The function of a merchant wholesaler is to
- A. find markets for producers' finished goods
- B. bring buyers and sellers together
- C. possess title to the goods, store and sell to retailers
- D. buy in bulk, store and sell to retailers as desired
Departmentalization is an aspect of
- A. directing
- B. organizing
- C. planning
- D. controlling
Chibuzor agreed to make a dress for Hauwa with September 20, 1995 as the delivery date, if the dress was not ready on that date, Hauwa could
- A. sue chibuzor for specific performance
- B. seize another gown from chibuzor's shop
- C. regard the contract between then as terminated
- D. sue chibuzor for damage
Which of the following has power to order withdrawal of a particular food item from circulation?
- A. Federal High Courts in Nigeria
- B. Standard Organization of Nigeria
- C. Local Government Health Inspectors
- D. Food and Drugs Department of the Federal Ministry of Health
The macro-environmental forces and trends which are a constraint on business operations are referred to as
- A. internal factors
- B. external factors
- C. economic factors
- D. technical factors
Which of the following countries are members of the Lake Chad Basin Commission?
- A. Niger and Cameroon
- B. Benin and Nigeria
- C. Nigeria and Mali
- D. Chad and Benin
Services rendered to the public is provided by
- A. domestic servants
- B. civil servants
- C. government
- D. professionals
The payment made periodically in respect of an insurance policy entered into is known as
- A. surrender
- B. bond
- C. premium
- D. commission
The art of soap making is an example of
- A. tertiary occupation
- B. construction occupation
- C. primary occupation
- D. secondary occupation
A proforma invoice is not required when
- A. quoting for the supply of good
- B. dealing regularly with a customer
- C. goods are sent on approval
- D. final prices are uncertain
A form of money with face value which is greater than the value of the metal contents is
- A. bank notes
- B. legal tender
- C. commodity money
- D. token money
Hire purchase is advantageous to the seller in that
- A. it elevates his living standard
- B. people pay on installment
- C. his turnover will increase
- D. it enhances high level of patronage
| NAME | INSURED AMOUNT(₦) |
ACTUAL VALUE(₦) |
ACTUAL LOSS(₦) |
| Mr. P Mr. K Mr. R |
25,000 30,000 40,000 |
100,000 120,000 150,000 |
30,000 40,000 50,000 |
What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?
- A. insurable interest
- B. uberrimae fidei
- C. subrogation
- D. indemnity
| NAME | INSURED AMOUNT(₦) |
ACTUAL VALUE(₦) |
ACTUAL LOSS(₦) |
| Mr. P Mr. K Mr. R |
25,000 30,000 40,000 |
100,000 120,000 150,000 |
30,000 40,000 50,000 |
Use the table above to answer questions 27 and 28
If Mr. P takes a fire insurance policy with average clause, his compensation will be
- A. ₦7,500
- B. ₦5,000
- C. ₦70,000
- D. ₦75,000
A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a
- A. commission agent
- B. factor
- C. broker
- D. del credere agent
The main objective of a trade association is to
- A. protect its members against litigation
- B. protect its members against victimization
- C. boost the trade of its members
- D. secure credit for its members
When two or more companies agree to execute a project too large for one to handle, this is referred to as
- A. an amalgamation
- B. a cartel
- C. a consortium
- D. a merger
Inbound tourism occurs when
- A. residents of a country travel within it
- B. non-residents of a country travel to other countries
- C. residents of a country travel to other countries
- D. non-residents of a country travel within it
An agency contract must involve
- A. a principal and a consumer
- B. a principal and an agent
- C. a principal and a producer
- D. a principal and a third party
The best mode of ensuring that items posted get to the named addresses is through
- A. recorded delivery
- B. certificate of posting
- C. registered mail
- D. express mail
The transmission of the telephone services from one country to another is facilitated by
- A. international facility
- B. internet services
- C. interconnectivity
- D. communication satellite