Mr Lou who assured his life with XYZ Assurance Company, was involved in an accident and had a broken leg; the sum of #80,000 was paid to Mr Lou for his broken leg. The money received is known as
- A. compensation
- B. commission
- C. premium
- D. indemnity
Mr Lou who assured his life with XYZ Assurance Company, was involved in an accident and had a broken leg; the sum of #80,000 was paid to Mr Lou for his broken leg. The money received is known as
- A. compensation
- B. commission
- C. premium
- D. indemnity
Which of the following arrangement of documents is the correct sequence as used in the retail trade? i. Quotation ii. Enquiry iii.Order iv Invoice
- A. i,ii,iii,iv
- B. ii,i,iii,iv
- C. i,iv,iii only
- D. i,iii,iv only
An activity involving buying, selling, distribution of goods and services is known as
- A. trade
- B. marketing mix
- C. exchange
- D. commerce
An activity involving buying, selling, distribution of goods and services is known as
- A. trade
- B. marketing mix
- C. exchange
- D. commerce
The document which is used when a country imposes ad valorem duties is
- A. bill of lading
- B. consular invoice
- C. certificate of origin
- D. open indent
The document which is used when a country imposes ad valorem duties is
- A. bill of lading
- B. consular invoice
- C. certificate of origin
- D. open indent
The satisfaction of customers in all business activities is emphasized by
- A. market research
- B. marketing concept
- C. marketing mix
- D. product differentiation
The satisfaction of customers in all business activities is emphasized by
- A. market research
- B. marketing concept
- C. marketing mix
- D. product differentiation
Who among the following generally has no capacity to enter into a valid contract
- A. School principals
- B. Infants
- C. Agents
- D. Religious ministers
The document which specifies the manufacturer from whom goods are to be imported is
- A. closed indent
- B. open indent
- C. export invoice
- D. consignment note
The combination of product, price, promotion and distribution decisions employed by a company is referred to as
- A. pricing policy
- B. marketing mix
- C. product mix
- D. marketing concept
The combination of product, price, promotion and distribution decisions employed by a company is referred to as
- A. pricing policy
- B. marketing mix
- C. product mix
- D. marketing concept
The document which helps in ascertaining the correct value of imports in order to assess the custom duty is
- A. bill of lading
- B. consular invoice
- C. bill of sight
- D. ships manifest
The document which helps in ascertaining the correct value of imports in order to assess the custom duty is
- A. bill of lading
- B. consular invoice
- C. bill of sight
- D. ships manifest
The buyer in a hire purchase contract becomes the legal owner of the goods by paying
- A. initial deposit
- B. the last installment
- C. half of the purchase price
- D. two-third of the purchase price
A ceiling on the quantity of commodity to be imported into the country is called
- A. ban
- B. tariff
- C. price limit
- D. quota
The difference between the cost price and selling price of an article is
- A. commission
- B. mark-up
- C. rebate
- D. discount
A percentage reduction from the quoted price of goods given to a buyer to encourage bulk purchase is called
- A. cash discount
- B. trade discount
- C. commission
- D. bonus
A percentage reduction from the quoted price of goods given to a buyer to encourage bulk purchase is called
- A. cash discount
- B. trade discount
- C. commission
- D. bonus
The bank on which a cheque is drawn is known as the
- A. drawer
- B. drawee
- C. cashier
- D. payee