The tendency for firms and individuals to concentrate on the activity which is of most advantage of them is known as?
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(D)
specialization
3
The major divisions of commerce are?
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(C)
trade and aids to trade
4
The sole purpose of production is?
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(C)
consumption
5
Commerce developed as a result of?
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(C)
specialization
6
Which of the following is concerned with obtaining raw materials from their natural locations?
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(A)
Extractive industry
7
In which of the following classes of occupation would you place a commerce teacher?
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(C)
Direct service
8
Turnover may be increased by?
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(B)
advertising and cutting prices
9
The advantage road transport has over other means of transport is that?
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(A)
intermediate terminal handling is eliminated by door-to-door delivery
10
In winding-up a company, the assets of the company are vested in the hands of the?
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(B)
liquidator
11
When more shares are applied for than are offered for sale the offer is said to be over?
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(C)
subscribed
12
Which of the following deals with the problems involved in selling of a particular product?
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(B)
Market segmentation
13
If a seller discovers that he had under charged a buyer, which of the following documents will use to correct the error?
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(D)
A debit note
14
The ship owner's receipt for the goods accepted for carriage in a ship is called?
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(E)
bill of lading
15
Activities aimed at creating an image foe an organization are known as?
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(C)
public relation
16
Patent Right gives the owner the exclusive right to?
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(B)
his invention
17
The method by which insurance companies spread their risk to other insurance companies is called?
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(C)
re - insurance
18
QWhen a number of insurers are liable under one given policy, the principle of insurance that applies is/
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(D)
contribution
19
The interplay of such variables as product, price, distribution and promotion is known as?
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(C)
the market mix
20
Which of the following refers to sale promotion?
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(B)
Offering free samples of products
21
Which shares are sold Ex-div it means that the?
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(D)
sellers has the right to the next dividend
22
The market for short term loans is known as the?
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(C)
money market
23
A house insured against damaged by flood was burnt down and the owner had a claims. Which of the following prevented him from making any claim? The principle of
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(D)
proximate cause
24
The practice of selling in foreign markets at less than cost price is known as?
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(E)
dumping
25
One of the reasons for national of industries is?
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(D)
to control corruption performance of strategic industries
26
The value stated on the share certificate as opposed to the current value is called?
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(C)
nominal value
27
The state of scientific knowledge and production process obtainable in a country is part of the?
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(D)
techonolgical environment of business
28
The Act designed to reserve certain businesses exclusively for Nigerians is known as the?
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(C)
Nigerian Enterprises Promotion Act
29
Which of the following involves gathering and analysing information about demand, consumers wants and new products?
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(B)
Market research
30
Which of the following must be submitted to the Registrar of Companies before the company is incorporated?
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(C)
Articles of Association and Memorandum of Association
31
Which of the following is a feature of Co-operative Societies?
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(C)
All members have equal votes during meetings
32
Workers involved in mining, quarrying or fishing are engaged in?
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(B)
Primary production
33
Which of the following is not a method of trade restriction?
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(B)
Stock exchange
34
When a customer writes a cheque to withdraw cash from his current account, he is both the?
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(A)
Drawer and the Payee
35
The technique of controlling money supply through the purchase and sale of government bond is called?
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(C)
Open market operations
36
The insurance cover on property being shipped from one location to another comes under?
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(C)
Marine insurance
37
Debentures are part of a company's?
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(D)
Loan capital
38
An application form which is filled by anyone taking out an insurance policy is called?
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(C)
A proposal form
39
A customer is granted an overdraft by the bank subject to his operating a?
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(D)
Current account
40
The total assets acquired for permanent use in a business concern is called?
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(B)
Fixed assets
41
Which of the following is not provided by NIPOST?
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(D)
Telegram
42
A service provided by NITEL through which one can dial any number one wants whether it is a local, trunk or overseas is called the?
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(B)
Standard Dialling System
43
The two main categories of marine losses are?
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(A)
Total loss and partial loss
44
Restoring the insured to his former position by the insurer in the event of his suffering the specified loss is called?
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(C)
Indemnity
45
The manufacturer would by-pass the wholesaler and the retailer in the distribution of his products if the?
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(D)
The product make-up and use are highly technical
46
Which of the following is statutorily responsible for providing information and incentives required to increase the volume of Made-in-Nigeria goods in foreign markets?
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(B)
Nigeria Export Promotion Council(NEPC)
47
Which of the following is a retail outlet to eliminate the profit of middlemen?
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(B)
Consumer co-operative
48
The use of catalogues is associated with?
