Document

1. commercial activities received a great boost in West Africa due to contact with A. Asian
B. Europeans
C. Americans
D. Africans

2. The job of the police in keeping law and order in the society is

A. a commercial Service
B. an indirect service
C. a direct service
D. a self service

3. A business which becomes insolvent may result in

A. continuity
B. expansion
C. liquidation
D. re-incorporation

4. Which of the following activities does not belong to the extractive occupation?

A. Quarrying
B. Carving
C. Mining
D. Agriculture

5. The major division of commerce are

A. import, export and transportation.
B. trade communication and warehouse.
C. import, trade and production.
D. trade and auxiliaries to trade

6. A Memorandum of Association is a document

A. defining a company’s relationship with the public.
B. inviting the public to buy a company’s shares
C. governing the affairs of the partnership.
D. regulating a company’s internal affairs.

7. The main purpose of branding is to

A. increase the quantity of goods demanded
B. increase the selling price of goods
C. differentiate goods from other similar goods
D. enhance turnover of goods

8. The facility which is not provided by the port authority is

A. berth
B. warehouse
C. tarmac
D. cranes

9. A cheque could be dishonored as a result of

A. insufficient funds.
B. same amount in words and figures
C. general crossing
D. regular signature

10. When a company sells shares to existing share-holder at preferential rates, this is

A. right issue.
B. bonus issue
C. private placing
D. issue by introduction

11. The conversion of raw materials into finished goods is performed by

A. the extractive industry.
B. service occupations
C. commercial occupation
D. the manufacturing industry

12. Which of the following is- not factor c production?

A. Capital
B. Labour
C. Exchange
D. Entrepreneurship

Use the following information to answer questions 13-14

Adama’s opening stock is D5,OOO, He Purchased goods worth D30,OOO. His closing stock was D7,OOO and sales D55,OOO

13. What is the average stock?

A. D12,OOO
B. D7,000
C. D6,OOO
D. 5,000

14. What is the cost of goods sold?

A D55,OOO
B. D42,OOO
C. 032.000
D. D28,OOO

15. What is the rate of stock turnover?

(a) 11 times
(b) 6 times
(c) 4.7 times
(d) 4 times

16. Which of the following is a source of short-term capital?

(a) Trade credit
(b) Shares
(c) Leasing
(d) Debenture

17. The Most suitable channel for the sale of an aircraft is

(a) manufacturer- wholesaler- retailer consumer
(b) manufacturer-whole-seller-consumer
(c) manufacturer- retailer -consumer
(d) manufacturer -consumer

18, The duty payable on g0ods produced locally is

(a) export duty
(b) excise duty
(c) import duty
(d) advalorem duty

19. An overdraft is granted to holders of

(a) savings accounts
(b) loan accounts
(c) deposit account
(d) current accounts

20. The amount of capital used in the day-to-day running of a company is

(a) working capital
(b) capital employed
(c) share capital
(d) fixed capital

21. An example of an invisible item of trade is

(a) oil
(b) shipping
(c) machinery
(d) textile

22. In a hire purchase agreement, the buyer is the

(a) agent
(b) hirer
(c) lesser
(d) lessor

23. Which of the following terms is not used in price quotation for goods?

(a) E & O.E
(b) C.I.F
(c) Ex works
(d) F.A.S

24. Mr. Ojo paid Noak the sum of N3,000 for a piece of land without signing a deed of sale. The element of contract which is lacking in the transaction is

(a) valuable consideration
(b) formality
(c) offer and acceptance
(d) capacity

25. Which of the following documents is used in home trade only?

(a) Bill of lading
(b) Ainuay bill
(c) Certificate of origin
(d) Proforma invoice

26. The Central Bank carries out its monetary policy through

(a) discounting bills
(b) credit ceiling
(c) replacement of worn-out notes
(d) bank rate

27. The expert responsible for the calculation of probability of risks in insurance is

(a) an actuary
(b) an underwriter
(c) a broker
(d) a solicitor

28. A disadvantage of rail transport is that

(a) it carries bulky goods only
(b) the cost of carriage is high
(c) it is not flexible
(d) it travels on schedule

29. The advertising medium that makes only audio impression is

(a) cinema
(b) radio
(c) television
(d) hoardings

30. A speculator in the stock exchange market who sells securities in anticipation of a fall in their prices is a

(a) broker
(b) bull
(c) bear
(d) stag

31. Which of the following activities aims at increasing sales?

(a) Insurance
(b) Banking
(c) Warehousing
(d) Advertising

32. A machine supplied by the post office to organization to imprint stamps on their letters is

(a) vending machine
(b) shredding machine
(c) automated teller machine
(d) franking machine

33. An agreement between two parties which can be enforced is

(a) a warranty
(b) an offer
(c) consideration
(d) a contract

34. The marketing mix element which ensures that goods are available when and where needed is

(a) place
(b) price
(c) product
(d) promotion

35. An example of a computer’s output device is a

(a) keyboard
(b) mouse
(c) monitor
(d) scanner

36. Ocean liners are vessels that

(a) sail at scheduled times on fixed routes
(b) sail any time to any place where there is cargo
(c) carry only cargo
(d) carry only liquid

37. The process of placing the right people in the right position in an organization is

(a) planning
(b) motivating
(c) staffing
(d) directing

38. The right of an unpiad seller does not include

(a) declaring the buyer bankrupt
(b) retaining the possession of the goods
(c) stopping the goods while in transit
(d) reselling the goods

39. The coming together of people who engage in trade and industry in a particular area is

(a) an employer’s association
(b) a trade association
(c) a chamber of commerce
(d) a trade union

40. The term which enjoys the buyer to examine goods thoroughly before making a purchase is

(a) uberimae fidei
(b) caveat venditor
(c) consumer sovereignty
(d) caveat emptor

41. Which of the following is not a tool for promotion?

(a) Publicity
(b) Exhibition
(c) Competion
(d) Free samples

42. The organization of local and international fairs is the responsibility of

(a) trade associations
(b) labour unions
(c) chamber of commerce
(d) customs and excise authotltiq

43. Under the principle of subrogation, the insurer has the right to

(a) abrogate the contract
(b) re-insure the property
(c) take over any legal rights of the insured
(d) take over all the liabilities of the insured

44. The law that protects a musician’s work from piracy is

(a) usury law
(b) copyright
(b) trademark
(d) hire purchase

45. Which of the following countries is a member of the Lake Chad Basin Commission?

(a) The Gambia
(b) Cameroon
(c) Ghana
(d) Guinea

46. Which of the following is a type of marine insurance?

(a) Endowment
(b) Hull
(c) Accident
(d) Fidelity

47. The transfer of ownership of government businesses to individuals is

(a) commercialization
(b) deregulation
(c) privatization
(d) nationalization

48. One of the aims of ECOWAS is to

(a) discourage foreign investors
(b) promote privatization policy
(c) ensure production of quality products
(d) promote trade within the region

49. Which of the following business relies on government subvention for its operation?

(a) Public Corporation
(b) Public Limited Company
(c) Co-operative Society
(d) Private Limited Company

50. Balance of payment deficits may be caused by

(a) revaluation of currency
(b) sales of foreign reserves
(c) unrestricted exports
(d) unrestricted imports