The process of buying and selling and distribution of goods and services is known as?
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(B)
commerce
3
The practice of employing specialists in relevant occupation is a feature of?
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(E)
division of labour
4
Which of the following convert raw materials into finished goods?
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(B)
Manufacturing
5
Which of the following support the view that there was commerce in Nigeria many years ago?
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(E)
Communities were interdependent
6
Which of the following towns was important to the trans-Saharan traders?
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(E)
Kano
7
Production ends when goods?
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(D)
and services reach the final user
8
A counter offer operates as?
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(C)
a rejection
9
In the contract of sale of goods,"let the buyer beware" is signified by?
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(C)
caveat emptor
10
Branding is a good example of?
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(E)
competitive advertising
11
The critical factor in organizing a business is?
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(D)
management
12
Which o the following is not an attribute of an effective business manager?
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(B)
Subjectivity
13
Prior to the issue of a certificate on a motor insurance contract, the insured is issued with?
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(C)
a cover note
14
The worth of a life insurance policy be maturity date is known as?
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(B)
surrender value
15
Under the law of insurance, exemption causes?
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(B)
protect the insurance company under the contract
16
The insured is the?
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(B)
insurance company's client
17
A partnership is formed for banking business is made up of?
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(A)
2 - 10 members
18
Whichof the following is not true of limited partnership?
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(D)
There is at least one ordinary partner
19
Which of the following is not required for the dissolution of a partnership?
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(E)
Order from the registrar of companies
20
Organization formed mainly by traders and manufacturers to cater for the interest of their members is called?
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(C)
trade association
21
The powers of attorney that transfers to a third party the shareholders right to vote is called?
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(C)
proxy
22
The means by which printed messages sent by cable are recorded is called?
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(E)
telex services
23
In which of the following would you advise Mr X Y to check and con firm the exact telephone number of a bank located in Ibadan?
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(E)
Telephone directory
24
Which of the following is a function of NIPOST?
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(A)
Issuing money order
25
Which of the following describes a distinctive symbol title or design that readily identifies the company or its product?
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(B)
Trade mark
26
One disadvantage of advertising is that it?
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(A)
could be misleadiing through its false claims
27
The activities of a company designed to stimulate consumers by giving them samples, premium, or conducting contests are referred to as?
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(C)
sales promotion
28
A clean bill of leading is so-called because?
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(D)
it has no record of demage goods
29
The receipt issued by a warehouse keeper for goods taken into the store is called?
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(D)
dock warrant
30
If a businessman imports stockfish with a view to exporting them to other countries, this form of trade is known as?
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(B)
entrepot trade
31
A trader who wants to buy goods from another country sends?
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(E)
an indent
32
Which of the following is an invisible export of Nigeria?
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(A)
Shipping services Nigeria renders to Russia
33
Most payments in international trade are made by means of?
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(D)
letters of credit
34
A deficit in balance of trade occurs when?
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(C)
visible imports exceeds visible exports
35
The amount of new capitals with which a new company proposes to be registered is called?
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(B)
nominal capital
36
The part of business capital with which capital that does not change its form in the process of production is known as?
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(D)
fixed capital
37
Which of the following is gilt-edge security?
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(A)
Government bonds and stocks
38
Pure profits is the elements of the paid?
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(D)
to an enterpreneur
39
The factor of production which is described as wealth set aside for the the production of further wealth is called?
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(C)
capital
40
Buying and selling of goods and services within the geographical areas of a country is called?
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(C)
domestic trade
41
Which of the following is not an obligation of a common carrier?
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(D)
insuring goods intransit
42
Which of the following conditions may make the manufacturer sell directly to the consumer?
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(C)
The nature of the commodity involved
43
The three main types of speculators found in the Stock Exchange market are?
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(B)
bulls, bears, and stag
44
Which of the following is a disadvantage of Hire Purchase to the consumer?
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(B)
Temptation to buy more than one can pay for
45
Which of the following functions is performed by the stock exchange markets?
