Question 1 of 20 47 total questions
A business that is independent of its owners is a
A sole proprietorship
B partnership
C limited liability company
D co-operative society
The document which gives legal authority to a company to operate as a legal entity is
A Memorandum of Association
B Article of Association
C Share Certificate
D Certificate of Incorporation
Information requested from a bank concerning the credit worthiness of a new customer to a business is
A private enquiry
B status enquiry
C general enquiry
D letter of enquiry
Which of the following is mostly used by a mail order business to sell goods
A Posters
B Catalogues
C Journals
D Magazines
A refund of the duty collected on goods imported into a country which are later re-exported is called
A excise duty
B ad valorem tax
C customs drawback
D demurrage
Okoni and Co. law chamber is an example of a
A sole proprietorship
B partnership
C co-operative society
D public limited company
A firm that accepts, sells and delivers goods by post is a
A supermarket
B multiple store
C department store
D mail order business
Which of the following cannot be used to regulate importation?
A Import quota
B Import license
C Imposition of embargo
D Increase of excise duty
The relationship between partners is stipulated in the
A Memorandum of Association
B Article of Association
C Partnership Deed
D Certificate of Incorporation
The buying and selling of goods and services within a country is called
A counter trade
B entrepot trade
C foreign trade
D home trade
Which of the following services is not offered to retailers by wholesalers?
A Keeping them informed of the demands of consumers
B Keeping them informed of new products
C Offering a wide range of products
D Granting credit
Product differentiation is achieved by
A packaging and branding
B packaging and grading
C market segmentation
D outdoor advertising
Which of the following statements cannot be found in a partnership deed?
A Names of partners
B Nature of business
C Payment of tax
D Interest on capital
A shop that sells only products of a particular manufacturer is known as
A mobile shop
B unit shop
C tied shop
D small shop
The main purpose of sending delivery notes along with goods is to
A enable the goods to be checked on arrival
B enable the buyer to pay the correct delivery charges
C ensure the safe delivery of the goods
D prevent the goods from being stolen in transit
An agreement whereby the seller transfers or agrees to transfer the property in goods for a monetary consideration is a
A contract of sale
B hire purchase
C conditional sale
D party selling
A transaction where the buyer of a commodity becomes its legal owner after the payment of the last installment is
A a credit sale
B factoring
C hire purchase
D leasing
If a ship overstays its stipulated time at a port, it pays a charge known as
A arbitrage
B demurrage
C dock due
D toll
The exchange of goods and services among many countries is
A multilateral trade
B bilateral trade
C counter trade
D entrepot trade
A grocer invoiced a carton of fish valued at #2,500 for #2,000 only. To correct the error, which of the following documents will be sent to the buyer?
A Credit note for #500.00
B Debit note for #500.00
C Credit note for #2,500.00
D Debit note for #2,500.00
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