1.         A person who invented a new machine for making beverages may protect his exclusive     right by

            A. labelling the product         

B. obtaining a patent

            C. choosing a name for the product 

D. obtaining a trade mark

2.         Which of the following occupations come under the extractive industry?

            I. Cattle-rearing, lumbering, farming

            II. Mining, quarrying, hunting

            III. Ship building, road construction, iron bending

            IV. Singing, dancing, barbing

            A. I,II and III only     

B. I,II and IV only 

C. land II only 

D. II and III only

3.         Which of the following is sent a supplier who does not want to sell on credit?

            A. Proforma invoice   

B. Quotation  

C. Consular invoice .

D. Advice note

4.         Retail outlets that have identify store design, layout and stock display are

            A. multiple shops       

B.  tied shops             

C. mobile shops   

D.  supermarkets

5.         Life assurance premium is determined by the assured’s

            A. educational level   

B. age 

C. reputation

D. number of children

6.         Which of the following is not a contract of indemnity?

            A. Marine Insurance  

B. Fire Insurance 

C. Life Assurance

D. Burglary Insurance

7.         A stale cheque is one on which the date for payment is

            A. overdue     

B. yet to come  

C. missing

D. due

8.         When an order cheque is endorsed it becomes a

            A. confirmed cheque

B. bearer cheque  

C. dishonoured cheque

D. cleared cheque

9.         The authority given to a bank to make regular payments on behalf of a customer is

            A. credit transfer        

B. bank endorsement 

C. standing order

D. bank overdraft

10.       The taking over of privately owned businesses by the government is called

            A. indigenization   

B.  commercialization

C. nationalization 

D. privatization

11.       The rate of turnover is the number of times within a given period that

            A. stock is sold and replaced   

B. closing stock is sold and replaced

            C. purchases are added to stock  

D. average stock is sold

12.       Which of the following would be used when goods are sent through independent carriers’?

            A. Delivery note

B. Dispatch note  

C. Consignment note

D. Advice note

13.       Which of the following is a feature of sole proprietorship?

            A. Legal entity’

B. Unlimited liability  

C. Limited/liability

D. Continuity

14.       If a country devalues its currency, there would be

            A. reduction in imports   

B. reduction in exports

            C. increase in production locally 

D. increase in standard of living

15.       Establishing and maintaining mutual understanding between an organization and its          customers is known as

