OBAFEMI AWOLOWO UNIVERSITY ILE -IFE 2OO8 POST UME TEST

1. “Caveat emptor” as a commercial legal word means (a) Let the seller beware (b)Let the producer beware (c) Let the buyer be awarded (d) Let the buyer bewareRight choice – Option B

2. The main feature of a supermarket is the sale of (a) Office equipment only (b) Foo-d stuff only (c) General household goods (d) Building materials Right choice – Option B

3. The ship that is used as a sea taxi is called (a) Linens (b) Tramps (c) Tankers (d) .coastersRight choice – Option B

4. Which of the following is not a reward for labour (a)Profits (b) salaries (c) Wages (d) allowancesRight choice – Option B

5. The person who calculates premium, sums assured and surrenders value in insurance contract is called (a)accountant (b) actuary (c) valuer (d) auditorRight choice – Option B

b. Under the law of insurance, exemption clauses (a) protect the insured against the insurance company (b)protect the insurance company (c) protect the third party under the contract (d)enable the insured to claim on the insurance company Right choice – Option B

7. in the contract of sale of goods, ‘let the buyer beware’ is signified by (a) del credence (b) caveat vendetta
(c)caveat emptor (d) res ipsaloquitor Right choice – Option B

8. The main purpose for establishing a public corporation is to (a) provide employment (b)provide essential services (c) make profit (d)establish monopolyRight choice – Option B

9. Into which of the following two broad areas can trade be divided (a) home and foreign trade (b) wholesale and retail trade (c) imports and exports (d) visible and invisible tradeRight choice – Option B

10. Which of the following is not true of sole proprietorship? (a) It has a separate legal entity (b) It has unlimited liability (c) It has slim chances of expansion (d) It can convert into a companyRight choice – Option B

11. Commerce means (a) The creation of utility (b) Exchange of goods and services (c) exchange and distribution of goods and services (d) Exchange and distribution of goodsRight choice – Option B

12. The most common means of transport in the riverine area is (a)Bus (b)Canoe (c) Train (d). HelicopterRight choice – Option B

13. Which of the following cheques could not be cashed across the counter? (a) Crossed cheque (b) Order cheque
(C) certified cheque (d) Bearer chequeRight choice – Option B

14.In marketing, any good or service that satisfies the consumer is called a (a) Place (b) Product (c) Promotion (d) PriceRight choice – Option B

15. Which of the following is a non-consumable item in the office? (a)Furniture (b) Loose sheets (c) Office pins
(d) File tags Right choice – Option B

l6. One of the Obstacles to achieving one objective of ECOWAS is (a) Lack of common currency (b) Colonial linkages (c) Sovereignty of states (d) Language differences Right choice – Option B

!7. One of the main objective of establishing the Niger River Basin commission was to (a) Embark on a comprehensive survey of the available water resources (b) Carry out research for the development of fresh water fisheries (c) Develop infrastructures to facilitate economic activities (d) Promote trade among member-states to improve standards of livingRight choice – Option B

18. The basic function of the Nigerian Port Authority is to (a) Ensure that the right caliber of personnel is employed at the Ports (b) Coordinates and regulate the activities of shipping lines (c)Facilitate and control the movement of goods and services into and out of the country (d) Coordinate the activities of all the seaports in the country’ Right choice – Option B

19. In Nigeria, the body that ensures that its members operate, according to their professional ethics is the
(a) SON (b) NPF (c) MAN (d) NAFDAC Right choice – Option B

20. The current highest decision-making body on privatization and commercialization of public enterprises in Nigeria is the (a) National Council on Privatization (B) Securities and Exchange Commission (c) Nigeria investment Promotion Commission (d) Bureau of Public Enterprises Right choice – Option B

21. The principle of indemnity is NOT applicable to (a) Life assurance (b) Accident insurance (c) Fire insurance (d) Marine insurance Right choice – Option B

22. The advertising medium which combines sight and sound is the (a)Radio (b) Television (c)Print media (d)posters Right choice – Option B

23. The closure of the unregistered patent medicine stores is geared towards sound (a) economic environment (b)social environment (c)physical environment (d) Legal Environment Right choice – Option B

24. Recommendation made by central banks to the commercial banks in respect of their lending policy is known as
(a) directives (b) moral suasion c)advisory notes (d) consolidation Right choice – Option B

25. Way bill is a document driving details of goods sent by (a) public vehicle, train and air (b) train ad ship
(c) ship alone (d) air alone Right choice – Option B

26. An association of the principal business concerns in an area is referred to as (a) Article of association
(b) Memorandum of Association (c) Chambers of Commerce (d) Chambers of Companies

27. Commission salesman include the following except (a)Factors (b) Brokers (c)Del credere agents (d) Partners Right choice – Option B

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