A business organization that exploits the capabilities of a member to remedy the weakness of another is a
- A. joint venture
- B. partnership
- C. nominal partnership
- D. cooperative
One of the functions of a retailer is the
- A. breaking of bulk
- B. provision of credit facilities to relations
- C. provision of jobs for customers
- D. financing of production activities
An agreement that is enforceable in law is
- A. a contract
- B. an acceptance
- C. an offer
- D. a consideration
The process of converting a non-profit making organisation to a profit-making business is
- A. commercialisation
- B. deregulation
- C. indigenisation
- D. privatisation
A bill of exchange already accepted can be discounted by the holder in
- A. the central bank
- B. his bank
- C. at least two banks
- D. any bank
Which of the following attracts only interest but leaves the capital unpaid?
- A. a development bond
- B. a long term loan
- C. an irredeemable bond
- D. redeemable bond
One disadvantages of advertising is that it
- A. could be misleading
- B. decreases sales
- C. reduces profit
- D. causes over stocking
The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is
- A. uberrimae fidei
- B. subrogation
- C. contribution
- D. proximate cause
A factor necessary for siting of a warehouse is nearness to
- A. labour
- B. consumers
- C. capital
- D. raw materials
I. Its unlimited nature
II. The number of partners
III. The withdrawal of a major of partner
IV. The bearing of risk
Which of these is both merit and demerit in partnership?
- A. III and IV
- B. I only
- C. II only
- D. I and II
An individual that links the producer with the retailer is
- A. an agent
- B. a wholesaler
- C. a principal
- D. an entreprenuer
The activity which entails buying of goods in bulk and selling in small quantities to retailers is
- A. wholesaling
- B. retailing
- C. merchandising
- D. assembling
Which of the following legislation aims primarily at the protection of consumers?
- A. Company's Act
- B. Partnership Act
- C. Trade Description Act
- D. Law of contract
Parts payments made on alloted shares by subscribers is usually the
- A. authorized capital
- B. subscribed capital
- C. called -up capital
- D. issued capital
The type of letters that are delivered through the normal mail or by airmail express service is referred to as
- A. express letters
- B. registered letters
- C. inland letters
- D. airmail letters
A major objective of all business resources is
- A. human relation
- B. profit making
- C. public relation
- D. profit sharing
The document that explains the types of shares available for sale to the public is
- A. a prospectus
- B. an invoice
- C. closed indent
- D. an open indent
Which of the following is not a veritable source of funds to a public limited liability company?
- A. advances and loans from bank
- B. internally generated funds
- C. government financial grants
- D. funds from the sale of shares
An agent who has to sell perishable goods without the prior authority of the owner becomes an agent by
- A. estoppel
- B. conduct
- C. necessity
- D. ratification
Which of the following regulates and controls the activities in the Nigerian Stock Exchange?
- A. CBN
- B. BPE
- C. SEC
- D. NDIC
A demerit of communication is that it
- A. increase the cost of goods in transit
- B. give room for distortion of fact
- C. hinder quick reception of messages over a long distance
- D. makes payment for goods cumbersome