Question 1 of 20 47 total questions
Which of the following documents shows a summary of a complete sale which the supplier sends to the buyer?
A Credit note
B Debit note
C Delivery note
D Invoice
E Quotation
Goods are given utility by
A changing their forms and location
B consuming them
C costing their value
D numbering and counting them
E packing and measuring them
Which of the following best describes span of control
A Directors in an organisation
B Financial controllers within an organisation
C Shareholders in a company
D Subordinates that an executive supervises
E Subordinates who can work on their own
Kate insured her fancy store for losses arising from burglary. The store was later burnt down. Which insurance principle denied her compensation?
A Contribution
B indemnity
C Proxirnate cause
D Subrogation
E Utmost good faith
When manufacturers sell directly to consumers they have eliminated
A advertising agents
B brokers
C middleman
D retailers only
E wholesalers
Short-term loan to expand a business is provided by
A building societies
B central bank
C commercial banks
D cooperative societies
E mortgage banks
Equity of a company is another name for....... shares.
A cumulative preference
B founders
C ordinary
D preference
E redeemable preference
The drawer of a cheque is usually the
A banker
B creditor
C debtor
D payee
E presenter
The insurance policy that specifically covers damage to structure or machinery of a ship is known as.......insurance.
A cargo
B hull
C marine
D ship owners
E time
A 'duty bill' is used to indicate whether the goods arriving a port are........
A being awaited
B clean
C damaged
D delivered
E on transit
Department stores are usually located in
A areas free from traffic jam
B areas where low income earners live
C city centres
D low rental areas
E suburban town
One way of restricting the quantity of goods which may be imported into a country is by
A balance of payment
B dumping
C quotas
D tariff
E terms of trade
A receipt is a/an
A acknowledgement of money received
B credit instrument
C list of goods received
D list of goods to be supplied
E order for the goods to be purchased
All these are instruments of consumer protection EXCEPT
A Bill of Exchange Act of 1882
B Food and Drug Department of Ministry Health
C Sale of Goods Act of 1979
D Standard Organization of Nigeria
E Trade Description Act of 1968
At an auction sale, an auctioneer acts as a/an..........
A agent
B attorney
C broker
D principal
E representative
Profit in partnership is shared according to
A agreement in the deed
B amount contributed by each partner
C number of hours put in by each partner
D seniority of partner
E types of partners
All are aids to Trade EXCEPT
A advertising
B banking
C retailing
D transportation
E warehousing
The last link in the chain of distribution is the
A consumer
B manufacturer
C producer
D retailer
E wholesaler
Brand name is used to
A differentiate one’s goods with others
B make business much easier
C make selling more convenient
D package products
E Standardize goods
The term “enterprise” denotes the ability to
A bear risk
B control other factors of production
C maximize profit
D organize other factors of production
E plan for other factors of production
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