A function of a retailer is to
- A. determine the prices of goods
- B. stock a variety of goods
- C. buy goods in large quantities
- D. make money available to the manufacturer
In the Sale of Goods Act, goods which have been identified and agreed upon at the time of contract are called
- A. existing goods
- B. fixture goods
- C. unascertained goods
- D. specific
The inflationary conditions of a country and her interest rate constitute her
- A. social variables
- B. economic variables
- C. political variables
- D. transformational variables
Commerce aids the development of any economy as it
- A. provides for proper accountability
- B. improves the living standard
- C. enhances the even distribution of wealth
- D. encourages the reduction of inflation
The trade that takes place when imported goods are re-exported is known as
- A. entrepot trade
- B. import trade
- C. export trade
- D. visible trade
The effective dissemination of information about products is a social responsibility of a company to its
- A. shareholders
- B. management
- C. consumers
- D. employees
An unconditional order by a creditor to a debtor requiring payment on a specified date is called
- A. promissory note
- B. letter of credit
- C. money order
- D. bill of exchange
The luxurious boats used for passengers from one town to another are
- A. steamers
- B. launches
- C. tramp liners
- D. coastal liners
Failure to pay an employees wage is a breach of
- A. right
- B. warranty
- C. agreement
- D. trust
A management function which reflects effective identification and grouping of work is
- A. planning
- B. organizing
- C. coordinating
- D. staffing
The transfer of risks from an insurer to another insurer for premium is referred to as
- A. assurance
- B. insurance
- C. subrogation
- D. reinsurance
The benefits that students derive from tourism are
- A. education and revenue
- B. recreation and education
- C. purchase of artifacts and sightseeing
- D. sale of artefacts and relaxation
The type of advertising that influences consumer’s choice of products is
- A. competitive
- B. persuasive
- C. specific
- D. informative
One of the functions of the stock exchange is to
- A. assist individuals in their policies
- B. provide collateral for investors
- C. provide insurance cover against risk
- D. disseminate information to investors
Kola who had an accident was taken to hospital by Kemi. Kola promised to give Kemi N 500 when discharged. Kola failed to fulfil his promise. Which of the following is legally correct?
- A. Kemi cannot sue Kola
- B. Kemi can sue Kola
- C. Kola can deny the promise
- D. Kola can offer something else
A document issued by financial organizations to enable holders to buy goods on credit is called
- A. ATM card
- B. coupon
- C. luncheon voucher
- D. credit card
A legal document representing a promise by a company to pay back a loan over a period of time is referred to as a
- A. warrant
- B. bond
- C. share certificate
- D. title deed
Which of the following is the best form of sales promotion?
- A. Bill board
- B. Bell ringing
- C. Publicity
- D. Demonstration
A factor that hinders the achievement of ECOWAS objectives is
- A. the absence of a common market
- B. lack of a common language
- C. the difference in political ideology
- D. lack of a common territory
A country’s balance of payments is divided into
- A. current and capital accounts
- B. current and foreign accounts
- C. creditor`s and debtor’s accounts
- D. export and import accounts
Foreign trade transactions are carrried out through the use of
- A. commercial papers
- B. bank drafts drawn by commercial banks on their foreign braches
- C. irrevocably confirmed letters of credit
- D. letters of credit authenticated by embassies