1. When the government gives up its ownership and control of a business to res individuals this is known
A. nationalization.
B. commercialization.
C. privatization.
D. indigenization.

2. The reward received by a party in a contract agreement is known as
A. consideration.
B. acceptance.
C. offer
D. warranty

3. Payment to a ship owner for carrying one's cargo is
A. demurrage.
B. fare.
C. dock due.
D. freight.

4. Which of the following is not a pre-sale service?
A. Repair and maintenance work
B. Providing detailed about the goods to be purchased.
C. Demonstrating the use of and performance of the products to be
D. Setting up facilities for storing the product to be bought.

5. Which of the following is used to inform the addressee that he has a registered parcel for collection?
A. Counter
B. Express label
C. Slip.
D. Telegram.

6. The cooperative society that performs a combination Of the functions of other types of co-operatives is called
A. consumer cooperative.
B. multipurpose cooperative.
C. producer cooperative.
D. thrift and credit cooperative

7. That portion of the share capital which the company has asked the shareholder to pay for is known as
A. authorized capital.
B. paid-up capital.
C. Issued capital
D. called-up capital

8. One of the advantages of air transport issued capital. over other called-up forms of capital. Transport is
A. safety.
B. flexibility. Offer
C. cost and acceptance
D. speed.

9. Which of the following are elements of a valid contract?
A. Discharge and performance.
B. Offer and acceptance.
C. Age and maturity.
D. Promise and capacity

10. The last link in the channel of distribution and capacity.is the
A. retailer.
B. consumer.
C. wholesaler.
D. producer.

11. Taxes on imported foreign goods are also known as
A. excise duties.
B. tariffs.
C. ad valorem taxes.
D. dock dues

12. If Karamo who lives in The Gambia imports goods from Senegal and later sells in Guinea Bissau; Karamo engaged in
A. multi-lateral trade.
B. counter trade.
C. barter trade.
D. entrepot trade.

13. Manufacturers may sell goods directly to consumers where goods are I. made to customers' specifications. II. advertised by the manufacturer. III. perishable. IV. highly technical. V. widely demanded
A. I, Ill and IV only.
B. I and III only.
C. III, and V only
D. III, IV only. .

14. Which of the following is a means of payment?

A. l. O. U
B. Postal order
C. Promissory note.
D. C. I F.

15. Shipping services rendered by Nigeria to The Gambia would be classified by The Gambia as
A. invisible imports.
B. invisible exports.
C. visible imports.
D. visible exports.

16. The main divisions of production are
A. industry, direct and indirect services.
B. extraction, manufacturing and construction.
C. industry, commerce and direct services.
D. industry, commerce and trading.

Use the information below to answer questions 17 to 19

A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock D3,OOO

17. What is the cost of goods sold?
A. D28, 000.
B. D27, 000.
C. D8,OOO.
D. D5, 000.

18. The average stock is
A. D5, 000.
B. D3, 000.
C. D2, 500.
C. D2, 000.

19. What is the rate of turnover?
A. 13.5 times.
B. 10.8 times.
C. 9 times.
D. 5.4 times.

20. In marine insurance when a particular cargo is thrown into the sea in order to prevent the ship from sinking, the type of marine loss is.
A. particular average loss.
B. general average loss.
C. total average loss.
D. constructive average loss.

21. The turnover of trade is the
A. number of times the stock is sold.
B. total sales made during a period.
C. profit made during the period.
D. total purchase made during the period.

22. The total assets of a business less its total liability is known as
A. capital owned.
B. share capital.
C. issued capital.
D. working capital.

23. A document issued to the public. by a company to advertise its share is known as
A. prospectus.
B. tender.
C. share certificate
D. trading certificate.

24. An overdraft is the
A. Amount permitted to be withdrawn in excess of one's deposit.
B. Excessive cash withdrawn by commercial banks from the central bank.
C. Credit balance standing in the name of customer.
D. Special deposit made by commercial banks.

25. Which of the following is not a principle of insurance?
A. Insurable interest.
B. Subrogation.
C. Surrender value.
D. Proximate cause.

26. The par value of a share is also known as i's
A. premium price.
B. market price.
C. discount price.
D. nominal price.

