Question 1 of 20 93 total questions
When the government decides to run a statutory corporation as a profit-oriented enterprise, this is known as
A nationalization
B commercialization
C take-over bid
D privatization
E indegenization
An association of businessmen engaged in both commerce and industry is called
A trade association
B Trade union
C chamber of commerce
D trust
E cartel
Tax levied on goods at each stage of their movement from production to the final consumer is known as
A customs drawback
B ad valorem duty
C specific tax
D value added tax
E tariff
In marine insurance, the deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of
A a constructive loss
B a partial loss
C a general average loss
D a total loss
E an actual total loss
Small scale retail attracts a lot of new enterpreneurs in West Africa because
A many people have had good training in retail trade
B it is easy to succeed with the business
C banks are always ready to lend retailers
D only a small amouynt of capital is needed to start the business
E government exempts retailers from paying tax
The document issued to a newly formed public company to commence business is called the
A certificate of incorporation
B articles of association
C memorandum of association
D trading certificate
E insurance certificate
Which of the following is a non-indemnity insurance?
A Personal Accident Insurance
B Burglary Insurance
C Fire Insurance
D Consequential loss Insurance
E Third Party Insurance
The law governing the operations of companies and partnership in Nigeria is the
A Nigerian Companies Decree
B Nigerian Partnership Act
C Nigerian Enterprises Promotion Decree
D Companies And Allied Matters Decree
E Sale of Goods Act
Which of the following is drawn up as a guide to the running of a Partnership?
A Deed of Agreement
B Partnership Act
C Memorandum of Association
D Prospectus
E Articles of Association
Which of the following regulates and controls the activities of the Nigerian Stock Exchange?
A The Nigerian Capital Market Association
B The Securities and Exchange Commmission
C The Nigerian Deposit Insurance Commission
D The Nigerian Reinsurance Corporation
E The Central Bank of Nigeria
Goods in bonded warehouses are under the strict supervision of the
A Customs Authority
B Ports Authority
C Importer
D Clearing agent
E Exporter
The price charged for leasing a ship is known as
A way bill
B haulage
C clean bill
D freight
E demurrage
Mr Chidi insured his house against fire. The house was destroyed by flood. Which of the following principles prevented him from being compensated?
A Uberrimae fidei
B Subrogation
C Indemnity
D Proximate cause
E Insurable interest
Which of the following may serve as delivery note?
A Debit note
B Credit note
C Invoice
D Advice note
E Statement of account
Specialization is possible as a result of
A good roads
B education
C demand for goods
D growth in population
E exchange
Another name for consignment note is
A qoutation
B waybill
C debit note
D receipt
E credit note
The department that deals with internal grievances and maintenance of discipline in an organization is the
A accounts
B maintenance
C personnel
D public relations
E productions
Which of the following is applicable to foreign trade only?
A Pro forma invoice
B insurance policy
C Order
D Bill of exchange
E Consular invoice
An organization that builds access roads for the benefit of the community in which it is located has fulfilled its
A legal responsibility
B political responsibility
C social responsibility
D technological responsibility
E economic responsibility
The form given by the Customs Authority to enable an importer examine goods before the arrival of the bill of lading is known as
A entry for warehousing
B certificate of origin
C bill of sight
D bill of exchange
E dock warrant
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