1. Compulsory dissolution of a business can arise from __.
A. a declaration by a court
B. an agreement by the owners
C. an unfavourable economic climate
D. the termination of its life.
2. A proforma invoice is not required when __.
A. goods are sent on approval
B. quoting for the supply of goods
C. final prices are uncertain
D. dealing regularly with a customer.
3. Given: ₦
Opening stock 40,000
Closing stock 60,000
What is the cost of goods sold?
4. In the channel of distribution, which of the following sets is entirely made up of middle men?
A. Manufacturers, consumers and retailers
B. Wholesalers, retailers and agents
C. Retailers, manufacturers, and wholesalers
D. Wholesalers, agents and consumers
Use the information below to answer question 5.
Balance sheet as at 31/3/98
5. What is the current ratio?
6. What is the acid ratio?
7. The conversion of raw materials into finished product creates __.
A. form utility
B. marginal utility
C. time utility
D. place utility
8. Commerce makes it possible for man to live in a __.
A. complex and organized society
B. simple and organized society
C. society characterized by subsistency
D. society characterized by dependency
9. The insurance principle that requires full disclosure of information on the insured is known as __.
A. caveat empto
C. uberrimae fidei
10. Production involves __.
A. changing the form of goods, moulding and making, them available as needed
B. making goods available when and where needed
C. the assembling of all necessary parts to produce
D. the manufacturing of goods and provision of services
11. A merchant wholesaler is referred to as __.
A. a factor
B. rack gobber
C. a broker
D. del-credere agent
12. A proforma invoice is sent to inform a buyer about the __.
A. prices of goods
B. quantity of goods
C. quality of goods
D. designation of goods
13. Capital as a factor of production can be used for __.
A. goods that are useful in business
B. money that is regarded as assets
C. services that provide satisfaction
D. input for further production
14. The agency that currently oversees the privatization and commercialization processes in Nigeria is the __.
A. Bureau of public enterprises
B. Nigerian stock exchange
C. Technical committee on privatization and commercialization
D. securities and exchange commission
15. The payment made periodically in respect of an insurance policy entered into is known as __.
16. An example of services rendered by NIPOST is __.
B. electronic mail
C. mail delivery
17. Ships that sail across the ocean and operate on scheduled time tables are __.
A. coastal liners
B. tramp steamer
C. ocean liners
18. Non-insurable risks include __.
B. marine problems
C. damage to property
19. The most important right of the employee in discharging his duties to the employer is the right to __.
A. job securities
B. annual leave
C. regular enrollments
D. working facilities
20. The most dangerous pollution is __.
A. Air pollution
B. water pollution
C. Soil pollution
D. noise pollution
21. Tourism can be classified as __.
A. visible exports
B. invisible exports
C. tangible imports
D. intangible imports
22. The inputs. output and central processing units are the basic components of a __.
23. Consumers require protection against exploitation to ensure __.
A. the sale of quality products
B. increased aggregate demand
C. adequate consumer awareness
D. availability of product variety
24. The business environment that takes into cognizance the age distribution, ethnic mix and educational level of Consumer is __.
A. cultural environment
B. national environment
C. demographic environment
D. economic environment
25. An activity that involves derivation of raw materials from land and sea is __.
26. The art of soap-making is an example of __.
A. secondary occupation
B. primary occupation
C. construction occupation
D. tertiary occupation
27. The central focus of commercial activities is __.
28. An aid to trade associated with communication is __.
B. ware housing
29. Which of the following can be used to differentiate skilled and unskilled labour?
A. Available resources
B. Education and training,
C. Salaries and wages
D. Level of commitment
30. A doctor who attends to patients at home after his official duty is __.
A. a direct and indirect service worker
B. An indirect service worker
C. A direct service worker
D a community developer
31. An oil exploration company is engaged in __.
A. extractive occupation
B. constructive occupation
C. secondary production
D. tertiary production
32. Services rendered to the public is provided by __.
B. domestic servants
D. civil servants
33. If a customer pays within nine days of receiving goods and takes advantage of 3% off the invoice price, this is stated as __.
A. 30; net 9/3
B. 9/30; net 3
C. 9/27; net 30
D. 3/9; net 30
34. Which of the following is a characteristic of a bearer cheque?
A. it is made payable to whoever presents it
B. it is made with transverse lines
C. it is only payable into the payee's account
D. it is made without transverse
35. A country is said to be experiencing an unfavourable balance of trade if her __.
A. exports exceed imports
B. visible exports exceed visible imports
C. imports and exports are equal
D. visible imports exceed visible exports
36. The type of labour that makes use of physical efforts in production procession is the __.
A. skilled labour
B. unskilled labour
C. white-collar job
D. blue-collar job
37. Cooperation and friendliness are enhanced among nations through inter-dependence necessitated by
B. social-cultural activities
38. One of the products of an extractive industry is __.
A. a shoe
B. a textile material
C. an iron ore
D. an air plane
39. An important feature of land is that __.
A. is an active factor of production
B. has elastic supply
C. is subject to return to scale
D is heterogeneous in nature
40. One of the major determinants of the volume of production is __.
A. the availability of bank
B. the market size
C. government policy
D. sex distribution