Question 1 of 20 152 total questions
Gross profit is correctly ascertained by
A adding opening stock to purchases
B adding closing stock to sales
C subtracting returns outwards from purchases
D subtracting returns inwards from sales
E subtracting cost of goods sold from sales
A supplier who needs to make additional charges for goods delivered will send
A a debit note
B a credit note
C a consignment note
D a advice note
E a delivery note
The basic principles upon which International Trade is carried on among countries is
A specialization
B absolute cost advantage
C comparative cost advantage
D division of labour
E scarcity
Balance of trade is said to be favourable when
A visible imports exceed visible imports
B invisible exports exceed visible imports
C invisible imports exceed visible exports
D visible exports exceed visible imports
E visible exports exceed invinsible imports
One way of importing goods without the use of foreign exchange is through
A exchange controls
B entrepot trade
C quota
D tarriffs
E counter trade
Which of the following assists a Nigerian producer to participate in trade fairs and exhibitions abroad?
A Nigerian Ports Plc
B Shipping and Clearing Agents
C Federal Airports Authority of Nigeria
D Customs and Excise Authority
E Nigerian Exports Promotion Council
A partner who contributes to the capital but does not take part in running the business is known as
A a sleeping partner
B an active partner
C a general partner
D a nominal partner
E a limited partner
Which of the following guides the operations of a Partnership?
A Memorandum of Association
B Articles of Association
C Certificate of trading
D Certificate of Incorporation
E The Deed
An agency that is involved in moving goods or people from place to place for a fee is called
A courier agent
B consignor
C manufacturer
D common carrier
E factor
Which of the following is not a means of water transport?
A Liner
B Tanker
C Barge
D Tramp
E Truck
The capital of a company indicated in the Memorandum of Association is known as
A authorized capital
B capital owned
C working capital
D fixed capital
E called-up capital
At what stage is acceptance of offer by post valid? When the letter is
A written
B posted
C delivered
D replied
E read
The amount which the insured pays the insurer periodically is
A surrender value
B premium
C interest
D compensation
E contribution
The dealers who buy and sell stocks and shares in their own name are called
A jobbers
B brokers
C bears
D stags
E bulls
Which of the following is not an economic grouping?
A International Bank for Reconstructing And Development (IBRD)
B Lake Chad Basin Commission (LCBC)
C United Nations Organization (UNO)
D Niger Basin Commission (NBC)
E Mano River Union (MRU)
Which of the following facilitates settlement for sub-regional indebtedness?
A Niger Basin Commission(NBC)
B Lake Chad Basin Commission (LCBC)
C The West African Clearing House
D Economic Community Of West African States (ECOWAS)
E International Monetary Fund (IMF)
Which of the following is not a problem of ECOWAS?
A Different levels of economic development in member countries
B Transportation and communication links
C Different economic policies member countries
D Diversified economy for West Africa
E Use of different currencies
Which of the following specializes in granting loans to distressed economies?
A UNESCO
B ECA
C IMF
D IBRD
E UNDP
The major aim of indigenization is to
A standardize products
B accelerate participation of citizens in business
C promote international co-operation
D differentiate a country's product from the orders
E discourage foreign investment
When an industry formerly owned by individuals is taken over by the government, such an industry becomes
A privatized
B nationalized
C commercialized
D indigenized
E legalized
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