Question 1 of 20 2,221 total questions
which of the following documents may be used when an importer requires a longer period of credit before settlement?
A letter of credit
B documentry credit
C bill of lading
D sight draft
E bill of exchange
An overdraft is usually granted a?
A savings account holder
B deposit account holder
C current account holder
D loan account holder
E fixed deposit account holder
Which of the following is a function of money?
A Provision of double coincidence of wants
B Durability
C Standard for deferred payment
D Portability
E Divisibility
An author's exclusive right to published and unpublished works is known as?
A patent right
B fundaamental human right
C copyright
D authorship
E constitutional right
With the exception of life assurance and personal accident insurance, contracts of insurance are contracts of?
A premium
B indemnity
C proximate cause
D utmost good faith
E general average cause
The amount paid by the assured to the insurer is called?
A interest
B premium
C dividend
D indemnity
E surrender value
The amount paid by the insurance company to the insured upon giving up his policy is called?
A Surrender value
B cash bonus
C assured sum
D dividend
E premium
Which of the following is not required in a Memorandum of Association? The
A name of the company
B location of the company
C names of the Board of Directors
D limitation of member's liability
E objectives of the company
The word Ltd written after the name of a company means that?
A the individual member's capital is limited
B the total sum of the company's capital is limited
C members are liable to the extent of their holding
D company's location is limited
E a shareholder has only one vote
Which of the following is a type of marine insurance?
A Endowment
B Freight
C Accident
D Fidelity
E Fire
Fidelity guarantee is an insurance cover against loss arising from?
A trade debts
B personal accidents
C dishonest staff
D fire disaster
E sea disaster
In insurance the term Uberrimae fidei stands for?
A utmost good faith
B suborgation
C insurable interest
D indemnity against loss
E proximate cause
When a business is insolvent it may result in?
A incorporation
B recuperation
C liquidation
D restoration
E nationalization
The organization of Petroleum Exporting Countries(OPEC) is an example of a?
A cartel
B trust
C holding company
D consortium
E chamber of commerce
An individual who makes the final use of goods and services provided by a firm is the?
A manufacturer
B wholesaler
C consumer
D retailer
E trader
The main purpose of branding is to?
A increase the quantity of goods demanded
B differentiate goods from other similar goods made by other producers
C increase the selling price of goods
D enhance turnover of goods
E introduce the product to the customers
Which of the following is not part of the facilities provided by the Nigerian Ports Authority?
A Dredging
B Warehousing
C Collection of customs duties
D Loading and off-loading of cargoes
E Off-loading of cargoes
Which of following could account for a favourable balance of payment?
A High capital repayments
B high debt service repayment
C higher imports than exports
D higher expert than imports
E higher public spending
Entrepot Trade refers to?
A importing for domestic consumption
B importing for industrial use
C importing for government concerns
D exporting for factory use
E import for re-port
Charges paid by a for staying at at a port beyond agreed sailing time is called?
A profit
B interest
C holding
D carriage cost
E demurrage
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