OBAFEMI AWOLOWO UNIVERSITY ILE IFE 2012 POST UTME TEST

1. The distribution and exchange of goods and services for the satisfaction of wants is the concern of A.Production B. Utility C. Commerce D. industry

2. Which of the following has no limit to its membership? A. Ordinary partnership B.Private Limited Company
C. Limited partnership D.Co-operative Society

3. Which of the following does not lead to the dissolution of a partnership? A. absence of a deed of Partnership
B. withdrawal of a Partner C. incapacity of any of the partners D. completion of contractual term

4. Which of the following are features of a limited liability company? i. Separate legal entity ii. Right to sue but not be sued iii. Has its own corporate name iv. the inability of members is limited
A. l, lland lll B. ll, lll and lV C. l, ll and lV D. l,lll and lV

5. When shares are sold “EX-DIV”, it means that A.No dividend is Paid on the shares B.The buyer receive the dividend C.The seller receive the dividend D.The stock exchange receives the dividend

6. A retail outlet meant to sell only a particular manufacturer’s product is known as a A. Co-operative Shop B.Chain storeC. Department store D. Tied shop

7. An unfavorable balance of trade for a country mean that her A. Exports exceeds import B. Visible imports exceeds visible exports C. invisible export exceeds visible imports D. import & exports are equal

8. What is the lifespan of a cheque which is drawn but not presented immediately for payment? A. 3Odays B.2month C. 6months D.l2months

9. Which of the following is not a functions of money? A. a medium of exchange B. serves as a store of value
C. easily recongnisable D. makes deffered payment possible

10. Who among the following does not function in the stock exchange market? A. Bull B. Broker C. Jobber D.Promoter

11. Which of the following does not influence the choice of a means of transport? A. Distance B. value of goods C. Urgency D. Brand of vehicle

12. Which of the following types of cheque protect the holder against risk of loss A. Open cheque B. Bearer cheque C. Postdated cheque D. Crossed cheque

13. 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

14. Which of the following is sent by a supplier who does not want to sell on credit? A. Proforma invoice B.Quotation C. Consular invoice D. Advice note

15. 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

16. 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

17. Which of the following describes the reason for international trade? A. Balance of payment B. Comparative cost advantage C. Absolute cost advantage D. Balance of trade

18. The selling of article from place to place on foot is A. Mail order B. Itinerant trading C. Barter D. Self service

19. Which of the following is the safest way of sending important document s through the post? A. Registered mail
B. Parcel post C. Letter post D. Segmenting

20. Which of the following is an advertising function? A. Packaging B. Persuading C. Grading D.Segmenting

21. Unlimited liability in business implies that the A. Risk of the owner is limited only to the amount invested
B. Debts are paid with subventions C. Property of the owners should not be used to secure loans D. Owners private property can be used to settle business debt.

22. The practice of selling a product below the cost price to attract customers to a shop is known as A. Hedging B. loss leader C. Skimming D. Under-invoicing

23. The business environment that takes into cognizance the age distribution, ethnic mix and educational level of the consumer is A. Demographic environment B. Economic environment C. Cultural environment D. Natural environment

24. An announcement of a person’s willingness to enter into a contract is referred to as A. A proxy B. An offer
C. A consideration. D. Natural Environment.

25. A major function of an entrepreneur is A. Decision-making B. Encouraging competition C. Human-resource training D. Motivating employees

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