Question 1 of 20 90 total questions
A retailer who receives a trade discount of 33‘/3% and a cash discount of 10% on goods worth N360 would pay?
A N240
B N226
C N216
D 204
E 120
When a seller decides to sell his goods at a specific price for a specific period, he is making?
A a sales promotion
B a bid
C an auction sale
D a firm offer
E an implied guarantee
When the balance of trade is unfavourable which of the following conditions prevails?
A Exports exceed imports
B Imports exceed exports
C Customs duty is high
D lnvisible exports exceed visible imports
E The value money falls
Which of the following is a declaration by the captain of a ship as to the cargo on board?
A Bill of ladlng
B Mates receipt
C Ships manifest
D Bill of sight
E Dock warrant
Are fund usually granted for goods imported and later re-exported is called?
A commission
B discount
C customs drawback
D dock due
E demurrage
The best method of making payment to an overseas supplier is by/
A bankdraft
B bill of exchange
C travellers cheque
D letter of credit
E certified cheque
Which of the following is used to ascertain the correct value of imports for purposes of assessing customs duty’
A Certificate of origin
B Open-indent
C Bill of Lading
D Ships manifest
E Bill of entry
A trade in which many countries exchange goods and services is called?
A bilateral trade
B entrepot trade
C economic union
D multilateral trade
E counter trade
Which of the following is quoted when the buyer is responsible for the cost of loading the goods from the seller’s warehouse up to his own warehouse?
A LOCO
B F.O. R
C F.A.S
D C.I.F
E C.F
Which of the following is classified as invisible item in_the balance of payments?
A . Export of goods
B import of machinery
C 1 Gifts
D . Sale of assets
E Salaries of expatriates
Del-credere commission is an?
A allowance paid to a supplier
B extra allowance paid for guaranteeing recovery of debts
C allowance paid to all commission agents
D 'allowance paid bythe agent
E allowances to ensure delivery of goods by commission agent
Goods are usually classified into?
A saleable and nonisaleable good
B inferior and superior goods
C luxurious and essential goods
D producer and consumer goods
E home made and foreign made goods
Land as a factor of production comprises?
A all resources provided by nature
B the earth surface only
C land surface and vegetation
D efforts to exploit the earth
E the oceans and rivers only
All activities involved in the distribution and exchange of goods and services are referred to as?
A Trade
B Market survey
C Advertising
D Commerce
E Sales promotion
The total indebtedness of a business is the same as its
A liabilities
B liquid capital
C solvency
D capital employed
E working capital
A public limited company has the rights and duties of an individual because it?
A has a board of directors
B has a trading certificate
C has corporate status'
D has a memorandum of association
E is so stated in articles of association
Which of the following is true about cumulative preference shares?
A Any unpaid dividend is carried forward
B The shareholders can obtain a capital refund
C They are entitled to further share in profit
D Any unpaid dividend is forfeited
E The dividend declared is accumulated in a reserve account
Called-up capital is the amount?
A paid on allotment
B paid ontirstcall
C paid on appilication
D demanded on shares issued
E . paid-up on all shares
Which of the following enables production to take place ahead of demand?
A Transporting
B Advertising
C Importing
D warehousing
E Exporting
Which of the following must be include in the Articles of Association?
A Voting rights of the shareholders
B The objects of the business
C The address of the registered office
D Statement that liability is limited
E List of types of shares
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