The main idea of the marketing concept is that all the firm’s plans and operations should be
- A. product oriented
- B. price oriented
- C. consumer oriented
- D. company oriented.
Which of the following business risks would an insurance firm not cover for an entrepreneur?
- A. Theft
- B. Fire
- C. Loss of goods in transit
- D. Change in consumers' taste
An advertising campaign by a chicken seller designed to sell his products at the expense of a beef seller is
- A. competitive
- B. direct
- C. informative
- D. persuasive
Bonded warehouses are supervised by
- A. clearing and forwarding agents
- B. customs and excise authorities
- C. immigration officers
- D. posts Authorities
Which of the following instruments of payment could be used in international trade?
- A. Promissory note
- B. B. Postal order
- C. I. O.U
- D. Bill of exchange
One of the qualities of tradable goods is
- A. divisibility
- B. heterogeneity
- C. homogeneity
- D. perishability
The amount a current account holder is allowed to withdraw in excess of the balance in his account is _______
- A. standing order
- B. overdraft
- C. interest
- D. credit transfer
The purpose for which the Central Bank sells securities is to
- A. reduce the interest rate
- B. reduce cash in the economy
- C. increase cash in the economy
- D. incrcase the interest rate
Which of the following means of payment requires acceptance by the debtor to make it valuable?
- A. Bearer's cheque
- B. Bill of exchange
- C. Postal order
- D. Promissory note
One of the functions of the ports authority is
- A. checking the activities of smugglers.
- B. collecting import duties
- C. enforcing law and order in harbours
- D. providing warehousing services.
The practice by which insurance companies share risks with other insurance companies is
- A. contribution
- B. re-insurance
- C. insurance
- D. underwriting
Speed is an important factor to be considered for the choice of means of transport where goods are
- A. perishable
- B. interior
- C. fragile
- D. bulky
The right of a seller to make corrections on invoices is expressed by the term
- A. errors and omissions excepted
- B. errors omissions excluded
- C. errors and omissions exempted
- D. errors and omissions expected
The main function of a bureau-de-change is
- A. buying and selling foreign currency
- B. buying and selling securities information
- C. providing trade information
- D. selling goods and services
The expected response from the recipient of a quotation is to send
- A. an advice note
- B. a cheque for payment
- C. an invoice
- D. an order
Use the information below to answer questions 20 and 21.
| Opening stock | 4000 |
| Closing stock | 12000 |
| Purchases | 17000 |
The cost of goods sold is
- A. N4,000
- B. N9,000
- C. N16,000
- D. N21,000
Use the information below to answer questions 20 and 21.
| Opening stock | 4000 |
| Closing stock | 12000 |
| Purchases | 17000 |
What is the average stock?
- A. NI0,500
- B. N8.500
- C. N8,000
- D. 6000
An error on an invoice may be rectified by issuing
- A. an advice note
- B. a consignment note
- C. a credit note
- D. a delivery note
The collection of import duty is a function of the
- A. ports authority
- B. marketing boards
- C. clearing and forwarding agents
- D. customs and excise authority
A country’s balance of trade of -$20 million shows that its
- A. import volume is greater than export
- B. import and export volumes are equal
- C. export volume is greater than imports
- D. exports are mainly primary products
Which of the following is not a condition for dissolution of a partnership?
- A. Continuous disagreement among partners
- B. Expiration of a business year
- C. Mutual consent of the patners
- D. Termination of the venture