1. Which question paper Type of commerce is given to you?
A. Type D
B. Type I
C. Type B
D. Type U
2. The type of labour that makes use of physical effort in production processes is the
A. unskilled labour
B. skilled labour
C. blue-collar job
D. white-collar job
3. The assembling of products into usable forms is known as
A. creation
B. manufacturing
C. construction
D. formation
4. The final link in the chain of distribution is
A. middlemen
B. wholesaling
C. consumer
D. retailing
5. A country is said to be experiencing an unfavourable balance of trade if her
A. exports exceed imports
B. visible exports exceed visible imports
C. imports and exports are equal
D. visible imports exceed visible exports
6. Trading position of Nigeria is the same as her
A. desire to trade with many countries
B. willingness to grant credit to foreigners
C. balance of trade
D. terms of trade
7. The role of customs and exercise authority includes the
A. provision of a good transport system to facilitate imports and exports
B. provision of security at the port
C. control of the flow of goods in and out of the country
D. provision of dockyards for ship repairs
8. The document lodged with the customs authorities before a ship can leave the port is a
A. shipping note
B. ship report
C. ship manifest
D. dock warrant
9. The document which must be endorsed by the ambassador of a country of destination before shipment of goods is a
A. consular invoice
B. certificate of origin
C. bill of lading
D. close indent
10. A country's terms of trade are said to improve when the ratio of her export
A. decreases
B. remains constant
C. increases
D. equals import
11. Which of the following advertising medium appeals to only the literate in the society?
A. radio advertising
B. print media advertising
C. television advertising
D. cinema advertising
12. The two main forms of communication are
A. oral and written
B. verbal and non-verbal
C. e-mail and fax
D. traditional and modern media
13. The most reliable and efficient means of conveying urgent documents is through
A. postal order
B. ordinary letters
C. registered letters
D. courier services
14. An undertaking given by a person to another assuring his integrity is
A. proximate cause
B. fidelity guarantee
C. subrogation
D. insurable interest
Use the table below to answer question 15 and 16.
15. If Mr. N takes a fire insurance policy with average clause, his compensation will be
A. ₦5000
B. ₦7, 500
C. ₦70, 000
D. ₦75, 000
16. What insurance principle has Mr. P Violated if he decides to overstate the actual value of his property?
A. Indemnity
B. Insurable interest
C. Uberrimae fidei
D. Subrogation
17. The difference between indemnity insurance and non-indemnity insurance is that the latter provides
A. cover for exporters against risks
B. cover for importers against risks
C. full payment to the insured
D. consolation payment to the insured
18. An importance of warehousing is in the
A. production of goods
B. transportation of goods
C. importation of goods
D. repackaging of goods
19. In order to increase the capital owned, a sole trader may
A. seek for bank loan
B. issue debentures
C. acquire extra shop fittings on credit
D. draw less of his profit for personal use
20. A business partner who provides capital but abstains from participation in administration of a firm is a
A. general partner
B. nominal partner
C. secret partner
D. dormant partner
21. Which of the following will not be stated in a Memorandum of Association?
A. Name clause
B. rights of shareholders
C. object clause
D. registered office
22. The amount of authorized capital that shareholders have subscribed to is
A. issued share capital
B. authorized share capital
C. owner's equity
D. working capital
23. The rate of turnover of a firm in a given year is 5 times while the average stock is ₦12,500. what is the turnover of the firm?
A. ₦24,000
B. ₦46,500
C. ₦62,500
D. ₦65,000
24. A lawyer that defrauds his client may be derobed by the Nigerian Bar association in order to
A. protect other lawyers
B. protect the integrity of the association
C. compensate the affected client
D. prevent the client from suing the association
25. In the Nigerian GSM industry, a parliament is organized by the Nigerian Communications Commission in order to
A. increase profit of service providers
B. protect the interest of government
C. encourage more people into the business
D. protect the interest of consumers
26. Trade fairs in Nigeria are organised by
A. the Federal Government
B. Manufacturers'' Association of Nigeria
C. Ministry of Commerce and Industry
D. Chambers of Commerce
27. Money is generally accepted for transactions due to
A. the legal backing
B. the rule of law
C. its acceptability in the global market
D. the Central Bank Governor's signature
28. Which of the following is a quality of money?
A. Availability
B. Scarcity
C. Indivisibility
D. Convertibility
29. Money can simply be referred to as a
A. measure of value
B. standard of value
C. means of settlement
D. durable asset for doing business
30. Gilt-edged securities are issued mainly by
A. individuals
B. non-governmental organisations
C. Government
D. multi-national companies
31. The initial function of a manager is
A. setting up an organisation
B. coordinating
C. planning
D. provision of welfare package
32. The most suitable organizational structure for small or medium sized enterprises is
A. line structure
B. staff structure
C. committee structure
D. functional structure
33. In a staff-authority relationship, the opinion of a specialist in one department to another is
A. a directive
B. an advice
C. a command
D. a delegation
34. Management of a business involves the development of ideas for the
A. distribution of goods and services that human wants
B. transportation of goods and services that human wants
C. transfer of title of ownership of goods and services to individuals
D. production of goods and services that satisfy human needs
35. Which of the following is used as a pricing policy?
A. Packaging
B. Market selection
C. Labelling
D. Market skimming
36. The essential utility derived from the use of a product is known as
A. augmented benefit
B. branded benefit
C. core benefit
D. formal benefit
37. The breaking down of a market into separate and identifiable elements is known as
A. differentiation
B. segmentation
C. skimming
D. penetration
38. A contract that is acknowledged before the law court is referred to as
A. informal contract
B. formal contract
C. contract of records
D. specialty contract
39. An agent employed to sell goods delivered to him by the principal is referred to as a
A. special agent
B. del credere agent
C. factor
D. universal agent
40. A motor dealer who agreed to sell a car to Mr. X but delivered it to Mr. Y on the delivery date agreed with Mr. X. He has discharged the contract by
A. performance
B. frustration
C. an agreement
D. breach
41. A contract can be terminated through
A. physical combat
B. family intervention
C. frustration
D. consultation
42. The right to retain possession of goods until the contract price is paid is referred to as
A. a promise
B. ultra vires
C. a breach
D. a lien
43. The sole legal right held by the author to publish his book is
A. trademark
B. copyright
C. patent right
D. bookmark
44. The process of transferring data from one computer to another is referred to as
A. downloading
B. faxing
C. browsing
D. decoding
45. The physical component of a computer system is
A. software
B. hardware
C. hard disk
D. floppy disk
46. A computer accessory through which information can be retrieved is the
A. hard disk
B. input device
C. control unit
D. floppy disk
47. The type of computer software used mainly for management information is
A. Corel draw
B. AutoCAD
C. data base
D. word perfect
48. To meet security requirements before gaining access to data, a computer operator supplies
A. an e-mail address
B. a yahoo address
C. a password
D. a modem
49. A major factor that affects business operations is
A. technology
B. supply
C. product
D. rivalry
50. The environmental hazard that is most difficult to control is
A. land pollution
B. water pollution
C. air pollution
D. political unrest