Auctions and Tenders become binding when they are?
- A. accepted
- B. offered
- C. received
- D. advertised
- E. communicated
An agreement between two parties which will give rise to rights and obligation is known as?
- A. a warrant
- B. a contract
- C. a consideration
- D. an offer
- E. an acceptance
A number of shops under one roof is the feature of a?
- A. supermarkets
- B. chain stores
- C. department store
- D. mail order business
- E. shopping centre
A business is in existence primarily to?
- A. make profit
- B. provide goods amd services
- C. provide employment
- D. complete with others in business
- E. sell goods at reasonable prices
Which of the following statements best describes net profit? The excess of
- A. total revenue over total expenditure
- B. total capital income over expenditure
- C. sales over purchases
- D. total capital formation over capital consumption
- E. total expenditure over total revenue
Which of the following is sent as a reply to an inquiry?
- A. Tender
- B. Estimate
- C. Statement
- D. Advice note
- E. Quotation
Efforts geared towards establishing and maintaining good image for a company is termed?
- A. human relations
- B. professional relations
- C. public relations
- D. trade relations
- E. personnel relations
Which of the following is a form of sales promotion?
- A. Promotion through radio
- B. Advertising by television
- C. Distributing printed sales literature
- D. Offering free samples to customers
- E. Advertising by posters
Which of the following advertising media combines the advantages of sound and motion?
- A. Radio
- B. Neon signs
- C. Press
- D. Hoarding
- E. Television
The exchange of goods for other goods in home trade is known as?
- A. entrepot trade
- B. home trade
- C. barter trade
- D. foreign trade
- E. counter trade
The purpose of of issuing a credit note is to?
- A. correct errors of overcharging
- B. correct errors of undercharging
- C. write off bad debts
- D. encourage immediate payment
- E. encourage bulk buying
In which class of occupation would you place a taxi driver?
- A. Extractive
- B. Indirect services
- C. Personal services
- D. Primary production
- E. Commercial services
Which of the following is not a factor of product?
- A. Capital?
- B. Land
- C. Labour
- D. Organization
- E. Staffing
If a retailer Mr. Aigbojie buys goods manufactured by Adefila Limited from wholesaler Mrs. Jumai, who will prepare the delivery note?
- A. Mr. Aigbojie
- B. Adefila Limited
- C. Mrs. Jumai
- D. Mr. Aigbojie and Adefila Limited
- E. Adefila Limited and Mrs. Jumai
The oldest and commonest form of business in Nigeria is?
- A. partnership
- B. the co-operative society
- C. sole proprietorship
- D. joint stock veture
- E. public corporation
Opening stock……………..N1000
Closing stock……………..N9000
Purchases…………………N14,000
The cost of goods sold is?
- A. N6000
- B. N10000
- C. N42000
- D. N16000
- E. 20000
Opening stock……………..N1000
Closing stock……………..N9000
Purchases…………………N14,000
The average stock is?
- A. N2000
- B. N3000
- C. N5000
- D. N6000
- E. N7000
Which of the following is one of the functions of commerce?
- A. Manufacturing
- B. Growing of tomatoes
- C. Storage of goods
- D. Construction of roads
- E. Car assemblying
Which of the following does not belong to the industry?
- A. Farming
- B. Insuring
- C. Mining
- D. Drilling
- E. Fishing
The three main division of production include industrial?
- A. commercial banking services
- B. commercial and services
- C. transportation and services
- D. manufacturing and services
- E. banking and services
Which of the following statements is not true?
- A. Commercial services are the life's blood of a country's economic system
- B. There cannot occur commercial services unitl goods have been produced
- C. Without commercial services must goods and services will not produced
- D. There is no stage of production that does not employ commercial services
- E. Commercial services add to the value of a product