Who among the following is not engaged in a commercial occupation
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(B)
an engineer
6
On which of the following grounds may a company be compulsorily wound up?
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(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?
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(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?
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(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?
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(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
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(D)
hedging
30
The insurance policy against claims from customers who might be injured within the business premises is called
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(D)
employers liability insurance
31
An offer of new shares made to existing shareholders at a preferential price is called?
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(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
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(B)
Shoes
38
Gases are best transported
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(D)
through pipelines
39
Speed is an important consideration for choice of a means of transport where goods are
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(D)
perishable
40
Which of the following facilities is very useful to an organization that posts a large number of mails regularly?
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(A)
Franking machine
41
Which of the following defines communication in commerce?
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(B)
Transmission of information
42
Contraband goods seized by the Customs and Excise Authority are kept in the
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(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
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(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
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(B)
producer co-operative society
57
The agency in Nigeria which ensures that products conform to government specifications and quality control is the
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(D)
Standards Organization of Nigeria
58
The management of a company with a view to ending its operation is known as
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(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?
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(D)
Diversified economy for West Africa
67
Which of the following facilitates settlement for sub-regional indebtedness?
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(C)
The West African Clearing House
68
Which of the following is not an economic grouping?
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(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
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(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
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(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
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(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
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(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
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(E)
has reached the final users
86
Which of the following has no legal capacity to a contract
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(D)
A Minor
87
Which of the following is a disadvantage of road transport?
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(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
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(B)
stag
89
The Third Party Motor Vehicle Insurance Policy covers damages
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(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
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(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?
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(A)
Cover note
97
Which of the following guarantees payment on presentation?
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(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?
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(A)
Market
100
Penalty imposed by a ship owner for exceeding the period charter is
