2024 Commerce
- Which of the following is NOT part of Pre-Sales Service/ice?
- A. granting of credit or hire purchase sales facilities
- B. assisting the prospective buyer to set up facilities for storage
- C. dispatching of quotation and price list
- D. providing detailed information about goods to be purchased
- Which of the following does a seller send in reply to a letter of inquiry?
- A. quotation
- B. credit note
- C. debit note
- D. delivery note
- The sum which the insured pays periodically to his insurance company is called
- A. a commission
- B. an indemnity
- C. a policy
- D. a premium
- The main objective of nationalization of industries is to
- A. prevent existing firms from liquidation
- B. Make more profit for the government
- C. prevent all aliens from taking part in the business activities of a country
- D. bring an Industry under state ownership and control
- Closing stock is also known as
- A. stock at close
- B. balance brought forward
- C. opening inventory
- D. stock at beginning
- The first Nigerian enterprises promotion decree was promulgated in
- A. 1972
- B. 1973
- C. 1974
- D. 1977
- An agreement that is enforceable in law is called
- A. an offer
- B. a decree
- C. a contract
- D. a declaration
- A tax paid on goods manufactured and consumed in your country is called
- A. excise duty
- B. goods tax
- C. income tax
- D. custom duty
- Which of the following is NOT an aim of advertising?
- A. inspiring public confidence in the goods
- B. arousing the interest of the public
- C. reducing the cost of the goods produced
- D. attracting the attention of the public
- Prospectus in relation to a public limited inability company means
- A. a document stating the types or shares
- B. an invitation to the public to collect dividends
- C. an invitation to the public to buy shares
- D. a document where the names of shareholders are written
- An allowance made to a customer for prompt payment is known as
- A. bulk discount
- B. commission
- C. cash discount
- D. allowance
- A person who runs a business on his own account is called a
- A. customer
- B. sole trader
- C. director
- D. partner
- All the following are principles of insurance EXCEPT
- A. insurable interest
- B. particular average
- C. utmost good faith
- D. subrogation
- One of the following does NOT fit into the group.
- A. agriculture
- B. carpentry
- C. fishing
- D. mining
- A public limited liability company is owned by
- A. government
- B. shareholders
- C. general public
- D. debenture holders
- An instruction to an agent abroad restricting him to buy from a named manufacturer is known as
- A. pro forma invoice
- B. an open indent
- C. a closed indent
- D. an order
- Which of the following can be used to establish an importer’s title to goods?
- A. cargo receipt
- B. way bill
- C. bill of lading
- D. import license
- Fishing is an example of
- A. direct services
- B. manufacturing industry
- C. extractive industry
- D. construction industry
- Which of the following CANNOT be sold through a vending machine?
- A. shoes
- B. tickets
- C. snacks
- D. tea
- The rights of the consumers does NOT include
- A. the right to a healthy environment
- B. the right to be informed
- C. the right to fix prices
- D. the right to choose
- Banks issue cheque books to customers holding ___________ accounts.
- A. foreign
- B. current
- C. deposit
- D. fixed deposit
- A bill of exchange sold for less than its face value before maturity is said to be
- A. protested
- B. cleared
- C. dishonored
- D. discounted
- A multiple shop has many stores which sell
- A. manufactured goods
- B. locally produced goods
- C. perishable goods
- D. similar goods
- The relationship between a country’s visible imports and exports in a trading year is known as
- A. balance of trade
- B. counter trade
- C. international trade
- D. balance of payment
- Which of the following warehouse is generally found near a port?
- A. producer’s warehouse
- B. bonded warehouse
- C. distributor’s warehouse
- D. manufacturer’s warehouse
- The service rendered by NIPOST in which letters are addressed to any post office to await collection by the addressee is known as
- A. business reply service
- B. cash on delivery service
- C. free post service
- D. express mail service
- Which area of law is NOT related to business?
- A. agency
- B. hire purchase
- C. possession
- D. contract
- A holding company is one which holds shares in another company up to
- A. 51%
- B. 41%
- C. 33%
- D. 25%
- The breaking down of work into different processes is known as
- A. production
- B. division of labour
- C. specialization
- D. exchange
- Which of the following is NOT regarded as a welfare service in an organization?
- A. training
- B. medical facilities
- C. transportation
- D. recreational facilities
- The policy designed to accelerate the greater participation of Nigerians in the ownership and management of business enterprises in Nigeria is called
- A. nationalisation
- B. indigenity
- C. commercialization
- D. industrialization
- Which of these is used in calculating working capital?
- A. furniture and fittings
- B. stock of raw material
- C. machinery
- D. office equipment
- Obi received a cheque for #1000 from Mr. Ade and this cheque was stolen. He must
- A. inform Mr. Ade to tell his bank to stop payment
- B. inform his bank to stop payment
- C. simply ask Mr. Ade for another cheque
- D. tell his bank to add the amount to his bank balance
- A contract in which all parties to the contract have carried out their obligation is said to be terminated by
- A. performance
- B. breach of contract
- C. operation of the law
- D. frustration
- The deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of
- A. constructive total loss
- B. an actual total loss
- C. a general average loss
- D. a partial loss
- Which of the following is NOT part of the marketing mix?
- A. place
- B. promotion
- C. price
- D. personnel
- Shares are said to be sold at a discount when they are sold
- A. below par
- B. to the public
- C. at par
- D. above par
- When the price quoted includes all the cost to the actual destination, that is, from the seller’s warehouse to the buyer’s warehouse. it is called
- A. loco price
- B. franco
- C. carriage paid
- D. cash on delivery
- The body charged with the responsibility monitoring the quality of goods supplied is the
- A. manufacturers’ association
- B. chamber of commerce
- C. Nigerian standards organization
- D. consumers’ association
- The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as
- A. commission
- B. brokerage
- C. interest
- D. jobbers turn
- Stock exchange quoted the shares of ABC Plc at #0.75K for #1.25K per share. This means the shares were sold at a
- A. par value
- B. premium
- C. gain
- D. loss
- The components of a balance of payments account are
- A. capital, current and fixed deposit
- B. current, capital and monetary movement
- C. capital, savings and fixed deposit
- D. current, savings and monetary movement
- Ships that pick up cargo from any port and travels anytime are called
- A. ferries
- B. tankers
- C. tramps
- D. steamers
- Which of the following advertising media preselects its readership through the nature of its content?
- A. Magazine
- B. Billboard
- C. Hand bill
- D. Newspaper
- Branding is the assigning of trade marks to goods for the purpose of……… by the public.
- A. demand
- B. replacement
- C. stabilization
- D. identification
- Which of the following services is NOT rendered by NITEL?
- A. Data Transmission
- B. Recorded Delivery
- C. Satellite
- D. Telex
- The act of being on one job for expertise is called
- A. separation of power
- B. immobility
- C. independence
- D. specialization
- Which type of advertisement induces consumer to purchase the goods he does not need?
- A. Specific
- B. Informative
- C. Persuasive
- D. Descriptive
- Tariff can be defined as a compulsory levy on
- A. import and export
- B. foreign exchange earnings
- C. imported goods only
- D. foreigners working in Nigeria
- Which of the following is NOT a credit instrument?
- A. Bill of Exchange
- B. Bank Notes
- C. Cheques
- D. Bill of Lading