The temporary working area of the central processing unit is called the?
- A. C-D ROM
- B. C-D RAM
- C. ROM
- D. RAM
Which of the following best describes the classification of computer?
- A. Mini-computer, speed and size
- B. Micro-computer, cost and abilities
- C. Mini-computer, Micro-computer and work station
- D. Mini-computer , hybrid and digital
A documentary bill will normally be accompanied by
- A. . sales invoice, bill of lading and insurance certificate
- B. clean bill, bill of lading, and insurance certificate
- C. bill of lading, consular invoice, and insurance certificate
- D. consular invoice, FOB certificate and bill of lading
The major difference between insurance and assurance is that while insurance
- A. takes care of uncertainty, assurance takes care of risks
- B. takes care of risks , assurance takes care of uncertainty
- C. hinges on probabilities, assurance is based on possibilities
- D. is about indemnity, assurance is about life in the future
Pooling of risk in insurance means that?
- A. compensations are paid out of a common fund
- B. two people can pool their risks to be insured
- C. two insurance companies can buy two policies
- D. insurance companies should encourage taking risks.
A factor necessary for siting a warehouse is nearness to
- A. raw materials
- B. labour
- C. capital
- D. consumers
Warehousing is a productive function because it increase the
- A. quantity of goods
- B. utility of goods
- C. quality of goods
- D. price of goods
Bank Giro is a method of settling debt from a
- A. customer to a bank
- B. bank to customer
- C. customer to another
- D. bank to another
Use the information below to answer the question that follows
Mr Awala is a retailer of a single product. he sells at the standard price. He gives a trade discount of 5%, a quantity discount of 3% for a volume above 1000 units and a cash discount of 2/10 net 30. the existing selling price of the product is N100 per units. Mr Bacus purchased 1500 units of the product on credit and promised to pay Mr. Awala in cash in the first 10 days after purchase.
If Mr. Bacus fulfills his promise, he will be entitled to a cash discount of?
- A. N2,760
- B. N3,000
- C. 6,500
- D. 9,500
Use the information below to answer the question that follows
Mr Awala is a retailer of a single product. he sells at the standard price. He gives a trade discount of 5%, a quantity discount of 3% for a volume above 1000 units and a cash discount of 2/10 net 30. the existing selling price of the product is N100 per units. Mr Bacus purchased 1500 units of the product on credit and promised to pay Mr. Awala in cash in the first 10 days after purchase.
The trade discount receivable by Mr Bacus is
- A. N4,500
- B. N7,500
- C. N10,500
- D. N12,000
The major procedures in the purchase and sale of goods are enquiry
- A. quotation, order and invoice
- B. placement, order and invoice
- C. bargin, order and invoice
- D. order, sale, and invoice
The balance of payments of countries is
- A. a record of imports and export
- B. a systematic record of transaction among countries at a given time
- C. the current and the capital accounts and their payments
- D. the trade relationships and payment among nations
A pro-forma invoice is sent to inform a buyer about the
- A. quantity of goods
- B. prices of goods
- C. designation of goods
- D. quality of goods
The merchant wholesaler is referred to as
- A. del-credere agent
- B. a broker
- C. rack jobber
- D. a factor
One of the reasons why wholesaling must continue is that?
- A. the tax paid by wholesalers on their profit enhances national revenue
- B. by creating artificial scarcity, the wholesaler is enhencing competition
- C. the wholesaler provides technical advice to the retailer
- D. the gap between manufacturers and retailers is reduce byn wholesalers
The difference between total current assets and total current liabilities of a business is known as
- A. quick ratio
- B. liquidity ratio
- C. working capital
- D. circulating capital
(i) Personal Savings
(ii)Retained Earnings
(iii)Accrued taxes
Which of the items above constitute internal sources of financing for companies?
- A. i and ii
- B. i and iii
- C. ii and iii
- D. i, ii and iii
The financial instrument for borrowing in which the collateral is usually more than the amount borrowed is?
- A. trust certificate
- B. detachable warrant
- C. mortage bond
- D. converttible securities
Entrusting the management of a company to the courts to enable the settlement of the company’s obligations is an indication of?
- A. distress
- B. closure
- C. bankruptcy
- D. liquidation