OBAFEMI AWOLOWO UNIVERSITY ILE IFE 2012 POST UTME TEST

DETAILED EXPLANATION TO THE ANSWER
1. Commerce is defined as the distribution and exchange of goods and services for the satisfaction of wants Right choice – Option C

2. A cooperative society is open to a lot of membership without limit while private limited company and partnership have between 2 to 25 members Right choice – Option D

3. The absence of partnership deed cannot lead to dissolution of a partnership, this is supported by partnership law or act of 1891 Right choice – Option A

4. Separate legal entity, right to sue and be sued, corporate name and limited liability of members are features of limited liability company Right choice – Option D

5. The buyer of shares at EX-DIV is not entitled to dividend.Therefore, the seller receives the dividend Right choice – Option C

6. This are tied shop as we have in the selling of some brands of cigarette, some brands of beverages and so on Right choice – Option D

7. Unfavorably balance of trade means that visible imports exceed the visible export Right choice – Option B

8. A cheque becomes stale immediately after six months, it can be re-issued Right choice – Option C

9. Being easily recognizable does not serve as a function of money but features of money Right choice – Option C

10. A promoter is not part of the agents in stock exchange market, it just mobilize investors for the business Right choice – Option D

11. Brand of vehicle e.g Honda, toyota does not affect the choice of a means of transportation Right choice – Option D

12. A crossed cheque if misplaced cannot be used by any other person except the owner the owner of the account
and can only be paid to the persons current account Right choice – Option D

13. Public relation department maintains a favourable relationship between an organization and the public, it is
called customer care in financial institutions Right choice – Option C

14. The proforma invoice is an invoice that is usually submitted before goods are dispatched as a polite request for payment to be made in advance when a seller is not willing to sell on credit. The proforma invoice contains the goods to supplied and the prices Right choice – Option A

15. Selling on hire purchase to consumer will be unfavourable because of the little capital used by the retailer. The main target of a retailer is to sell to the final consumer Right choice – Option B

16. Pricing, buying, selling and promotion are the exclusive characteristics of marketing. Marketing do not involve recruiting, and Production Right choice – Option A

17. International trade is based on the theory of comparative cost advantage by David Richards Right choice – Option B

18. An itinerant trading which is also called peddling means hawking of good Right choice – Option B

19. Registered mails are traceable when lost Right choice – Option A

20. Advertising helps in arousing the customers’ interest and thereby Persuades them to buy Right choice – Option B

21. Right choice – Option D

22. Right choice – Option A

23. This is demographic environment, it takes into cognizance the age distribution, ethnic, educational level of the consumers Right choice – Option A

24. An offer is made by a party to the other and the offer must be unconditionally accepted. The pronouncement of
willingness to accept the contract is called acceptanceRight choice – Option D

25. Right choice – Option A

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