Question 1 of 20 4,313 total questions
When an assured is unable to honor his obligation in an insurance contract thereby terminating it before maturity he could only receive
A indemnity
B the sum insured
C the surrender value
D compensation
E premium
Which of the following takes the shortest time and is the most accurate means of communication?
A Telephone
B Express letter
C Recorded delivery
D Airmail letter
E Telegraph
Which of the following is a legal tender?
A Central Bank cheque
B Bank notes
C Bankdraft
D Traveller's cheque
E Bill of exchange
Which of the following conditions may lead to the dissolution of a partnership?
A Expiry of agreed time
B Termination of venture
C One partner becomes dormant
D Mutual consent of the partners
E Bankruptcy of partners
A business unit whose membership range from 2 to 20 is a
A co-operative society
B partnership
C private limited company
D public limited company
E public enterprise
The products that are regularly and easily bought by customers through habit are called?
A industrial goods
B capital goods
C specialty goods
D giffen goods
E convenience goods
Which of the following is not performed by marketing?
A Provision of revenue
B Provision of employment
C Export promotion
D Enlargement of the market
E Changing the nature of marketable goods
Capital owned is synonymous with the
A paid-up capital
B working capital
C net worth
D authorized capital
E liquid capital
Business activities that direct the flow of goods and services from the producer to the consumer is
A promotion
B advertising
C selling
D marketing
E transportation
The principle of insurance that restores the insured to the position he occupied immediately before the loss occurred is called
A utmost good faith
B indemnity
C subrogation
D contribution
E insurable interest
The main reason for advertising an already existing line of products is to
A develop customers' awareness
B entertain customers
C introduce a price deal
D build brand recognition
E retain old customers
Which of the following is a function of advertising?
A Stimulation of demand
B Leads to market segmentation
C Maintenance of quality
D Determining selling price
E Provision of market information
Which of the following mostly serves as a useful promotional device for consumer goods?
A Trade mark
B Labelling
C Standardization
D Grading
E Packaging
Which of the following monitors people's opinion about a firm and takes measures to correct adverse impressions?
A Public Relations
B Advertising
C Sales Promotion
D Exhibitions
E Trade Fairs
The intangible benefits arising from the business connections and reputation of a firm is called
A interest
B goodwill
C commission
D bonus
E dividend
The reorganization of public enterprises to operate as profit-making ventures is known as
A privatization
B nationalization
C indeginization
D commercialization
E harmonization
Food and Drugs Act, Weights and Measure Act, Standards Organization of Nigeria, etc are aimed at
A raising revenue for government
B regulating balance for trade
C checking exports
D controlling dumping
E protecting consumers
Which of the following is a characteristic of a private company?
A There is no limit to the number of members
B Shares and debentures are freely offered to the public
C Shares are not dealt in on the stock exchange
D It cannot commence trading on receipt of certificate of incorporation
E there is no statutory general meeting
Which of the following is not a means by which banks facilitate foreign trade?
A Currency exchange
B Letter of credit
C Open market operations
D Discounting Bills of exchange
E Trade reference
A carton of spoons valued at #3,000.00 was invoiced at #300 only. Which of the following documents would be used by the seller to correct the error?
A A credit note for #3,300.00
B A debit note for #3000.00
C A credit note for #2,700.00
D An invoice for #300.00
E A debit note for #2,700.00
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