1. The type of activity turns processed raw materials into consumer and industrial goods is descried as (a)extraction (b)manufacturing (c) constructive (d) processing Right choice – Option B

2. A company earned a total revenue of = N = 108 million with a total cost of= N =91 million in 1991. If it paid 45% tax its gross profit for that year, determine its net profit. (a) = N = 24. 65million (b) = N= 17.00 million
(c) = N= 9.35 million (d) = N = 7.65 million Right choice – Option C

3. The production process that combines two or more raw materials into one end product is (a) Conditioning (b)blending (c) merging (d) synthesis Right choice – Option B

4. Sole enterprise may flourish best in (a) a mining business (b) a retailing business (c) an oil exploration business (d) a car assembly business Right choice – Option B

5. A demonstration of social responsibility by a business is the payment of (a) taxes to government (b) dividends to shareholders (c) interest on loans (d) premium for insurance Right choice – Option A

6. The difference between the total payments for imports and the receipts from exports within a given period is referred to as (a) balance of payments (b) balance of trade (c)comparative cost advantage (d) comparative advantage Right choice – Option A

7. A distinguishing characteristic of a limited liability company is that is (a) is a collection of many sole proprietors (b) is a multiples proprietors (c) can sue and be sued (d) has limited resources Right choice – Option C

8. Which of the following statements is TRUE about sea transport? (a)all ships have specific routes to ply (b)all ships must be insured at every journey (c) all ships are insured separately from the crew (d) all ships normally arrive at their destination with goods Right choice – Option C

9. Which of the following takes place when firms producing at different stages in the same industry combine?
(a)Conglomeration (b)vertical integration (c) horizontal integration (d) cartel Right choice – Option B

10. Goods discharged ships on which import duties have not been paid are kept in the (a) ordinary warehouse (b)public warehouse (c) private warehouse (d) bonded warehouse Right choice – Option D

11. NACCIMA stands for (a) Nigerian -American Centre for Culture, industries,Mines and Arts (b) Nigerian Association for Culture, civics industries Minerals and Arts (c) National Agency for Culture, Civilization, investments ,Manufacturing and Agriculture (d) Nigerian Association of Chambers of Commerce,industries, Mines and Agriculture Right choice – Option D

12. What are the factors with which commercial undertakings can be distinguished? (i)Size of the undertakings (ii)Profits generated ( ii) forms of ownership (iv) Location of the undertakings
(a) I and ll only (b) I and lll only (c) ll and lll only (d) lll and lV only Right choice – Option B

13. For the establishment of a powerful consumers’ association in Nigeria to exist, there must be (a) Financial and moral support from the public (b) honest and committed leadership (c) allocation of goods from the producers
(d) freedom from external influence. Right choice – Option D

14. The merger of two companies producing the same type of products is an example of (a)vertical integration (b)horizontal integration (c) lateral merger (d) an acquisition Right choice – Option A

15. Which of the following is the most important business resource? (a) money (b) management (c) materials (d)manpower Right choice – Option D

16. In the case of a voluntary liquidation of a business, the receiver is appointed by the (a) creditor (b)debtors (c) directors (d) shareholders Right choice – Option A

17. Which of the following makes other functions of business its appendages? (a) production (b) marketing (c)finance (d) personnel Right choice – Option B

18. The nominal value of a share as specified in the Memorandum of Association and the share certificate is
the (a)discounted value (b) stock value (c)face value (d) par value Right choice – Option C

19.The use of computers in modern banking industry is a reflection of (a) competitive development (b) scientific development (c) economic development (d) technological development Right choice – Option D

20. A public limited company can raise long -term loans through (a)the capital market (b)the money market (c)bank overdrafts (d) discounts houses Right choice – Option A

21. RRF as a scheme introduce by the Central Bank of Nigeria means (a) Recording and Re-discounting Faculty
(b) Refinancing and Recording Faculty (c) Refinancing and Re-discounting Faculty (d) Refinancing and Reinvesting Faculty Right choice – Option A

22. The breaking down of a market into separate and identifiable elements each with its own special product requirements is known as market (a)differentiation (b)segmentation (c)penetration (d)identification Right choice – Option D

23. Which of the following gives the correct order in which the listed documents are used? (a)debits note, order, delivery note, invoice and statement (b)order, delivery note, invoice, debit note and statement (c) statement, order invoice, delivery note and debit note (d) invoice, order, statement, debit note and delivery note Right choice – Option B

24. When an industry or company is nationalized, the state becomes(a) the majority shareholder (b) the minority shareholder (c) the only shareholder (d) an equal shareholder with other individuals Right choice – Option V

25. Freight note is a document (a) used by government transport goads from one country to another (b) issued by a shipping company giving details of charges (c) used for payments for imported goods (d) given by an importer to pay for goods at a future period. Right choice – Option B

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