Goods and services transferred from seller to buyer without immediate payment is referred to as ______
- A. hire purchase
- B. mutual understanding
- C. credit sale
- D. leasing
A major merit of the retaining middlemen is to _______
- A. pay cash to the bank: for manufacturers
- B. stock perishable goods
- C. regulate price for manufacturers
- D. stock goods produced by different manufacturer
An example of extractive occupation is ______
- A. mining
- B. teaching
- C. banking
- D. driving
Another name or term for a dishonoured cheque is ______
- A. an order cheque
- B. a bounced cheque
- C. a bearer cheque
- D. an open cheque
A partnership is dissolved due to ________
- A. liquidity of the firm
- B. death of the employee
- C. insanity of a partner
- D. resignation of an employee
A major function of trade association is to _______
- A. assist members to buy cars
- B. help individuals to set up small business
- C. establish a link among member
- D. foster cooperation among members
What document is required when a country imposes valorem import duties on goods?
- A. mail transfer
- B. shipping note
- C. bill of lading
- D. consular invoice
A major objective of all business resources is ______
- A. public relation
- B. profit sharing
- C. human relation
- D. profit making
An advantage of division of labour is _______?
- A. productivity and total output is increased
- B. monotony of task is eliminated
- C. loss of individual craftmanship is minimized
- D. interdependence of workers increase remuneration
The function of commerce in relation to production is ______
- A. helping in the extraction of raw material from nature
- B. providing a link between the different stage of conversion of good
- C. yielding result
- D. satisfying
A demerit of communication is that it ________
- A. makes payment for goods cumbersome
- B. increase the cost of goods in transit
- C. give room for distortion of fact
- D. hinder quick reception of messages over a long distance
What is the reward accruable to land?
- A. Rent
- B. profits
- C. wages
- D. Interest
Production ends when goods and services ________
- A. reach the final consumer
- B. are used for manufacturing
- C. are packaged and labelled
- D. are sold to the middlemen
The concept that refers to the sale, transfer or exchange of goods and services is
- A. industry
- B. trade
- C. tariff
- D. marketing
Water corporation is an example of ______?
- A. co-operative society
- B. public enterprise
- C. private enterprise
- D. limited company
One disadvantages of advertising is that it —
- A. could be misleading
- B. decreases sales
- C. reduces profit
- D. causes over stocking
The quality of money that describe its uniformity is
- A. recognizability
- B. durability
- C. portability
- D. homogeneity
The government agency involved in issuing of export licences is _______?
- A. Nigeria Export Processing Zone
- B. Nigeria Export Promotion council
- C. Nigeria Port Authority
- D. Customs and Excise Authority
A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as ____?
- A. nationalisation
- B. privatisation
- C. indigenisation
- D. commercialisation
The fees charged on postal order by the post office is _____?
- A. interest
- B. brokerage
- C. poundage
- D. premium
When a buyer has been overcharged for goods supplied, the seller issues a _______?
- A. debit note
- B. proforma invoice
- C. letter of credit
- D. credit note