Write explanatory notes on each of the following terms as used in insurance:
(a) Subrogation;
(b) Proximate cause;
(c) Barratry;
(a) Write in full the following abbreviations as used in commerce:
(i) COD (ii) CIF (iii) FOB; (iv) E and O.E.
(b) The sale of consumer goods costing N 100,000 attracts a cash discount of 7½% and a quantity discount of 5%. Calculate the:
(i) value of the quantity discount
(ii) value of the cash discount
(iii) net amount of money payable by the buyer.
(a) State five reasons for governments participation in business
(b) Explain five problems encountered by government businesses.
(a) What is a contract?
(b) List and explain four ways by which a contract can be discharged.
(a) Explain five reasons for which manufacturers advertise their products.
(b) State five reasons for the continued criticism of advertising.
(a) State five reasons for the presence of the customs and excise authority at seaports.
(b) Explain five functions of airport authority
(a) Outline five functions of commercial banks.
(b) List and explain five ways the central bank controls the commercial banks.
(a) What is a vending machine?
(b) State six reasons why supermarkets are popular with shoppers.
(a) With the aid of a diagram, show the different classes of occupation.
(b) What is occupation?
(c) Explain with one example each, three classes of occupation shown in 1 (b) above.
The type of wholesaler that combines selling, delivery and collection in one operation is
- A. specialist wholesaler
- B. rack jobber
- C. drop shipment
- D. truck wholesaler
Which of the following is NOT backed by gold but by government securites?
- A. Fiduciary note
- B. Token money
- C. Commodity money
- D. Fiat money
The minimum lending rate of a bank is a component of its
- A. current assets
- B. debit balances
- C. credit balance
- D. fixed assets
the fee paid for transporting goods by ship is
- A. fare
- B. freight
- C. demurrage
- D. charges
which of the following is a document of title of goods
- A. bill of exchange
- B. bill of entry
- C. letter of hypothecation
- D. bill of lading
which of the following is a reason for failure of public corporations
- A. legal requirement
- B. inadequate funding
- C. political stability
- D. lack of competion
A tax charged in proportion to the value of imported goods is?
- A. specific duty
- B. ad valorem
- C. custom duty
- D. excise duty
which of the following is a disadvantage of retailing
- A. selling on credit
- B. lower prices of goods
- C. selling in smaller quantities
- D. located at convenient places
a private limited liability company differs from a public limited liability because it
- A. does not issue its shares to the public
- B. as a separate entity
- C. has many directors
- D. is a going concern
the study to discover consumers’ preference and needs is called
- A. market segmentation
- B. consumer orientation
- C. market research
- D. market mix
which of the following is a disadvantage of foreign trade
- A. it encourages dumping
- B. it widens the world market
- C. it encourages specialization
- D. it provides varieties of goods
All activities aimed at creation of a good image for an organisation are referred to as
- A. market segmentation
- B. market research
- C. public relation
- D. consumer orientation