Who among the following is not engaged in a commercial occupation
Răspuns
(B)
an engineer
6
On which of the following grounds may a company be compulsorily wound up?
Răspuns
(D)
it fails to commence business within a year of its incorporation
7
The management and control of co-operative societies are in the hands of the
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(A)
contributors
8
Key industries and those requiring huge capital are usually established as
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(A)
public corporations
9
Movement of commercial vehicles in Nigeria is controlled by the
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(B)
National Association of Road Transport Workers
10
The reward of entrepreneurship as a factor of production is
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(C)
profit
11
A document issued to a buyer showing the quantity description and prices of goods bought is called
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(B)
an invoice
12
Which of the following describes the marketing mix?
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(A)
Distribution, production policy, promotion, pricing policy
13
Which of the following is not a negotiable instrument?
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(A)
Invoice
14
Which of the following is not a function of the Nigerian Airport Authority?
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(D)
Maintains all aircrafts in the country
15
Another name for a foreign order is
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(D)
indent
16
An agreement to deliver goods in the future after payment of the final installment is known as?
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(C)
conditional sale
17
Which of the following is a pre-sales service to the consumer?
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(B)
Provision of credit facilities
18
Rate of stock turnover is calculated to determine
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(B)
number of times goods are bought and sold
19
Which of the following is not a feature of hire purchase?
Răspuns
(D)
Ownership of goods passes to the customer on payment of a deposit
20
Which of the following is not connected with after-sales services?
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(B)
Granting trade discount
21
Credit in business transaction is?
Răspuns
(A)
a form of loan
22
Which of the following is true of rail transport?
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(D)
Gaurantees safety of goods
23
Which of the following is not a means of controlling credit by the Central Bank?
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(C)
Clearing inter-bank indebtedness
24
Which of the following is not a function of Development Banks?
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(C)
Issue currency notes
25
Which of the following is an example of insurable risk?
Răspuns
(D)
The death of a business partner
26
If Mr Olu insures Mr Obi's house, the insurer may, in event of a loss, refuse to pay compensation based on the principle of
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(C)
insurable interest
27
Which of the following shows the quality of money
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(A)
Ability to represent both small and large values
28
The speculator in the stock exchange market who sells securities in anticipation of a fall in price is called a
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(C)
bear
29
An action taken by a seller to avoid risks from unforeseeable price fluctuation is known as
Răspuns
(D)
hedging
30
The insurance policy against claims from customers who might be injured within the business premises is called
Răspuns
(D)
employers liability insurance
31
An offer of new shares made to existing shareholders at a preferential price is called?
Răspuns
(B)
rights issue
32
A trader started business with #30,000 and spent #20,000 in buying premises and equipment, the balance of #10,000 is his
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(C)
working capital
33
New shares are offered for sale to the public through
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(C)
issuing houses
34
Cash-in-hand and at bank as well as debtors are examples of
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(A)
current assets
35
Money spent on acquiring vehicles, furniture and fittings by a manufacturing company is termed
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(D)
fixed capital
36
Small ships which are used to carry goods and passengers across rivers or canals called
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(E)
ferries
37
Which of the following would best be conveyed by rail transport
Răspuns
(B)
Shoes
38
Gases are best transported
Răspuns
(D)
through pipelines
39
Speed is an important consideration for choice of a means of transport where goods are
Răspuns
(D)
perishable
40
Which of the following facilities is very useful to an organization that posts a large number of mails regularly?
Răspuns
(A)
Franking machine
41
Which of the following defines communication in commerce?
Răspuns
(B)
Transmission of information
42
Contraband goods seized by the Customs and Excise Authority are kept in the
Răspuns
(D)
state warehouse
43
Business activities responsible for identifying, anticipating and satisfying customer's requirements profitably are called
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(C)
marketing
44
Which of the following is a demerit of advertising?
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(A)
Increases per-unit cost of goods
45
Which of the following s a form of public relations?
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(A)
Feature articles
46
When a firm sets a low price for new product, this is said to be
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(C)
penetration pricing
47
Ola presented his motor-cycle for sale to Musa at a cost of #8,000. Musa agreed and bought the vehicle at the same amount.
The #8,000 for the sale is
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(C)
a consideration
48
Ola presented his motor-cycle for sale to Musa at a cost of #8,000. Musa agreed and bought the vehicle at the same amount.
