Average stock is derived by adding
- A. closing stock to purchase divided by 2
- B. closing stock to opening stock
- C. opening stock to closing stock divided by 2
- D. opening stock to purchases
A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a
- A. wholesaler cooperative society
- B. thrift and credit society
- C. consumer cooperative society
- D. chamber of commerce
Which of the following organizations provide essential goods and services at low cost to citizens?
- A. Thrift societies
- B. Public enterprises
- C. Private companies
- D. Cooperative societies
The resources put together to create goods and services are
- A. working capital
- B. producer goods
- C. factors of production
- D. consumer goods
The service of a retailer is part of production because it
- A. creates a link between consumers and producers
- B. enables finished goods to reach consumers
- C. increases consumers standard of living
- D. is a commercial occupation
One of the products of the construction industry is a
- A. piece of cloth
- B. bag of cement
- C. television
- D. chair
The growth of commerce is not enhanced by
- A. development of modern forms of production
- B. government participation in business
- C. high population growth
- D. low per capita income
The provision of services is classified under
- A. batch production
- B. flow production
- C. secondary production
- D. tertiary production
An article used as a means of exchange in the early days of trade in West Africa was
- A. cedis
- B. cowrie
- C. dalasi
- D. naira
The strategy adopted by a firm that ceases to operate at one or more locations because of inactivity is
- A. consolidation
- B. rejuvenation
- C. diversification
- D. focus
NACCIMA stands for
- A. Nigerian American Centre for Culture, Industries, Mines and Arts
- B. Nigerian Association for Culture, Civics, Industries, Minerals and arts Arts
- C. National Agency for Culture, Civilization, Investment, Manufacturing and Agriculture
- D. Nigeria Association of Chambers of Commerce, Industries, Mines and Agriculture
The main documents sent to an importer of goods by the exporter are
- A. bill of lading, invoice, insurance policy, consular invoice, certificate of origin and bill of exchange
- B. indent, bill of lading, certificate of origin, invoice and bill of exchange
- C. certificate of origin, bill of exchange, invoice, insurance policy, indent and bil of lading
- D. invoice, consular invoice, certificate of origin, freight note, indent and insurance policy
The above chart represents the
- A. promotion mix relationship
- B. marketing mix relationship
- C. advertising mix relationship relationship
- D. product mix relationship
Which of the following attracts only interest but leaves the capital unpaid?
- A. uberrimae fidei
- B. subrogation
- C. contribution
- D. redeemable bond
The process of dividing tasks into jobs and departments and delegating authority is known as
- A. directing
- B. leading
- C. organizing
- D. staffing
A doctor who attends to patients at home after his official duty is
- A. a direct and indirect service worker
- B. a direct service worker
- C. an indirect service worker
- D. a community developer
The agency that currently oversees the privatization and commercialization processes in Nigeria is the
- A. Nigerian Stock Exchange
- B. Technical Committee on Privatization and Commercialization
- C. Securities and exchange commission
- D. Bureau of public enterprises
From the diagram above, what does I stand for?
- A. aids to trade
- B. home trade
- C. publicity
- D. advertising
Given:
₦
Sales 15,000
Opening stock 5,600
Purchases 9,700
Closing stock 4,400
Gross profit 4,500
Net profit 2,000
From the above data, calculate the rate of turnover
- A. 2.00 times
- B. 3.50 times
- C. 2.18 times
- D. 3.00 times
Mr. Taju entered into a contract to let a car to Mr. Funbi for his wedding for two days. However, the car had an accident before the first day. Mr. Funbi attempted to Claim damages but failed. This implies that the contract was terminated by
- A. bankruptcy
- B. breach
- C. lapse of time
- D. frustration
The principle of management that emphasizes on the number of subordinates under the direct supervision of a manager is
- A. unity of command
- B. scalar chain
- C. unity of direction
- D. span of control