A partnership may be automatically dissolved due to the following factors except________
A
Court verdict
B
Joint decision
C
Admission of new partners
D
Bankruptcy of a partner
↪ Answer
2
One of the disadvantages of Sole Proprietorship is__________
A
It requires small operations
B
It involves small capital
C
It lacks specialization
D
Grants from government
↪ Answer
3
In the formation of a united liability company, the following documents are prepared except_______
A
Memorandum of Association
B
Article of Association
C
Statement of Nominal Capita
D
Prospectus
↪ Answer
4
The process of winding up or bringing a company to an end is________
A
Dissolution
B
Liquidation
C
Integrating
D
Merger
↪ Answer
5
Use the following information to answer this question.
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital | 5000 |
Net Profit | 1000 |
Furniture | 2000 |
Equipment | 2900 |
Debtors | 100 |
Stock | 1000 |
Bank | 500 |
From the above, calculate Current assets
A
1600
B
1060
C
1500
D
600
↪ Answer
6
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital | 5000 |
Net Profit | 1000 |
Furniture | 2000 |
Equipment | 2900 |
Debtors | 100 |
Stock | 1000 |
Bank | 500 |
From the above, calculate Fixed assets
A
6500
B
2000
C
4900
D
600
↪ Answer
7
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital | 5000 |
Net Profit | 1000 |
Furniture | 2000 |
Equipment | 2900 |
Debtors | 100 |
Stock | 1000 |
Bank | 500 |
From the above, calculate Current liabilities
A
100
B
6000
C
600
D
3000
↪ Answer
8
In a law of contract, what is given in exchange for a promise to perform is_____
A
offer
B
acceptance
C
warranty
D
consideration
↪ Answer
9
In Nigeria, it is mandatory for all business enterprises to be registered with the________
A
Government
B
Corporate Affairs Commission
C
Agent
D
Enterprise
↪ Answer
10
All but one does not provide an Indirect Service?
A
Custom Officers
B
Family Doctors
C
Civil Servants
D
Law Makers
Examples of commercial occupation are all except___________
A
Bankers
B
Traders
C
Insurers
D
Goldsmith
↪ Answer
12
All but one is not an output devices?
A
Joystick
B
Monitor
C
Plotter
D
Printer
↪ Answer
13
A self-contained chunk of code with principal aim to replies preferably undetected and to copy itself into the computer’s memory and the computer’s hard-disk is_________
A
Hardware
B
Software
C
Computer remedies
D
Virus
↪ Answer
14
The risks that can be forecast and measured is termed___________
A
Gambling
B
Insurable risks
C
Non-Insurable risks
D
Indenmity Insurance
↪ Answer
15
The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________
A
The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be
B
Aviation Insurance
C
Marine Insurance
D
Life Assurance
↪ Answer
16
Thee major aim of consumer orientation is_________
A
consumer satisfaction
B
consumer sovereignty
C
what to produce
D
market research
↪ Answer
17
The policy used when contracts are awarded as a result of tender is________
A
market penetration
B
market skimming
C
Bid Pricing
D
Product Line Pricing
↪ Answer
18
One of these is not a major in the production process?
A
Producers
B
Distributors
C
Marketers
D
Consumers
↪ Answer
19
Examples of consumer goods include all except________
A
Nurse
B
Cars
C
Spoon
D
Shoes
↪ Answer
20
The most important resources of business is_______
A
Human resources
B
Money resources
C
Material resources
D
Opportunities
The difference between Articles of association and memorandum of Association is that the latter deals
A
with the Internal working relationship of the company and its members
B
with the powers and relationships of the company with outsiders
C
The method of issue, transfer and future of the company’s shares
D
The rights and responsibilities of shareholders
↪ Answer
42
All except one is not a corporation and boards at the federal level
A
FRCN
B
NNPC
C
CBN
D
MAN
↪ Answer
43
The basic characteristics of co-operative society include all except one
A
It is managed democratically
B
It follows the principle of one man
C
Amateur Management
D
Extra capital is raised through loan
↪ Answer
44
The basic characteristics of co-operative society include all except one
A It is managed democratically
B It follows the principle of one man
C Amateur Management
D Extra capital is raised through loan
↪ Answer
45
Which of the limited liability companies have a limit of fifty members and do not issues their shares to the public
A
Private limited liability
B
Public limited liability
C
Partnership
D
Co-operative society
↪ Answer
46
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
₦ | ₦ | ||
Opening stock Purchase |
1000 7000 |
Sales | 8000 |
Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate
Gross profit
A
300
B
3000
C
6000
D
11000
↪ Answer
47
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
₦ | ₦ | ||
Opening stock Purchase |
1000 7000 |
Sales | 8000 |
Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate
Net profit
A
1400
B
5000
C
1600
D
6400
↪ Answer
48
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
₦ | ₦ | ||
Opening stock Purchase |
1000 7000 |
Sales | 8000 |
Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate
Percentage of net profit to turnover
A 30%
B A. 5%
C B. 10%
D 20%
↪ Answer
49
An offer extended to several people at once is called
A
Acceptance
B
Offeror
C
Invitation to threat
D
Consideration
↪ Answer
50
A conter offer is an offer that is
A
different from the original offer
B
breached
C
different in terms of acceptance
D
extended to several people at once
Which of these is not a merit of division of labour
A
results in specialization
B
brings about an element of automation
C
Training in new jobs is facilitated
D
Creates monotony in the worktask
↪ Answer
62
The function of management that establish objectives for the organization and trying to determine the best ways to accomplish them
A
organizing
B
planning
C
directing
D
controlling
↪ Answer
63
The provision of qualified managerial and other skilled personnel for an enterprise is called
A
Directing
B
Controlling
C
Planning
D
Staffing
↪ Answer
64
A number of shipping lines operating on a certain route, which agree on a common policy regarding the conditions under which goods are to be carried
A
Cartel
B
Conference
C
Syndicate
D
Trust
↪ Answer
65
The difference between a chamber of commerce and a trade association is that the former
A
is not restricted to a particular industry
B
is a branch of trade that sells product
C
consists of members engaged in the same trade
D
are association of individuals or firms
↪ Answer
66
Which of these is a document used in International trade?
A
Debit note
B
Credit note
C
Invoice
D
Price ring
↪ Answer
67
All but one is not a barriers to foreign trade
A
Natural Barriers
B
Economic Barriers
C
Social and Language Barriers
D
Trade Fair
↪ Answer
68
The difference between the buying price and the selling price of a share is referred to as
A
Commission
B
Profit
C
Jobber’s Profit
D
Turnover
↪ Answer
69
A bear market is said to be in existence in a period of
A
Boom
B
Stump
C
Bullish
D
Stagflation
↪ Answer
70
Use the following information to answer this question.
Oladosu Bookshop
54, Ahmadu Bello Way
Kaduna
P.O.BOOX 336
6 January 1989
Olu Stationery ltd
17, Kakawa Street
Lagos
Dear Sir,
We require 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books.
Please give us quotes for the respective articles for immediate delivery and a statement of your terms of trade.
Yours Faithfully
Manager.
The above represents?
A
A quotation
B
Consignment notes
C
Letters of Inquiry
D
An order form
For Inquiry:
Call/Whatsapp: 07062277854
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