The type of activity which turns processed raw materials into consumer and industrial goods is described as
- A. extractive
- B. processing
- C. constructive
- D. manufacturing
Current account holders withdraw money through
- A. transfer
- B. credit cards
- C. withdrawal form
- D. cheque
The duties paid on goods produced locally is
- A. export duty
- B. excise duty
- C. Ad-valorem duty
- D. quota
The part of the computer that has the capacity to interpret instruction is
- A. central processing unit
- B. universal power storage
- C. monitor
- D. keyboard
An example of extractive occupation is
- A. driving
- B. teaching
- C. banking
- D. mining
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
Which is the fastes means of transportation?
- A. road
- B. air
- C. rail
- D. water
An advantage of division of labour is
- A. productivity and total output is increased
- B. monopoly od task is eliminated
- C. interdependence of workers increase remuneration
- D. loss of individual craftmanship is minimized
The fees charged on postal order by the post office is
- A. premium
- B. poundage
- C. interest
- D. brokerage
A major function of chamber of commerce is
- A. promoting both home and foreign trade
- B. increasing productivity
- C. promoting trade in a particular line
- D. maximizing profit
The rate where a country’s exports exchange for its imports is called
- A. terms of trade
- B. balance of trade
- C. terms of payments
- D. balance of payments
A government policy that encourages transfer of ownership from foreigners to indigenes of the country is known as
- A. indigenisation
- B. commercialisation
- C. nationalisation
- D. privatisation
The function of commerce in relation to production is
- A. helping in the extraction of raw materials from nature
- B. yielding result
- C. providing a link between the different stage of conversion of good
- D. satisfying
| ₦ |
₦ |
||
|
Stock 1/1 |
20,000 | Net sales | 370,000 |
|
Add purchases |
250,000 | ||
|
Cost of goods available for sale |
270,000 | ||
|
Less stock 31/12 |
40,000 | ||
|
Cost of goods sold |
230,000 | ||
|
Rent expenses |
35,000 |
Calculate the net profit
- A. ₦35,000
- B. ₦115,000
- C. ₦105,000
- D. ₦40,000
| ₦ |
₦ |
||
|
Stock 1/1 |
20,000 | Net Sales | 370,000 |
|
Add purchases |
250,000 | ||
|
Cost of goods available for sale |
270,000 | ||
|
Less stock 31/12 |
40,000 | ||
|
Cost of goods sold |
230,000 | ||
|
Rent expenses |
35,000 |
Find the gross profit
- A. ₦150,000
- B. ₦370,000
- C. ₦230,000
- D. ₦140,000
An announcement of a person’s willingness to enter into a contract is referred to as
- A. an acceptance
- B. a proxy
- C. consideration
- D. an offer
At the collapse of a business enterprises, the person appointed to dispose off the assets is called
- A. an auctioneer
- B. an auditor
- C. a broker
- D. a liquidator
The concept that refers to the sale, transfer or exchange of goods and services is
- A. trade
- B. tariff
- C. industry
- D. marketing
Insurance against burglary is an example of
- A. non-indemnity insurance
- B. non-insurable risk
- C. indemnity insurance
- D. fidelity guarantee insurance
The government agency involved in issuing of export licences is
- A. Nigeria Port Authority
- B. Customs and Excise Authority
- C. Nigeria Export Promotion Council
- D. Nigeria Export Processing Zone