Use the diagram above to answer questions
What does V represent?
- A. Ais to trade
- B. Advertising
- C. Manufacturing
- D. industry
Use the diagram above to answer the question
As the branches indicate, IV is
- A. commerce
- B. exchange
- C. finance
- D. construction
Goods are of merchantable quality if they?
- A. conform to description
- B. are of equal weight
- C. are of the same quality
- D. conform to buyers' purpose
Discounts offered by firms to middlemen for bulk purchases are?
- A. trade discounts
- B. sales bonanza
- C. cash discounts
- D. seasonal discount
Manufacturers’ Association of Nigeria contributes to development by advising the government on?
- A. industrial policy and harmony
- B. budget and budgetary control
- C. budget and industrial control
- D. environmental protection policy
The use of vending machines in retailing is hindered in a developing economy owing to?
- A. poor distribution network
- B. low level of education
- C. inffective communication system
- D. lack os steady power supply
International trade takes place as a result of?
- A. uniformity in costs of production
- B. inequitable distribution of natural resources
- C. parity in the level of industrialization
- D. similarities in climate conditions
Organizing trade fairs in Nigeria is the responsibility of?
- A. National Directorate of Employment
- B. Federal Ministry of Commerce
- C. trade association
- D. chambers of commerce
An order sent by an importer to an overseas supplier stating the details of goods required is known as?
- A. export invoice
- B. ship's manifest
- C. an indent
- D. bill of lading
The term 4 net 7 on an invoice means that?
- A. 4% surcharge will be made unless payment iss made within seven days
- B. 4% discount will be allowed on the price charged only if the goods are bought within seven days
- C. 4% discount will be allowed on the price charged only if payment is made after seven days
- D. 4% discount will be allowed on the price charge if payment is made within seven days
An internal demand for goods to be purchased or drawn from stock is?
- A. a quoation
- B. a requisition
- C. a tender
- D. an order
Loan schemes by thrift societies are?
- A. mortage schemes
- B. conventional schemes
- C. mutual schemes
- D. unconventional schemes
Fluctuations in the supply of goods may be eliminated if the distribution system maintains?
- A. modern technology
- B. a team of retailers
- C. warehouse services
- D. sufficient middlemen
Factors of production can be described as the?
- A. resources required for the provision of goods and services
- B. skills involves in deciding and directing the flow of goods
- C. monetary tools employed by government to ensure stable production
- D. elements involved in the process of formulating policies on production
Commerce includes all the occupations concerned with?
- A. sales
- B. production
- C. marketing
- D. distribution
The acronym PLC is used to identify a?
- A. company limited by shares
- B. private company limited by shares
- C. public company limited by shares
- D. company limited by guarantee
The most important function of commerce is?
- A. helping people to improve thir profits
- B. facilitaing exchanges among indiviuals and firms
- C. assisting trade through banking and insurance
- D. enhancing business relationships
The merger of a textile mill, a cement company and a tannery is referred to as?
- A. conglomerate merger
- B. horizontal merger
- C. lateral merger
- D. vertiical merger
A written partnership contract is known as?
- A. an invoice
- B. a deed
- C. a prospectus
- D. a proposal
The strategy adopted by a firm that ceases to operate at one or more locations because of inactivity is?
- A. rejuvenation
- B. focus
- C. diversification
- D. consolidation
An action taken by a company outside its object clause is regarded as?
- A. ultra vires
- B. a trespass
- C. uberrima fides
- D. caveat emptor