Ola is the
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(A)
offeror
49
When an acceptance to an offer is conditional, the offer becomes
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(D)
void
50
A mercantile agent having title to goods in his possession is known as
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(A)
factor
51
A transporter who had to sell some perishable goods without the authority of the owner becomes an agent by
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(B)
necessity
52
A contract to take possession of goods on installment payment with the option to transfer ownership after full payment is known as
Răspuns
(C)
hire purchase
53
Which of the following brings a public corporation into existence
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(C)
Acts of Parliament
54
The set of actions of governments, and other organized bodies in response to users' complaints about goods and services is known as
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(B)
consumer protection
55
The words "Account payee only" on a cheque means
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(B)
pay only to the holders account
56
An association of small scale retailers formed to to encourage bulk buying from manufacturers is known as a
Răspuns
(B)
producer co-operative society
57
The agency in Nigeria which ensures that products conform to government specifications and quality control is the
Răspuns
(D)
Standards Organization of Nigeria
58
The management of a company with a view to ending its operation is known as
Răspuns
(C)
liquidation
59
Any action taken by a company outside its stated objectives is regarded as
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(B)
ultra vires
60
Measuring performance against the set objectives is a management function that relates to
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(E)
controlling
61
The setting of objectives and determination of the best way to achieve them are known as
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(E)
controlling
62
When a company sells its shares to an issuing house which later sells to the public, it is called
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(A)
an offer for sale
63
When an industry formerly owned by individuals is taken over by the government, such an industry becomes
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(B)
nationalized
64
The major aim of indigenization is to
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(B)
accelerate participation of citizens in business
65
Which of the following specializes in granting loans to distressed economies?
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(C)
IMF
66
Which of the following is not a problem of ECOWAS?
Răspuns
(D)
Diversified economy for West Africa
67
Which of the following facilitates settlement for sub-regional indebtedness?
Răspuns
(C)
The West African Clearing House
68
Which of the following is not an economic grouping?
Răspuns
(C)
United Nations Organization (UNO)
69
The dealers who buy and sell stocks and shares in their own name are called
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(A)
jobbers
70
The amount which the insured pays the insurer periodically is
Răspuns
(B)
premium
71
At what stage is acceptance of offer by post valid? When the letter is
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(C)
delivered
72
The capital of a company indicated in the Memorandum of Association is known as
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(A)
authorized capital
73
Which of the following is not a means of water transport?
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(E)
Truck
74
An agency that is involved in moving goods or people from place to place for a fee is called
Răspuns
(D)
common carrier
75
Which of the following guides the operations of a Partnership?
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(E)
The Deed
76
A partner who contributes to the capital but does not take part in running the business is known as
Răspuns
(A)
a sleeping partner
77
Which of the following assists a Nigerian producer to participate in trade fairs and exhibitions abroad?
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(E)
Nigerian Exports Promotion Council
78
One way of importing goods without the use of foreign exchange is through
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(E)
counter trade
79
Balance of trade is said to be favourable when
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(D)
visible exports exceed visible imports
80
The basic principles upon which International Trade is carried on among countries is
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(C)
comparative cost advantage
81
A supplier who needs to make additional charges for goods delivered will send
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(A)
a debit note
82
Gross profit is correctly ascertained by
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(E)
subtracting cost of goods sold from sales
83
The returns from capital investment are known as
Răspuns
(D)
profit
84
The total asset of business minus its total liability is the
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(B)
capital owned
85
The production process is completed when what is produced
Răspuns
(E)
has reached the final users
86
Which of the following has no legal capacity to a contract
Răspuns
(D)
A Minor
87
Which of the following is a disadvantage of road transport?
Răspuns
(A)
Takes an available route
88
A speculator who applies for new stocks and shares with the intention of selling them them at higher price is a
Răspuns
(B)
stag
89
The Third Party Motor Vehicle Insurance Policy covers damages
Răspuns
(B)
caused by the vehicle insured
90
Which of the following is not a method of selling
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(D)
Stock control
91
Price lists, catalogues and COD are mainly used in operating
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(D)
mail order business
92
The time allowed for unloading and loading ships is referred to as
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(E)
lay days
93
XYZ Ltd's total sales was #100,000. It had opening stock of #20,000 and closing stock of #22,000. It bought goods worth #80,000 and paid #2,000 for rent.
XYZ Ltd's profit is
Răspuns
(D)
#22,000.00
94
XYZ Ltd's total sales was #100,000. It had opening stock of #20,000 and closing stock of #22,000. It bought goods worth #80,000 and paid #2,000 for rent.
XYZ Ltd's Net Profit is
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(E)
#20,000.00
95
In the capital structure of a Public Limited Company, the term equity refers to
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(B)
ordinary shares
96
Which of the following is legally used by the insured while the policy is being processed?
Răspuns
(A)
Cover note
97
Which of the following guarantees payment on presentation?
Răspuns
(D)
Bearer cheque
98
One advantage of direct selling is
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(B)
immediate feedback
99
Which of the following is not a business resource?
Răspuns
(A)
Market
100
Penalty imposed by a ship owner for exceeding the period charter is