            A. marketing concept

B. advertising  

C. public relations

D. sales promotion

16.       Which of the following requires a certificate of trading to start business?

            A. Public corporation   

B. Public limited company

C. Cooperative society

            D. Private limited company

17.       A document through which the public is invited to subscribe to the shares of a company    is a

            A. Memorandum of Association

B Article of Association 

C. Prospectus

D. Debenture

18.       The tax paid on goods produced within a country is known as

            A. import duty     

B.  excise duty   

C. ad valorem duty  

D.  customs drawback

19.       The letters RID on a cheque shows that the cheque is

            A. paid           

B.  dishonoured.   

C certified   

D. accepted

20.       The mode of conveying liquids and gases through an. underground channel is

            A. pipeline      

B.  rail transport 

C. road transport   

D.  Sea  transport

21.       Which of the following is a source of capital to a sole proprietorship?

            A. Loans from friends   

B. Admission of new member

            C. Issue of shares    

D. Issue of debentures

22.       A ship that travels without schedule is called a

            A. passenger liner  

B.  tramp  

C. cargo liner   

D. tanker

23.       For over staying in a port, a. ship is charged a fine called

            A. dock due   

B. commission   

C. interest

D. demurrage

24.       Stocks, shares and debentures traded in the stock exchange are called

            A. bears   

B. bulls       

C. securities 

D. collaterals

25.       Which of the following is a reduction in the catalogue price?

            A. Rebate

B. Cash discount  

C. Commission

D. Trade discount

26.       The document that helps to determine the country from where goods were imported is

            A. bill of lading     

B. ships manifest   

C. certificate of origin

D. certificate of trading

27        The internal regulations of a limited company are stated in the

            A. Memorandum of Association,

B. Articles of Association

            C. Certificate of Incorporation          

D. Share Certificate

28.       Which of the following features is common to all retailers?

            A. Operating as sole-proprietors   

B Selling to the final consumers

            C. Operating with small capital   

D. Selling on hire purchase to consumers

29.       A private limited company differs from a public limited company because it

            A. offers rights issues to existing shareholders  

B. has a separate entity from the owners

            C cannot easily transfer shares  

D.   declares dividend.

30.       Exchange is facilitated by

            A. taxation   

B. quotas  

C. specialization

D. good supervision

31.       Which of the following is not a means of transportation by water?

            A. Canoes      

B. ex-dividend    

C. Tramps   

D. at premium

32.       The nominal value of KC Ltd’s share is 50k and the market value is 70k. This means that the company shares are selling

            A. at par .

B. ex dividend    

C. cum dividend    

D. at premium

33.       Those who are engaged in exploiting natural resources are in

            A. commercial occupation     

B. constructive occupation

            C. manufacturing occupation  

D. extractive occupation

34.       A sale agreement whereby the buyer takes possession but not title to the goods is

            A. credit purchase.

B. hire purchase 

C. auction sales

D. direct sales

35.       Which of the following is not an example of Marine Insurance?

            A. Fidelity

B. Hull

C. Cargo

D. Freight

36.       The owners of a public limited company are

            A. board of directors

B. management team 

C. shareholders

D. government

37.       Which of the following justifies the existence of public enterprises?

            A. Making quick decision  

B. Creating monopoly

            C. Making profit for government  

D. Providing essential services

38.       Who among the following has no voting right?

            A. Preferred ordinary shareholders  

B. Ordinary shareholders

            C. Deferred shareholders  

D. Debenture holders

39.       One of the main objectives of International Bank for Reconstruction and Development     (IBRD) is to

            A. settle interbank indebtedness        

B. lend to poor countries

            C. oversee the activities of banks abroad

            D. encourage trade liberalization among members

40.       Which of the following is not a function  of a commercial bank? 

            A. Collection of deposit

B. Safe custody services

            C.  Issuing of currency   

D.  Agents of payment

            Use the diagram below to answer questions 41 and 42

41.       “P” in the diagram above represents

            A. commerce   

B. home trade 

C. Wholesale trade  

D. entrepot trade

42.       What does ‘V’ represent in the diagram?

            A. Trade   

B.  Home trade    

C. Retail trade  

D. Commerce

43.       The Police and the Army are engaged in

            A. direct service occupation  

B. indirect service occupation

            C. industrial occupation         

D. primary occupation

44.       Which of the following are exclusively functions of marketing?

            A. Buying, pricing, selling and promotion

            B. Risk-bearing, storage, production and transporting

            C: Organizing, risk-bearing, transporting and storage

            D. Production, promotion, distribution and recruiting

45.       A type of life policy where the assured or his dependents win not get anything if he did    not die within the period of the policy is known as

            A. group policy

B. whole Ife policy   

C. endowment policy

D. term policy

46.       Which of the following note would be sent to a buyer to inform him that the goods he      ordered have bee dispatched?

            A. Advice Note

B. Delivery Note  

C. Credit Note

D. Consignment Note

47.       The post office service that allows a traveller without a fixed address to collect his letter   is known as

            A. poste restante        

B. recorded delivery 

C. speed post

D. express service

48.       Which of the following is not a function of an entrepreneur?

            A. Co-ordination        

B. Risk bearing 

C. Entertaining

D Making decision

49.       A place where dutiable goods are kept until duties on them are paid is known as

            A. private warehouse

B. public warehouse

            C. bonded warehouse

D. manufacturer warehouse

50.       The cost of advertising is ultimately borne by the

            A. manufacturer

B. consumer 

C. wholesaler

D. retailer