Question 1 of 20 178 total questions
A typical example of an event covered by an Assurance Policy is
A accident
B burglary
C death
D fire
E theft
The components of a balance of payments account are
A capital, current and fixed deposit
B capital, savings and fixed deposit
C current, capital and monetary movement
D current, savings and monetary movement
E current, savings and fixed deposit
The documents sent by the suppliers of good to a prospective buyer, informing him of what to pay if he buys the good is
A advice note
B credit note
C debt note
D invoice
E pro-forma invoice
The most important document an importer requires to be able to clear his goods from the harbour is
A bill of exchange
B bill of lading
C bill of sale
D invoice from the shopper
E marine insurance
Association of people in the same line of business is known as
A chambers of commerce
B holding company
C monopolistic association
D producers association
E trade association
Bonded warehouse is controlled and supervised by
A customs
B immigration
C navy
D police
E quarantine
Tariff can be defined as a compulsory levy on
A foreign exchange earnings
B foreigners working in Nigeria
C imported goods only
D import and export
E substitutes and inferior goods
Use the information below to answer this question.
A consideration
B entitlement
C fees
D money
E offer
The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is
A contribution
B indemnity
C insurable interest
D subrogation
E utmost good faith
The association that encourages savings for the benefit of its members is known as
A Consumer co-operative society
B Credit and thrift co-operative society
C Consumer association
D Producer co-operative society
E Producer association
Legal tender consists of
A cheques and coins
B bank drafts and cheques
C currency notes and coins
D money order and currency notes
The process of dividing market into identifiable sub-markets is known as
A marketing concept
B market segmentation
C market research
D market orientation
Which of the following is true of rail transport?
A Suitable for perishable goods
B Cheaper over long distances
C it does not require trans-shipment of goods
D has no fixed route
Which of the following is not a function of money?
A Double coincidence of wants
B Medium of exchange
C Measure of value
D Store of wealth
Which of the following terms is used in marine insurance when the cargo suffers partial loss?
A General Average
B Particular Average
C Floating Policy
D Open Cover
Which of the following is not a principle of insurance
A indemnity
B insurable risk
C Subrogation
D Insurable interest
Which of the following is not provided by the post office?
A Recorded delivery service
B Business reply service
C Express delivery service
D After sales service
The practice whereby a firm prepays the postage for the response of its customers is known as
A express delivery
B post restante
C recorded delivery service
D business reply service
A distinctive feature of a personal selling is the
A face to face meeting of seller and buyer
B selling of cheap items only
C sale of industrial goods only
D hawking of goods
People who are against advertising claim that it
A widens the market for consumer goods
B encourages consumers to buy what they do not need
C emphasizes the good feature of a particular product
D promotes competion among firms
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