An article used as a means of exchange in the early days of trade in West Africa was
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(B)
cowrie
2
The provision of services is classified under
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(D)
tertiary production
3
The growth of commerce is not enhanced by
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(D)
low per capita income
4
One of the products of the construction industry is a
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(B)
bag of cement
5
The service of a retailer is part of production because it
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(B)
enables finished goods to reach consumers
6
The resources put together to create goods and services are
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(C)
factors of production
7
Which of the following organizations provide essential goods and services at low cost to citizens?
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(B)
Public enterprises
8
A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a
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(A)
wholesaler cooperative society
9
Average stock is derived by adding
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(C)
opening stock to closing stock divided by 2
10
A retail business that sells goods by post, using catalogue is a
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(C)
mail order firm
11
Which of the following documents would a shareholder inspect to know his voting rights?
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(A)
Articles of Association
12
An internal source of finance to an enterpreneur is
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(B)
retained earning
13
Use the information below to answer questions 13 and 14
#
Sales
50,000.00
Debtors
10,000.00
Cash in hand
5,000.00
Opening stock
30,000.00
Creditors
8,000
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(C)
#5,000.00
14
Use the information below to answer questions 13 and 14
#
Sales
50,000.00
Debtors
10,000.00
Cash in hand
5,000.00
Opening stock
30,000.00
Creditors
8,000.00
Purchases
16,000.00
Overdraft
12,000.00
Closing stock
10,000.00
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(D)
#14,000.00
15
A partner who contributes only his name to the formation of a partnership is
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(A)
a nominal partner
16
Which of the following groups would advocate for the supply of constant electricity to households?
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(A)
Consumer's association
17
A retail store that sells a single product from a particular manufacturer is a
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(D)
chain store
18
A country's visible balance of payment is made up of
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(C)
earnings from goods exported
19
The quality of money which makes it possible to buy goods in small quantities is
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(C)
divisibility
20
One of the functions of commerical banks that cannot be performed by central banks is
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(B)
collection of deposits from the public
21
A document that instructs an agent to buy goods from a named firm is
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(D)
closed indent
22
The incentive given to a buyer to encourage prompt payment is
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(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
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(B)
contribution
24
Dealers in stock exchange such as bulls, bears and stags are categorized as
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(C)
speculators
25
Which of the following is not a characteristic of a commercial bank?
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(C)
Established to issue bank notes
26
Central banks sell treasury bills to the public to
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(D)
reduce cash in circulation
27
A document used to ensure correct payment of duty at the importing country is
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(D)
bill of lading
28
A cheque is specially crossed if
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(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
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(B)
promote members' welfare
30
When a share with a nominal value of #50 is quoted at #70, it is being sold
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(D)
at a premium
31
Sea vessels that do not operate on regular times and routes are
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(B)
ocean liners
32
Payment made to a carrier for transportation of goods is
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(A)
freight
33
An advantage of rail transport is that it
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(C)
carries bulky and heavy goods
34
The commission on a postal order is
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(B)
poundage
35
Consumers could be encouraged to purchase a company's product through
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(D)
advertisement
36
The marketing concept emphasizes
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(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
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(A)
after-sales service
38
Which of the following is not a right of a consumer?
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(B)
Right to buy on credit
39
Advertisement which is geared towards a particular audience is
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(A)
direct advertising
40
The law by which a seller transfers the property in goods to a buyer at an agreed price is the
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(C)
Sale of Goods Act
41
Commerce is defined as
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(B)
all activities in the distribution and exchange of goods and services
42
The type of occupation that a broker belongs to is
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(A)
commercial
43
A form of money which was not used in the early days of trade is
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(C)
cowries
44
Which of the following activities is not an example of the extractive industry?
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(A)
weaving
45
A business unit in which savings of members are lent to others is a
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(C)
credit and thrift society
46
The document issued by a public company allowing it to commence business is the
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(D)
Certificate of Trading
47
Which of the following is not a function of a consumer association?
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(C)
Penalizing importers of fake goods
48
An association formed by computer distributors to safeguard and promote their interest is a
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(C)
trade association
49
The issue of prospectus by a company is an invitation to members of the public to
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(A)
subscribe to the company's shares
50
Examples of current assets are
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(A)
cash and trade debtors
51
When the cost of sales is divided by the average stock, the result is
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(C)
rate of turnover
52
The part of issued share capital that the company has asked the subscribers to pay for
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(B)
called-up capital
53
The last link in a channel of distribution is the
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(C)
consumer
54
The difference between a country's imports and exports of goods in a particular year is
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(C)
balance of payment
55
Goods bought into the country for sale are the country's
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(C)
visible imports
56
A feature of supermarkets which distinguishes it from other large scale retail outlets is that items sold are
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(A)
mainly household goods
57
One advantage of small scale retail outlets is
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(D)
personal attention to customers
58
A discount deducted from the invoice price of goods to enable the retailer to make profit
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(A)
cash discount
59
A document issued by the seller's own courier and signed by the customer to acknowledge receipt of the goods is
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(B)
consignment note
60
A request for goods from another country by an importer would be made using
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(B)
an indent
61
The right to buy or sell stock in the stock exchange within a stipulated period is
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(A)
option
62
The share value stated on a share certificate is
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(D)
nominal value
63
The bank which acts as the lender of last resort is the
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(A)
Central bank
64
An insurance policy which is not a contract of indemnity is
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(C)
life insurance
65
When a company insures the lives of all its employees collectively, the policy is
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(D)
group insurance
66
A cheque that could be cashed over the counter by the payee is
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(C)
open cheque
67
A specially-designed mode of transport for conveying liquid and gas is a
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(B)
tanker
68
The safe keeping of goods produced until they are needed is
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(D)
warehousing
69
One of the objectives of the Niger Basin Commission is to
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(D)
streaming the construction of dams on the river
70
A paid presentation about a product with a view to encouraging purchases by an identifiable sponsor is
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(D)
advertisement
71
The face-to-face meeting of the seller with the buyer for the purpose of making sales is
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(C)
personal selling
72
The activity which improves the appearance of a product and also aimed at protecting it is
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(D)
packaging
73
Which of the following is not a component of the marketing mix?
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(B)
production
74
The marketing term which regards the consumer as king that must be satisfied is
