| ₦ |
₦ |
||
|
Stock 1/1 |
20,000 | Net Sales | 370,000 |
|
Add purchases |
250,000 | ||
|
Cost of goods available for sale |
270,000 | ||
|
Less stock 31/12 |
40,000 | ||
|
Cost of goods sold |
230,000 | ||
|
Rent expenses |
35,000 |
Find the gross profit
- A. ₦150,000
- B. ₦370,000
- C. ₦230,000
- D. ₦140,000
An announcement of a person’s willingness to enter into a contract is referred to as
- A. an acceptance
- B. a proxy
- C. consideration
- D. an offer
At the collapse of a business enterprises, the person appointed to dispose off the assets is called
- A. an auctioneer
- B. an auditor
- C. a broker
- D. a liquidator
The concept that refers to the sale, transfer or exchange of goods and services is
- A. trade
- B. tariff
- C. industry
- D. marketing
Insurance against burglary is an example of
- A. non-indemnity insurance
- B. non-insurable risk
- C. indemnity insurance
- D. fidelity guarantee insurance
The government agency involved in issuing of export licences is
- A. Nigeria Port Authority
- B. Customs and Excise Authority
- C. Nigeria Export Promotion Council
- D. Nigeria Export Processing Zone
A business organization that exploits the capabilities of a member to remedy the weakness of another is a
- A. joint venture
- B. partnership
- C. nominal partnership
- D. cooperative
One of the functions of a retailer is the
- A. breaking of bulk
- B. provision of credit facilities to relations
- C. provision of jobs for customers
- D. financing of production activities
An agreement that is enforceable in law is
- A. a contract
- B. an acceptance
- C. an offer
- D. a consideration
The process of converting a non-profit making organisation to a profit-making business is
- A. commercialisation
- B. deregulation
- C. indigenisation
- D. privatisation
A bill of exchange already accepted can be discounted by the holder in
- A. the central bank
- B. his bank
- C. at least two banks
- D. any bank
Which of the following attracts only interest but leaves the capital unpaid?
- A. a development bond
- B. a long term loan
- C. an irredeemable bond
- D. redeemable bond
One disadvantages of advertising is that it
- A. could be misleading
- B. decreases sales
- C. reduces profit
- D. causes over stocking
The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is
- A. uberrimae fidei
- B. subrogation
- C. contribution
- D. proximate cause
A factor necessary for siting of a warehouse is nearness to
- A. labour
- B. consumers
- C. capital
- D. raw materials
I. Its unlimited nature
II. The number of partners
III. The withdrawal of a major of partner
IV. The bearing of risk
Which of these is both merit and demerit in partnership?
- A. III and IV
- B. I only
- C. II only
- D. I and II
An individual that links the producer with the retailer is
- A. an agent
- B. a wholesaler
- C. a principal
- D. an entreprenuer
The activity which entails buying of goods in bulk and selling in small quantities to retailers is
- A. wholesaling
- B. retailing
- C. merchandising
- D. assembling
Which of the following legislation aims primarily at the protection of consumers?
- A. Company's Act
- B. Partnership Act
- C. Trade Description Act
- D. Law of contract
Parts payments made on alloted shares by subscribers is usually the
- A. authorized capital
- B. subscribed capital
- C. called -up capital
- D. issued capital