Which of the following is not the duty of an entrepreneur?
Відповідь
(E)
Decision on the amount of tax to pay
2
The difference between the total amount of money received by a country and the total amount paid to other countries within a given period is the
Відповідь
(C)
balance of payments
3
Which of the following is used to transmit typed messages over long distances?
Відповідь
(B)
Teleprinter
4
When a company buys up firms supplying it with raw materials, this is an example of
Відповідь
(C)
backward integration
5
Industrial, commercial and direct services are branches of
Відповідь
(B)
occupation
6
The primary purpose of credit cards is to
Відповідь
(A)
obtain goods without paying cash on the spot
7
Containers are suitable for transporting goods by
Відповідь
(E)
road, sea and rail
8
Which of the following is not a credit instrument used in business transactions?
Відповідь
(E)
Fuel voucher
9
An insurance company shares its accepted risk with others in the form of
Відповідь
(A)
reinsurance
10
Which of the following stresses the use of only specialists to head departments?
Відповідь
(D)
Functional organisation structure
11
The process of involving local businessmen in the ownership and control of businesses that were formerly owned by foreigners is called
Відповідь
(C)
indeginization
12
Which of the following functions is not performed by retailers?
Відповідь
(D)
Insuring goods for customers
13
Which of these management functions involves checking performance against set standards?
Відповідь
(A)
Controlling
14
The form given by the Customs Authority to enable an importer examine goods before the arrival of the bill of lading is known as
Відповідь
(B)
certificate of origin
15
An organization that builds access roads for the benefit of the community in which it is located has fulfilled its
Відповідь
(C)
social responsibility
16
Which of the following is applicable to foreign trade only?
Відповідь
(E)
Consular invoice
17
The department that deals with internal grievances and maintenance of discipline in an organization is the
Відповідь
(C)
personnel
18
Another name for consignment note is
Відповідь
(B)
waybill
19
Specialization is possible as a result of
Відповідь
(E)
exchange
20
Which of the following may serve as delivery note?
Відповідь
(C)
Invoice
21
Mr Chidi insured his house against fire. The house was destroyed by flood. Which of the following principles prevented him from being compensated?
Відповідь
(D)
Proximate cause
22
The price charged for leasing a ship is known as
Відповідь
(D)
freight
23
Goods in bonded warehouses are under the strict supervision of the
Відповідь
(A)
Customs Authority
24
Which of the following regulates and controls the activities of the Nigerian Stock Exchange?
Відповідь
(B)
The Securities and Exchange Commmission
25
Which of the following is drawn up as a guide to the running of a Partnership?
Відповідь
(A)
Deed of Agreement
26
The law governing the operations of companies and partnership in Nigeria is the
Відповідь
(D)
Companies And Allied Matters Decree
27
Which of the following is a non-indemnity insurance?
Відповідь
(A)
Personal Accident Insurance
28
The document issued to a newly formed public company to commence business is called the
Відповідь
(D)
trading certificate
29
Small scale retail attracts a lot of new enterpreneurs in West Africa because
Відповідь
(D)
only a small amouynt of capital is needed to start the business
30
In marine insurance, the deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of
Відповідь
(C)
a general average loss
31
Tax levied on goods at each stage of their movement from production to the final consumer is known as
Відповідь
(D)
value added tax
32
An association of businessmen engaged in both commerce and industry is called
Відповідь
(C)
chamber of commerce
33
When the government decides to run a statutory corporation as a profit-oriented enterprise, this is known as
Відповідь
(B)
commercialization
34
The primary aim of commerce is to
Відповідь
(E)
exchange goods and services
35
Which of the following is has a fixed rate of dividend?
Відповідь
(D)
Preference share
36
Which of the following is not a barrier to the smooth functioning of ECOWAS?
Відповідь
(C)
Adequate population
37
The capital market is a market
Відповідь
(A)
for long term loans
38
Which of the following is primarily established to promote the growth of industry in Nigeria?
Відповідь
(D)
NIDB
39
Another name for sea taxi is
Відповідь
(A)
tramp
40
Contracts for the carriage of goods by sea are generally called
Відповідь
(D)
time charter
41
A nation's earnings from tourism are classified as
Відповідь
(B)
invisible exports
42
An association of employees in an organization is called a
Відповідь
(A)
trade union
43
A firm that accepts a portion of the risk involved in an insurance contract is
Відповідь
(D)
an underwriter
44
Musa places the bicycle for sale at #800.00 and Dada had agreed to pay the amount. In this transaction, Musa is the
Відповідь
(A)
offerer
45
When goods are sent through an independent carrier, the document used by the sender is
Відповідь
(D)
a consignment note
46
Which of the following may not be considered when choosing an appropriate channel of distribution for a new product?