27. A cheque dated 15th March, 2012 will become stale on
A. 16th June, 2012
B. 16th July, 2012.
C. 16th August, 2012.
D. 16th September, 2012.

28. Banks settle their indebtedness in the
A. discount house.
B. stock exchange market.
C. commercial bank
D. clearing house.

29. Which of the following distinguishes home trade from foreign trade?
A. Payments are easily arranged
B. Taxies are levied.
C. Goods have to be warehoused.
D. Middlemen are not required.

30. Before the advent of legal tender and credit instrument, which of the following was used as a medium of exchange?
A. currency notes.
B. Cowries.
C. Cheques
D. Bank drafts.

31. When C' F is quoted on an invoice, it means that the price includes the
A. cost of the goods only.
B. cost of only.
C. Cost of carriage only.
C. cost, insurance and carriage.

32. Insurance is a function of
A. Encouraging Manufacturers a high Association. quality of members
B. Trade Union. products
C. through Employers' the Association. circulation of
D. Research Consumers' information Association.

34. Association Of business within a locality is known as
A. Trade executives
B. Consumer's Association.
C. Chamber association of commerce.
D. A. Trade Union. B. Consumers' Association.

35. Which of Collecting the following is not a function of port Authority?
A. Providing facilities for loading and off-loading of vessels.
B. Collecting duck is dues
C. Providing of the enough Ports Authority? ships for the country.
D. Dredging of labour

36. Trade as a division of commerce is usually classified into
A. retail and wholesale.
B. import and export.
C. Home and foreign.
D. visible and invisible

Q27-39 See pages for figure

37. The box marked 'X' stands for
A. Indirect services.
B. Industry.
C. Occupation.
D. Aids to trade.

38. The box marked 'Y' stands for
A Wholesale
B. Indirect services.
C. Aids to trade.
D. Foreign trade.

39. The box marked 'Z' stands for
A. Warehousing.
B. Home trade.
C. Foreign trade.
D. Marketing.

40. Liquid capital in a business means the
A. movable assets of the business.
B. authorized capital.
C. issued capital.
D. Assets easily convertible to cash.

41. The "relationship which subsists between two or more persons carrying on a business with a view to profit" is
A. cooperative society.
B. partnership.
C. public limited company.
D. Share offered to existing shareholders at a cheaper price

42. Right issue is the
A. Individual's right to be issued shares on subscription, B. Right of shareholders to vote on issue.
C. preferential right to return on shares.
D. Shares offered to existing

43. In limited partnership the partners'
A. capital is limited.
B. liability is limited.
C. participation is unlimited
D. ownership is unlimited

44. Which of the following pieces of information would be found in a typical debit Note?
A. Customer code
B. Date of invoice
C. Brief reaction for the debtor
D. E & O. E

45. The completion of the production process by grading and branding of goods is a function of the
A. transporter
B. wholesaler
C. Retailer
D. Customer

46. The development of commerce was encouraged by the desire to
A get goods and of orthers.
B. work with others.
C. create wealth for the nation.
D. satisfy all wants and needs.

47. Which of the following countries is not a member of the Lake Chad Basin
A. Nigeria
B. Chad
C. Gabon
D. Cameroon

48. A false statement made by one party with an intention of including the other party to enter into a contract with him is known as
A. misrepresentation.
B. legal capacity.
C. consensus and idem.
D. coresZeratm.

49. The essence of adopting the marketing concept by a firm is the recognition that goods and services have vaiue unless they are.
A. desirable to customers.
B. company oriented.
C. beautifully packaged
D. profit-oriented

50. When consumers engage in actions that express dissatisfaction with the quarny, price end quality of goods available, such action is termed

A. Consumer behaviour.
B. Consumerism.
C. Consumer education
D. Consumer orientation.

Q.No	Answer		Q.No	Answer
1	C		26	D
2	C		27	D
3	C		28	D
4	A		29	D
5	C		30	B
6	B		31	D
7	D		32	A
8	D		33	C
9	B		34	C
10	B		35	C
11	B		36	C
12	D		37	B
13	D		38	C
14	B		39	A
15	B		40	D
16	C		41	D
17	B		42	D
18	C		43	B
19	B		44	C
20	B		45	B
21	B		46	D
22	A		47	C
23	A		48	A
24	A		49	A
25	C		50	B