The overriding advantage of home trade over foreign trade is
- A. accessibility of seller to buyer
- B. absence of many documents
- C. ease in language of transaction
- D. ease in form of payment
Which of the following document permit an importer to inspect his goods before the arrival of the bill of lading?
- A. Bill of sight
- B. Import invoice
- C. Consular invoice
- D. Bill of exchange
The document that indicate instant payment of cash for goods whenever the are delivered is
- A. credit note
- B. proforma invoice
- C. debit note
- D. statement of account
The main document sent to an importer of goods by the exporter are?
- A. invoice, consular invoice, certificate of orign, fright note, indent and insurance policy
- B. indent, bill of lading, certificate of orign, invoice and bill of exchange
- C. certificate of orign, bill of exchange, insurance policy, indent and bill of lading
- D. bill of lading, invoice insurance policy, consular invoice, certificate of orign and bill of exchange
Kamaldeen is a seller in a hire-purchase agreement with Emeka. By law, Kamaldeen cannot recover the hire purchased goods. This is an instance of a restriction on
- A. Emeka's right to terminate the agreement
- B. Kamaldeen's right to re-hire the Goods
- C. Emeka's right to breach the agreement
- D. Kamaldeen's right to terminate the agreement
A company which issues a promissory note in lieu of payment for goods purchased
- A. can refuse to pay ondue date since it is only a promise
- B. is bound to redeem the note for cash on due date
- C. is not bound to renew the note before payment
- D. can return the goods purchase and refuse to pay
Kabir receives two quotations. Ade quotes N 100 less 20% trade discount and 20% cash discount while Benson N100 less 30%trade discount and 10% cash discount. If Kabir wants to take advantage and cash discount, then
- A. the material should be supplied by Ade
- B. the material should be supplied by both of them
- C. the material should be supplied by Benson
- D. Benson should be ask to reduce his trade discount
The term ‘5 Net 7’ on an invoice means that?
- A. 5% discount will be allowed on the price charged if payment is made within seven days
- B. 5% discount will be allowed on the price charged if payment is made after seven days
- C. 5% surcharge will be made unless payment is made within seven days
- D. 5% dicount will be allowed on the charged if the goods are bought within seven days
The document represents a
- A. Bill of exchange
- B. Cheque
- C. Money order
- D. A. Promissory note
Use the document below to answer question
Okon Etim Esin is the?
- A. debtor
- B. creditor
- C. exporter
- D. importer
Which of the following is not a veritable source of funds to a public limited company?
- A. government financial grant
- B. advances and loan from banks
- C. internally generated funds
- D. funds from the sale of shares
A business whose owners enjoys loan facilities on the basis of personal goodwill is a?
- A. commercial bank
- B. thrift society
- C. co-operative society
- D. community bank
An abridged version of a company’s income statement for 11993 contains the following information:
N
Turnover 286.5
cost of goods sold 147.5
overhead and other expenses 85.5
Taxes due for the year 26.9
What was the company’s profit before tax for 1993?
- A. 26.9 million
- B. 53.5 million
- C. 139.2 million
- D. 286.5 million
A company has an authorized capital of 40 million shares at N1 per share, out of which 32 million shares have been issued and fully paid-up. The remaining 8 million shares have
- A. been issued but have not been paid-up
- B. been applied for but not issued
- C. not been paid-up
- D. not yet been issued
Musa obtains wool from his sheep, spins and transforms it into cloth which he sells to consumers. This is a form of
- A. vertical integration
- B. horizontal integration
- C. forward intergration
- D. backward integration
The primary motive behind an individual engaging in production is to?
- A. fully engaged all the factors of production
- B. make available goods and services
- C. meets projected profit
- D. meet basic human needs
A common requirement for public and private limited companies in Nigeria is that
- A. a shareholder cannot transfer his shares to someone else without permission from other shareholders
- B. their annual account are made available to the Corporate Affairs Commision
- C. shares can be offered for sale on the stock exchange
- D. shares can be offered for sale through an issuing house
Use this information to answer the question below.
Aboki Plc became insolvent and decided to wind up to meet the legitimate claims of its creditors. Babalawee was called in to manage the dissolution.
Babalawee is ___________?
- A. a claimant
- B. a manager
- C. an assessor
- D. a reciever
Use the information below to answer questions 3 and 4.
Aboki Plc, became the insolvent and decided to wind up to meet the legitimate claims of its creditors.
Babalawee was called in to manage the dissolution.
after paying the debts of aboki Plc, the balance goes to?
- A. Aboki Plc
- B. Babalawee
- C. shareholders
- D. creditors
Commerce makes it possible for man to live in a
- A. complex and organized society
- B. society characterized by subsistency
- C. society characterized by dependency
- D. simple and organized society
The conversion of raw material into finished products creates
- A. Marginal utility
- B. Place utility
- C. form utility
- D. time utility