Відповідь
(E)
Provision of credit facilities to customers
47
Which of the following may be used to restrict imports?
i. Bill of lading ii. Specific Licenses iii.Foreign exchange rationing iv. Letters of credit v.Customs duties and tariffs
Відповідь
(B)
ii, iii and v only
48
Which of the following is not a reason for dishonoring a cheque?
Відповідь
(E)
Special crossing
49
Which of the following is not true of a private limited company?
Відповідь
(B)
its shares are freely transferable
50
A retail co-operative society aims at
Відповідь
(E)
cutting off the profits of middlemen
51
The value of a product expressed in monetary terms is known as
Відповідь
(B)
price
52
Which of the following is not true of franking machines ?
Відповідь
(E)
Postage stamp is used
53
Which of the following is suitable for transporting fish a long distance?
Відповідь
(E)
Refrigerated ship
54
Which of the following is not an element of a contract?
Відповідь
(B)
Probability
55
Which of the following is an advantage of personal selling?
Відповідь
(A)
Immediate feedback
56
A partner who does not play an active role in a business but contributes capital is a
Відповідь
(B)
dormant partner
57
Which of the following is not included in the Memorandum of Association?
Відповідь
(A)
Winding up procedure
58
Which of the following is not a source of capital?
Відповідь
(B)
Credit transfer
59
The contract between ship owners and hires whereby the hires take full control of the ship is called?
Відповідь
(E)
charter party
60
Which of the following does not aim at protecting the customer?
Відповідь
(D)
Partnership Act
61
Which of the following activities makes the consumer its focus in decision making?
Відповідь
(B)
Marketing concept
62
Which of the following is a direct service?
Відповідь
(B)
Teaching
63
Which of the following is a disadvantage of foreign trade?
Відповідь
(A)
Encourages dumping
64
An agreement that is enforceable in law is called?
Відповідь
(A)
a contract
65
A document signed by a customs officer of the exporting country to confirm the country of export of the goods is
Відповідь
(C)
a certificate of origin
66
For which of the following reasons would a seller not issue a credit note to a customer? If
Відповідь
(A)
goods are undercharged
67
A statement of account is a
Відповідь
(E)
summary of a customer's transactions over a given period
68
Management is
Відповідь
(A)
getting things done through other people
69
The sum of money the assurer is prepared to pay the assured in total discharge of a contract before its maturity is
Відповідь
(D)
surrender value
70
Which of the following services is not rendered by NIPOST
Відповідь
(D)
Telephone
71
Which of the following functions may not be performed by a whole saler?
Відповідь
(E)
Manufacturing
72
The commercial term "Caveat emptor" means, Let the
Відповідь
(A)
buyer beware
73
Which of the following is not a business resource?
Відповідь
(A)
Wages
74
In which of the following business units are the owners mostly the customers?
Відповідь
(A)
Co-operatives
75
Which of the following is not a way of raising capital for business?
Відповідь
(E)
Issuing dividend warrants
76
In a business environment, which of the following variables can a business man conveniently control?
Відповідь
(A)
Product
77
Which of the following is not a reason for imposing import duties? To
Відповідь
(B)
improve quality of goods for consumers
78
The face to face contact between sellers and buyers with the aim of selling a product is known as
Відповідь
(A)
personal selling
79
Which of the following is the main tool of mass selling
Відповідь
(E)
Advertising
80
The allowance given to a retailer to enable him make a profit is known as
Відповідь
(C)
trade discount
81
One of the features of a supermarket is
Відповідь
(C)
selling common household goods
82
A group of public limited companies that commonly own a joint venture is known as
Відповідь
(B)
consortium
83
Which of the following clearly defines business?
Відповідь
(E)
Any productive activity undertaken for profit motive
84
Which of the following ensures that the quality of a product is maintained?
Відповідь
(D)
Standards Organisation of Nigeria
85
Which of the following will enable customs officers to correctly assess import duties on goods?
Відповідь
(E)
Bill of laden
86
An insurance policy which benefits one's family only is in the event of one's death is known as
Відповідь
(B)
a whole-life insurance
87
One of the demerits of sole trading is
Відповідь
(C)
unlimited liability
88
A group of people in the same line of business who come together for the interest of its members is called
Відповідь
(B)
trade association
89
A foreign order which instructs an agent to buy certain goods at a particular place called
Відповідь
(D)
closed indent
90
The shares of XYZ Plc are quoted at the stock exchange by a jobber at 85k for k share. How much will Alabi, an investor who buys 500 shares pay?
