Question 1 of 20 2,221 total questions
If the turnover of as business is N16,000 and the cost of goods N12,000, what is the percentage of gross profit on sales?
They total amount of money actually received by a company out of the issued capital is?
A paid - up capital
B unissued capital
C reserved capital
D called-up capital
A partnership without a deed shares profits/losses?
A in the ratio of partners' capital
B equally among the partners
C proportionate to patronage
D proportionate to assets introduced
A partner without an unlimited liability is known as a?
A dormant partner
B nominal partner
C general partner
D active partner
The greatest risk in a business venture is borne by the?
A trade creditors
B employees
C trade debtors
D entrepreneurs
Which of the following would not be stated in Memorandum of Association?
A Name clause
B Registered office
C Objective clause
D Rights of shareholders
When a number of thrift societies come together and are registered, they become a?
A holding company
B credit union
C trade union
D consumer association
When a public company receives the certificate of incorporation, this implies that?
A it can go ahead and start business
B it can no longer sue or be sued
C the company finds it difficult to raise capital
D the company's assets exist separately from those of its members
Industry is a branch of production because it?
A is a division of commerce
B increases utiility of goods
C involves the use of machines
D deals with its durable goods
Which of the following is not a commercial occupation?
A Transportation
B Warehousing
C Banking
D Fishing
A worker who processed garri is engaged in?
A extracting
B manufacturing
C exchange
D constructing
The scope of commerce is limited to?
A home and foreign trade
B wholesale and retail trade
C trade and aids to trade
D wholesale and entrepot
A voluntary body formed by people in the same line of business is known as?
A trade union
B trade association
C cartel
D employers' association
The process by which government takes over the ownership and control of an existing private business is?
A industrialization
B privatization
C nationalization
D commercialization
The duty of an agent of necessary to a principle is based on?
A trust
B ability
C negotiation
D mutual agreement
In a contract, offer is described as a counter offer if?
A a new clause is introduced
B it is not understood
C it is not addressed to a particular person
D it leaves no room for renegotiation
In a contract, offer is described as a counter offer if?
A a new clause is introduced
B it is not understood
C it is not addressed to a particular person
D it leaves no room for renegotiation
Which of the following is not a method of discharging a contract?
A Performance
B Breach
C Consideration
D Frustration
A major reason why government regulate business activities is to?
A prevent producers from selling at profit
B providing employment to schools
C ensures fair practices and consumers protection
D force producers to export more goods
If Baba is forced to agree go the terms of a contract at gun point, the contract is entered into?
A under duress
B through frustration
C through misrepresentation
D by mistake
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