A partner who contributes only his name to the formation of a partnership is
Answer
(A)
a nominal partner
16
Which of the following groups would advocate for the supply of constant electricity to households?
Answer
(A)
consumers' association
17
A retail store that sells a single product from a particular manufacturer is a
Answer
(D)
chain store
18
A country's visible balance of payment is made up of
Answer
(C)
earnings from goods exported
19
The quality of money which makes it possible to buy goods in small quantities is
Answer
(C)
divisibility
20
One of the functions of commercial banks that cannot be performed by central banks is
Answer
(B)
collection of deposits from the public
21
A document that instructs an agent to buy goods from a named firm is
Answer
(D)
closed indent
22
The incentive given to a buyer to encourage prompt payment is
Answer
(A)
cash discount
23
The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is.
Answer
(B)
contribution
24
Dealers in the stock exchange such as bulls, bears and stags are categorized as
Answer
(C)
speculators
25
Which of the following is not a characteristic of a commercial bank?
Answer
(C)
Established to issue bank notes
26
Central banks sell treasury bills to the public to
Answer
(D)
reduce cash in circulation
27
A document used to ensure correct payment of duty at the importing country is
Answer
(D)
bill of lading
28
A cheque is specially crossed if
Answer
(C)
the name of the bank is written between two parallel lines drawn across it
29
One of the functions of a trade association is to
Answer
(B)
promote members' welfare
30
When a share with a nominal value of N50 is quoted at N70, it is being sold
Answer
(D)
at a premium
31
Sea vessels that do not operate on regular times and routes are
Answer
(B)
ocean liners
32
Payment made to a carrier for transportation of goods is
Answer
(A)
frights
33
An advantage of rail transport is that it
Answer
(C)
bulky and heavy goods
34
The commission on a postal order is
Answer
(B)
poundage
35
Consumers could be encouraged to purchase a company's products through
Answer
(D)
advertisement
36
The marketing concept emphasizes
Answer
(D)
consumer's satisfaction at a profit
37
An undertaking to repair a customer's vehicle for a certain period after it has been sold is
Answer
(A)
After-sales service
38
Which of the following is not a right of a consumer?
Answer
(B)
Right to buy on credit
39
Advertisement which is geared towards a particular audience is
Answer
(A)
direct advertising
40
The law by which a seller transfers the property in goods to a buyer at an agreed price is the
Answer
(C)
Sale of Goods Act
41
The act of removing government laws and allowing market forces to determine prices is
Answer
(B)
deregulation
42
The purpose of commercialization is to
Answer
(A)
make state-owned firms more efficient
43
An agency agreement in which the principal approves the action of his authorized representative is agency by
Answer
(A)
ratification
44
A requirement for an offer to be valid is that it should be
