
Answer
(A)
Life
14
The entitlement of a debenture holder from a company's income is known as
Answer
(B)
interest
15
The collection of tariffs on imported goods is the function of
Answer
(B)
Customs and Excise Authority
16
A licensed person who is authorized to sell to the highest bidder is
Answer
(D)
auctioneer
17
An efficient transport system enables a trader to
Answer
(A)
widen the market for his products
18
The Central Bank's monetary policy instrument by which it buys and sells treasury bills is known as
Answer
(A)
Open Market Operation
19
Which of the following acted as the central bank for West African countries before their independence?
Answer
(C)
The West African Currency Board
20
Current account holders withdraw money by means of
Answer
(D)
cheque
21
Which of the following is a feature of mail order business?
Answer
(B)
Practices self service
22
Bonded warehouse is a place where
Answer
(D)
dutiable goods are kept
23
Which of the following is concerned with promoting favorable image of an organization?
Answer
(B)
Public relations
24
The document issued by the registrar of companies to permit a public limited company to commence business is
Answer
(B)
Certificate of Incorporation
25
Which of the following is not an economic grouping
Answer
(A)
Lake Chad Basin Commission
26
One of the principles of insurance is
Answer
(C)
proximate cause
27
A written instruction by a current account holder to his bank to debit his account at regular intervals with a specified amount for a given period is known as
Answer
(A)
standing order
28
A collective bundle of shares is called?
Answer
(B)
stock
29
The assets of a business that is available for cash or near cash is called
Answer
(D)
liquid capital
30
The bank on which a cheque is drawn is known as the
Answer
(B)
drawee
31
A percentage reduction from the quoted price of goods given to a buyer to encourage bulk purchase is called
Answer
(A)
cash discount
32
The difference between the cost price and selling price of an article is
Answer
(B)
mark-up
33
A ceiling on the quantity of commodity to be imported into the country is called
Answer
(D)
quota
34
The buyer in a hire purchase contract becomes the legal owner of the goods by paying
Answer
(B)
the last installment
35
The document which helps in ascertaining the correct value of imports in order to assess the custom duty is
Answer
(D)
ships manifest
36
The combination of product, price, promotion and distribution decisions employed by a company is referred to as
Answer
(B)
marketing mix
37
The document which specifies the manufacturer from whom goods are to be imported is
Answer
(A)
closed indent
38
Who among the following generally has no capacity to enter into a valid contract
Answer
(B)
Infants
39
The satisfaction of customers in all business activities is emphasized by
Answer
(B)
marketing concept
40
The document which is used when a country imposes ad valorem duties is
Answer
(B)
consular invoice
41
An activity involving buying, selling, distribution of goods and services is known as
Answer
(D)
commerce
42
Which of the following arrangement of documents is the correct sequence as used in the retail trade? i. Quotation ii. Enquiry iii.Order iv Invoice
Answer
(B)
ii,i,iii,iv
43
Mr Lou who assured his life with XYZ Assurance Company, was involved in an accident and had a broken leg; the sum of #80,000 was paid to Mr Lou for his broken leg. The money received is known as
Answer
(D)
indemnity
44
The size of of profit of a business is measured by the
