An agent held responsible for non-payment of goods bought by the customer he introduced to his principal is called agent
- A. general
- B. special
- C. sales
- D. del-credere
A type of partnership in which all partners have unlimited liability and jointly manage the business is known as partnership.
- A. ordinary
- B. nominal
- C. unlimited
- D. Limited
Which of the following types of insurance is usually excluded from the principle of indemnity?
- A. Fire
- B. Fidelity Guarantee
- C. Marine
- D. Life
The term “caveat emptor” implies that
- A. goods have been transferred to the buyer
- B. let the buyer beware
- C. let the seller beware
- D. goods are still with the seller
A dealer who buys securities at low prices in anticipation of reselling them at higher prices is called a
- A. jobber
- B. bull
- C. broker
- D. bear
One of the easiest means of transporting petroleum product is by
- A. pipeline
- B. air
- C. road
- D. rail
Gross profit can be calculated as
- A. Sales minus purchases
- B. Sales minus cost of good sold
- C. cost of goods available for sales minus sale
- D. Cost of good sold minus cost of goods available for sale
In the event of winding up of a company, who among the following is paid last?
- A. Preference Shareholders
- B. Ordinary shareholders
- C. Cumulative preference shareholders
- D. Debenture holders
The Nigeria Enterprises promotion Decree brought about policy
- A. nationalization
- B. industrialization
- C. indigenization
- D. privatization
A ship which has no fixed schedule and travels wherever it can find cargoes to carry is a
- A. liner
- B. tanker
- C. tramp
- D. ferry
Which of these is NOT a governments legislation to protect the consumer?
- A. Foods and drugs
- B. Weight and measure
- C. Privatization and commercialization
- D. Trade description
The advertising medium which uses electric current in bulbs is referred to as
- A. posters
- B. television
- C. neon signs
- D. bill boards
Bonded warehouse is controlled and supervised by
- A. customs
- B. navy
- C. immigration
- D. police
The association that encourages savings for the benefit of its members is known as
- A. Consumer association
- B. Credit and thrift co-operative society
- C. Consumer co-operative society
- D. Producer co-operative society
The aid to trade which enables producer and consumer to transact business without physical contact is known as
- A. tourism
- B. communication
- C. advertising
- D. insurance
The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is
- A. utmost good faith
- B. insurable interest
- C. indemnity
- D. subrogation
The rules and regulations guiding the conduct of business transactions are known as law
- A. criminal
- B. common
- C. contract
- D. commercial
Departmental store, supermarket and chain store are examples of
- A. small scale retailers
- B. medium scale producers
- C. large scale retailers
- D. large scale whole-salers
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. credit note
- B. advice note
- C. invoice
- D. debt note
The following are functions of marketing EXCEPT
- A. packaging
- B. distribution
- C. insurance
- D. advertising
The activities concerned with changing of raw materials into finished products belong to __occupation.
- A. commercial
- B. extractive
- C. constructive
- D. manufacturing