Which of the following businesses can raise capital through the stock exchange?
- A. Sole proprietorship
- B. Private company
- C. Public company
- D. Cooperative society
The reward for land as a factor of production is
- A. wage
- B. rent
- C. profit
- D. interest
Which type of occupation is a carpenter engaged in?
- A. Commercial
- B. Construction
- C. Extraction
- D. Manufacturing
The word ”limited” written after the name of a company means that
- A. it has a democratic system of management
- B. members are liable to the extent of their shareholdings only
- C. the company is a going concern
- D. profit is determined by management
All activities geared towards the distribution and exchange of goods and services is _______
- A. commerce
- B. market survey
- C. personal selling
- D. trade
An example of a primary product is _____
- A. textile
- B. palm oil
- C. flour
- D. cocoa
The process of changing raw materials into finished goods is ________
- A. construction
- B. extraction
- C. manufacturing
- D. marketing
Commerce started as a result of _______
- A. competition
- B. distribution
- C. privatization
- D. Specialization
The function of a merchant wholesaler is to
- A. find markets for producers' finished goods
- B. bring buyers and sellers together
- C. possess title to the goods, store and sell to retailers
- D. buy in bulk, store and sell to retailers as desired
Departmentalization is an aspect of
- A. directing
- B. organizing
- C. planning
- D. controlling
Chibuzor agreed to make a dress for Hauwa with September 20, 1995 as the delivery date, if the dress was not ready on that date, Hauwa could
- A. sue chibuzor for specific performance
- B. seize another gown from chibuzor's shop
- C. regard the contract between then as terminated
- D. sue chibuzor for damage
Which of the following has power to order withdrawal of a particular food item from circulation?
- A. Federal High Courts in Nigeria
- B. Standard Organization of Nigeria
- C. Local Government Health Inspectors
- D. Food and Drugs Department of the Federal Ministry of Health
The macro-environmental forces and trends which are a constraint on business operations are referred to as
- A. internal factors
- B. external factors
- C. economic factors
- D. technical factors
Which of the following countries are members of the Lake Chad Basin Commission?
- A. Niger and Cameroon
- B. Benin and Nigeria
- C. Nigeria and Mali
- D. Chad and Benin
Services rendered to the public is provided by
- A. domestic servants
- B. civil servants
- C. government
- D. professionals
The payment made periodically in respect of an insurance policy entered into is known as
- A. surrender
- B. bond
- C. premium
- D. commission
The art of soap making is an example of
- A. tertiary occupation
- B. construction occupation
- C. primary occupation
- D. secondary occupation
A proforma invoice is not required when
- A. quoting for the supply of good
- B. dealing regularly with a customer
- C. goods are sent on approval
- D. final prices are uncertain
A form of money with face value which is greater than the value of the metal contents is
- A. bank notes
- B. legal tender
- C. commodity money
- D. token money
Hire purchase is advantageous to the seller in that
- A. it elevates his living standard
- B. people pay on installment
- C. his turnover will increase
- D. it enhances high level of patronage
| NAME | INSURED AMOUNT(₦) |
ACTUAL VALUE(₦) |
ACTUAL LOSS(₦) |
| Mr. P Mr. K Mr. R |
25,000 30,000 40,000 |
100,000 120,000 150,000 |
30,000 40,000 50,000 |
What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?
- A. insurable interest
- B. uberrimae fidei
- C. subrogation
- D. indemnity