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(E)
mail-order business
49
A documents which a retailer sends to a wholesaler requesting him to supply items is called?
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(D)
an order
50
When a seller sends pro-forma invoice to a potential customer, it is?
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(E)
an indication that credit will not be granted
51
A merchant wholesaler is one who?
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(A)
takes title to the goods he sells
52
A trade deficit means that?
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(B)
exports are less than imports
53
A document issued by the government authorizing a person to take goods out of the country for sale abroad is known as?
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(A)
export licence
54
The naria is legal tender because it is?
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(B)
backed by law
55
Which of the following enhances the leading powers of commercial banks?
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(D)
Decreased liquidity ratio
56
A'bear' on the stock exchanges sells share in anticipation of?
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(A)
a fall in price
57
When a share is bought at a rate below the par value, it is said to have been sold?
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(A)
at a discount
58
Which of the following is a function of marketing?
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(D)
distribution
59
The principle of subrogation in insurance means that?
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(E)
the insurer takes the place of the insured in respect of claims due from third paarties
60
Which of the following are the important functions of any organization?
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(B)
Planning, Organizing, Controlling and Motivating
61
Which of the following are elements of the economic environment of business?
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(A)
Government policy
62
Which of the following is not a necessary document in incorporating a company?
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(E)
A statement of minimum subscription
63
Details of a new share for which the public is being invited to subscribe are contained in the?
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(D)
Prospectus
64
Which of the following accompanies goods supplied and forms a receipt when signed by the consignee?
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(A)
Invoice
65
A cover note is a?
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(D)
temporary insurance certificate
66
In nationalized industries, losses are borne by the?
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(A)
tax payers
67
The main aim of the ECOWAS is the?
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(D)
Promotion of economic and cultural interaction
68
The consumer is always right. This describes the doctrine of?
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(C)
consumer sovereignty
69
equity interest in a company is represented by?
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(E)
ordinary shares
70
An organization chart shows the?
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(A)
relative position of employeesin a firm
71
A bill of exchange to which document of title are attached is known as?
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(C)
documentary bill
72
Which of the following policies could be taken for a guaranteed life income?
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(C)
Annuity
73
Buildings, machines and more vehicles used for purpose of production are examples of?
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(D)
fixed assets
74
The nominal capital of a company is the same as?
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(A)
authorized capital
75
A document certifying that goods have been entirely or largely manufactured in the country stated is called?
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(A)
certificate of origin
76
A facility used for impressing pre-paid postage rate on letters is called?
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(E)
franking machine
77
A facility used for impressing pre-paid postage rate on letters is called?
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(E)
franking machine
78
Which of the following ensures that manufactured goods conform to the required standard?
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(B)
Standard Organization of Nigeria
79
Which of the following enjoins the buyers ti examine goods thoroughly beforeigeria making a purchase?
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(D)
Caveat venditor
80
Which of the following enjoins the buyers ti examine goods thoroughly beforeigeria making a purchase?
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(D)
Caveat venditor
81
Which of the following is not a function of money?
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(C)
Determinant of exchange of medium
82
Which of the following is mostly used in Nigeria for setting business transactions?
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(D)
Bank notes and coins
83
When an order cheque is endorsed it becomes?
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(A)
a bearer cheque
84
Which of the following requires acceptance bythe editor to make it valuable?
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(D)
Bill of exchange
85
Which of the following is not a reason for imposing custom duty? The need to
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(D)
decrease the volume of world trade
86
Which of the following was the chief means of transport during the Tran-Saharan Trade?
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(C)
Camels
87
Terms of payments are quoted on the?
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(E)
invoice
88
Who among the following is NOT a middleman?
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(D)
consumer
89
The most important factor influencing the form of a business unit is?
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(C)
the amount of capital value
90
The system of parting with authority not responsibility is known as?
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(C)
delegating
91
The system of parting with authority not responsibility is known as?
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(C)
delegating
92
That part of the money in circulation not backed by gold is known as?
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(B)
fiduciary issue
93
A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
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(C)
statement
94
A document sent to a customer at regular price intervals to enable him know his indebtedness to his supplier is known as?
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(C)
statement
95
Who is liable for the contact entered into by the agent on behalf of his principal? The
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(B)
principal
96
An agreement whereby the seller transfers the title to goods at a price is called?
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(A)
contract of sale
97
The reward of land as a factor of production is known as?
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(B)
rent
98
The reward of land as a factor of production is known as?
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(B)
rent
99
The outright purchase of one company by another is called?
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(D)
acquisition
100
The form of advertising which aims at wining the market for one particular brand is known as?
