Gross profit is correctly ascertained by
- A. adding opening stock to purchases
- B. adding closing stock to sales
- C. subtracting returns outwards from purchases
- D. subtracting returns inwards from sales
- E. subtracting cost of goods sold from sales
A supplier who needs to make additional charges for goods delivered will send
- A. a debit note
- B. a credit note
- C. a consignment note
- D. a advice note
- E. a delivery note
A supplier who needs to make additional charges for goods delivered will send
- A. a debit note
- B. a credit note
- C. a consignment note
- D. a advice note
- E. a delivery note
The basic principles upon which International Trade is carried on among countries is
- A. specialization
- B. absolute cost advantage
- C. comparative cost advantage
- D. division of labour
- E. scarcity
Balance of trade is said to be favourable when
- A. visible imports exceed visible imports
- B. invisible exports exceed visible imports
- C. invisible imports exceed visible exports
- D. visible exports exceed visible imports
- E. visible exports exceed invinsible imports
One way of importing goods without the use of foreign exchange is through
- A. exchange controls
- B. entrepot trade
- C. quota
- D. tarriffs
- E. counter trade
Which of the following assists a Nigerian producer to participate in trade fairs and exhibitions abroad?
- A. Nigerian Ports Plc
- B. Shipping and Clearing Agents
- C. Federal Airports Authority of Nigeria
- D. Customs and Excise Authority
- E. Nigerian Exports Promotion Council
Which of the following assists a Nigerian producer to participate in trade fairs and exhibitions abroad?
- A. Nigerian Ports Plc
- B. Shipping and Clearing Agents
- C. Federal Airports Authority of Nigeria
- D. Customs and Excise Authority
- E. Nigerian Exports Promotion Council
A partner who contributes to the capital but does not take part in running the business is known as
- A. a sleeping partner
- B. an active partner
- C. a general partner
- D. a nominal partner
- E. a limited partner
Which of the following guides the operations of a Partnership?
- A. Memorandum of Association
- B. Articles of Association
- C. Certificate of trading
- D. Certificate of Incorporation
- E. The Deed
Which of the following guides the operations of a Partnership?
- A. Memorandum of Association
- B. Articles of Association
- C. Certificate of trading
- D. Certificate of Incorporation
- E. The Deed
An agency that is involved in moving goods or people from place to place for a fee is called
- A. courier agent
- B. consignor
- C. manufacturer
- D. common carrier
- E. factor
An agency that is involved in moving goods or people from place to place for a fee is called
- A. courier agent
- B. consignor
- C. manufacturer
- D. common carrier
- E. factor
Which of the following is not a means of water transport?
- A. Liner
- B. Tanker
- C. Barge
- D. Tramp
- E. Truck
The capital of a company indicated in the Memorandum of Association is known as
- A. authorized capital
- B. capital owned
- C. working capital
- D. fixed capital
- E. called-up capital
The capital of a company indicated in the Memorandum of Association is known as
- A. authorized capital
- B. capital owned
- C. working capital
- D. fixed capital
- E. called-up capital
At what stage is acceptance of offer by post valid? When the letter is
- A. written
- B. posted
- C. delivered
- D. replied
- E. read
At what stage is acceptance of offer by post valid? When the letter is
- A. written
- B. posted
- C. delivered
- D. replied
- E. read
The amount which the insured pays the insurer periodically is
- A. surrender value
- B. premium
- C. interest
- D. compensation
- E. contribution
The dealers who buy and sell stocks and shares in their own name are called
- A. jobbers
- B. brokers
- C. bears
- D. stags
- E. bulls
Which of the following is not an economic grouping?
- A. International Bank for Reconstructing And Development (IBRD)
- B. Lake Chad Basin Commission (LCBC)
- C. United Nations Organization (UNO)
- D. Niger Basin Commission (NBC)
- E. Mano River Union (MRU)