OBAFEMI AWOLOWO UNIVERSITY ILE -IFE 2OO8 POST UME TEST

Detailed Explanations to the Answers

1. The term caveat emptor means that the buyer should beware Right choice – Option D

2. Supermarket sells mainly food and household items on the basis of high turnover, wide variety etc’ with emphasis on merchandise appeal Right choice – Option C

3. Tramps have no fixed time-table and do not run along specific route and they are available for hire strong>Right choice – Option B

4. Profit is a reward for the entrepreneur and not for labour Right choice – Option A

5. An actuary is a person involved in life assurance’ assessing the risks and calculating the premium and handling matters connected with pension funds Right choice – Option B

6.Right choice – Option –

7 . Caveat emptor Right choice – Option C

8. The essence of government setting up a business is to render essential services to the masses Right choice – Option B

9. Trade is divided into home trade and foreign trade Right choice – Option A

10. A sole proprietorship is not a legal entity which can sue and be sued Right choice – Option A

11. Commerce simply means the exchange and distribution of goods and services Right choice – Option C

12. Canoe is the easiest and commonest means of moving goods and services in a riverine area Right choice – Option B

13. Crossed cheque are not cashed at the counter, it must be paid into a current account Right choice – Option A

14. Product is chosen because production is aimed at satisfying the consumer. Thus, the result of production is a product which creates utility Right choice – Option B

15. Furniture if used is not exhaustible unlike other options given Right choice – Option A

16. The different currencies in the sub-region has greatly reduced trading activities among member states which hinders the achievement of ECOWAS Right choice – Option A

17. Embark on a comprehensive survey of the available water resources Right choice – Option A

18. Nigerian Port Authority manages control and general operations of the seaports in Nigeria Right choice – Option D

19. Manufacturers Association of Nigeria ensures that its members in accordance to their professional ethics Right choice – Option C

20. Bureau of Public Enterprises Right choice – Option D

21. Every other type of insurance are insurance of indemnity except life assurance Right choice – Option A

22. Television is an audio-visual electronic medium of advertising Right choice – Option B

23. Legal environment is a framework which take action against unregistered patent venture Right choice – Option D

24. Special directives are instructions issued by Central Bank to commercial banks restricting their lending or credit policy Right choice – Option A

25. Waybill is a document giving details of goods sent by any means of transportation Right choice – Option A

26. Chamber of Commerce Right choice – Option C

27. Partners do not receive commission as a salesman because they are not salesmen Right choice – Option D

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