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(C)
Provision of the purchase and sale of existing securities
46
Which of the following is not a true characteristic of a Chamber of Commerce?
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(B)
It is open only to political party members
47
The management of evaluating the company's performance to determine whether it is achieving its objective is?
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(A)
controlling
48
Which of the following is primarily responsible for protecting against poor quality goods?
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(D)
Standards Organization of Nigeria
49
Information on new goods is passed on to buyers through?
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(D)
advertising
50
Which o the following is not a component of a company's marketing mix?
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(D)
Economic plan
51
An important marketing concept is that all company planning and operations should be?
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(E)
customer-oriented
52
Which of the following is the the main aim of the Indigenization Decree?
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(D)
allow Nigerians greater participation in commercial activities
53
Which of the following institutions provides the volume of credit to the public?
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(B)
Mail order business
54
When a cheque has special crossing it should be?
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(C)
Paid into a named bank
55
Through which of the following does the central Bank carrying out the monetary policy of the country?
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(B)
Banks rate
56
Which of the following is not a means of money?
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(C)
Accessibility
57
Which of the following is not a means of effecting payment through current account?
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(C)
Giro system
58
A bill holder wishing to dispose of his bills before maturity would be paid?
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(A)
the discount value of the bill
59
Which of the following is not a necessary seaport facility?
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(C)
Containers
60
The main disadvantage of rail transport to traders is that?
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(C)
it is slow and flexible
61
A telephone call within a town is called?
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(E)
local call
62
The body controlling the installation and maintenance of telephone in Nigeria is?
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(C)
NITEL
63
A teleprinter is used to transit?
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(B)
typed message quickly over long distance
64
Warehousing is one of the functions of the?
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(A)
wholesaler
65
Which of the following price quotation contains the cost price, insurance charges and the cost of transporting the goods?
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(E)
C.I.F
66
Any powers exercise by a company in pursuance of objectives not authorized by the Memorandum of Association is regarded as?
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(C)
ultra vires
67
The process whereby a firm buys over the assets and liabilities of another firm is known as?
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(D)
holding
68
It is advantageous to provide services which are natural monopoly through?
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(D)
public enterprises
69
The rate at which a country's exports exchange for its imports is called?
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(D)
terms of trade
70
A company had an authorized share capital of 30,000. It offered applicants N20,000 share capital out of which the company collected N15,000.
What was the issued capital?
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(D)
N20,000
71
A company had an authorized share capital of 30,000. It offered applicants N20,000 share capital out of which the company collected N15,000.
What was the paid-up capital?
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(D)
N15,000
72
A company had an authorized share capital of 30,000. It offered applicants N20,000 share capital out of which the company collected N15,000.
What was the unissued capital?
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(D)
N10,000
73
Which of the following is not necessary when ordering goods?
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(C)
Invoice
74
With regard to payment, the amount payable when no deductions are made is called?
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(E)
draft
75
Exchange in the international market which does not involve the use of money as a medium is known as?
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(B)
counter trade
76
A shipping company's document detailing the charges for carrying a particular cargo for a specified journey is known as?
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(B)
freight note
77
Which mode of transport would you suggest as the most suitable for natural gas?
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(C)
Pipeline
78
Which of the following documents contains the complete information on goods available in the wholesaler's warehouse? the
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(A)
catalogue
79
The essence of marketing is?
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(B)
sales
80
For continuous existence, a service oriented concern depends on?
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(C)
patronage of consumers
81
Which of the following is not one of the functions of warehousing?
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(A)
Goods are avaiable where the are required
82
Which of the following is not a problem of distribution, sales and merchandizing?
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(E)
Easy payment for purchases
83
Which of the following shows the financial position of a business on a given date?
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(B)
Balance sheet
84
The last link in the chain of distribution is the?
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(B)
retailer
85
The management function of anticipating the future determining the best course action to achieve company objective is?
