In the law of contact, a counter offer operates as
- A. A contact
- B. an acceptance
- C. a rejection
- D. a rejection
Privatization is
- A. Transfer of ownership from individual to government
- B. Transfer of ownership from government to stakeholders
- C. Transfer of ownership from government to individuals
- D. Government taking charge of all businesses
Trade fairs in Nigeria are organized by
- A. Ministry of commerce and industry
- B. Chambers of commerce
- C. The federal Government
- D. Manufacturer’s Association of Nigeria
Which of the following is a verbal means of communication
- A. Telephone
- B. Express mail
- C. Business reply services
- D. telex
One of the major problems of a sole proprietor is sourcing for
- A. Funds
- B. Labour
- C. Raw materials
- D. Machineries
Current account holders withdraw money through
- A. Credit card
- B. Cheque
- C. Transfer
- D. Withdrawal form
The act of selling in a foreign market at a price lower than the cost price is called
- A. Dumping
- B. hedging
- C. fair trading
- D. under sale
If a business uses part of its profit to develop the area where it operates, the business is fulfilling its ______
- A. economic responsibilities
- B. marketing responsibilities
- C. social responsibilities
- D. managerial responsibilities
Any activity directed at conveying commodities to buyers is an aspect _________
- A. selling
- B. delivering
- C. advertising
- D. marketing
Factors considered when setting up a retail business is one of the following _________
- A. capital, experience and trading
- B. experience, term of trade, and trading
- C. capital, trading and term of trade
- D. capital, type of goods and source of supply
The production of goods and services in anticipation of demand is made possible by _______
- A. packaging
- B. warehousing
- C. branding
- D. advertising
The effects of devaluation includes all except _______
- A. exports become cheaper
- B. expansion of local industries
- C. increase in standard of living
- D. increase in import
Land as a factor of production does not vary in _______
- A. quantity
- B. nature
- C. quality
- D. cost
The type of activity which turns processed raw materials into consumer and industrial goods is described as ________
- A. extractive
- B. manufacturing
- C. constructive
- D. processing
The business unit that applies the principle of one man, one vote is ______
- A. sole proprietorship
- B. partnership
- C. public company
- D. co-operative society
Which of the following is an item in the marketing mix?
- A. Demand
- B. promotion
- C. market
- D. consumer
The scope of commerce is limited to ________
- A. wholesale and entrepot trade
- B. trade and aids-to-trade
- C. wholesale and retail trade
- D. home and foreign trade
A system where customer patronage is sought by producing what they need is referred to as _______?
- A. sales promotion
- B. market promotion
- C. product promotion
- D. market orientation
The Nigeria Stock Exchange consist of ______
- A. primary and secondary-tier market
- B. secondary and primary market
- C. money and commodities market
- D. commercial and mortgage market
Risk bearing in business organisation is a function of the _____
- A. employees
- B. customers
- C. entrepreneur
- D. manager
A demonstration of social responsibility by a business is the payment of _______
- A. taxes to government
- B. dividends to shareholder
- C. interest on loans
- D. premium on insurance