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Q1. Ships that sail across the ocean and operate on scheduled timetables are
AFerries
BOcean liners
CTramp steamers
DCoastal liners
Correct Answer: B
Ocean liners operate on fixed schedules across oceans, transporting passengers. Ferries cover short routes, tramp steamers lack fixed schedules, and coastal liners stay near coastlines.
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Q2. Non-insurable risks include
AGambling
BDamage to property
CDeath
DMarine problems
Correct Answer: A
Gambling is a non-insurable risk due to its speculative nature. Property damage, death, and marine issues are insurable as they can be actuarially assessed.
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Q3. Coverage against unexpected events is called
AInsurance
BAssurance
CWarranty
DReinsurance
Correct Answer: A
Insurance covers unexpected events like accidents. Assurance is for certain events, warranties cover product defects, and reinsurance is for insurers.
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Q4. An insured risk which occurs accidentally as a result of a defect in a ship is
AVoyage policy
BA total loss
CAn emergency
DA particular average
Correct Answer: D
A particular average is a partial loss from an accidental ship defect, covered by insurance. Voyage policy is a type, total loss is complete loss, and emergency is not a term here.
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Q5. In business, the computer is very important especially in
AFinancial management
BMarketing management
CEducational management
DInformation management
Correct Answer: D
Computers are vital for information management, handling data storage and processing. They support financial, marketing, and educational tasks, but information management is primary.
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Q6. The current highest decision-making body on privatization and commercialization of public enterprises in Nigeria is the
ANational Council on Privatization
BSecurities and Exchange Commission
CNigeria Investment Promotion Commission
DBureau of Public Enterprises
Correct Answer: A
The National Council on Privatization oversees privatization and commercialization in Nigeria. Other bodies have related but secondary roles.
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Q7. The members of the Niger Basin Commission include
AGuinea, Ghana and Niger Republic
BBurkina Faso, Guinea and Nigeria
CThe Gambia, Benin Republic and Chad Republic
DNigeria, the Gambia and Cameroon
Correct Answer: B
The Niger Basin Commission includes Burkina Faso, Guinea, and Nigeria, among others in the Niger River Basin. Other options include non-members.
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Q8. Business environment refers to all elements that are
AOutside an organization but relevant to its operations
BInside an organization but relevant to its operations
CInternal to an organization and relevant to its operations
DExternal to an organization but indirectly related to its operations
Correct Answer: A
The business environment comprises external factors (economic, political) impacting operations, outside the organization’s control.
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Q9. Consumer rights include the right to
ACredit
BFree samples of a product
CRedress
DA share of profits
Correct Answer: C
Consumers have the right to redress, seeking remedies for faulty products. Credit, samples, and profits are not standard rights.
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Q10. In Nigeria, the body that ensures that its members operate according to their professional ethics is the
ASON
BMAN
CNMA
DNAFDAC
Correct Answer: C
The Nigerian Medical Association (NMA) enforces ethical standards for medical professionals. SON, MAN, and NAFDAC have different roles.
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Q11. A transporter who had to sell some perishable goods without the prior authority of the owner becomes an agent by
AConduct
BNecessity
CRatification
DEstoppel
Correct Answer: B
An agent by necessity acts without prior authority in emergencies, like selling perishable goods to prevent loss.
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Q12. Poor sewage disposal, oil spillage and indiscriminate refuse dumping all lead to
ALand and water pollution
BAir and water pollution
CLand pollution only
DAir pollution only
Correct Answer: A
Sewage, oil spillage, and refuse dumping contaminate land and water, causing land and water pollution.
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Q13. One of the advantages of commercialization is that it
AEncourages entrepreneurship
BIncreases the salaries of workers
CMotivates government to establish more business
DGives workers on-the-job training
Correct Answer: A
Commercialization fosters entrepreneurship by making businesses profit-driven and competitive.
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Q14. A common element in all contracts is
AOffer
BConsideration
CAcceptance
DAgreement
Correct Answer: D
An agreement, encompassing offer and acceptance, is essential for all contracts. Consideration is also key but part of the agreement.
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Q15. Sources of finance available to a business include personal savings, loans from banks, and
ACentral bank loans
BOverdrafts
CCentral bank money
DMoney from political parties
Correct Answer: B
Overdrafts are a common business finance source, allowing overdrawing. Central bank loans and political funds are not typical sources.
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Q16. Charges for loans paid by commercial banks to the Central Bank of Nigeria are called
ABank rates
BCredit charges
CInterest rates
DBank charges
Correct Answer: A
Bank rates are the interest rates commercial banks pay to the Central Bank for loans.
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Q17. In the primary market, new shares are issued through
APersonal selling
BAdvertising and advertising
CA prospectus
DAn offer for sale and a bill of exchange
Correct Answer: C
New shares in the primary market are issued via a prospectus, inviting public investment.
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Q18. The instruments of credit include
ABillboards and postal stamps
BPayment vouchers and statement of account
CBills of exchange and promissory notes
DBills of exchange and salary vouchers
Correct Answer: C
Bills of exchange and promissory notes are credit instruments facilitating transactions.
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Q19. The shares of a company listed on the stock exchange for sale are referred to as
ARegistered shares
BDeferred shares
CIssued shares
DQuoted shares
Correct Answer: D
Shares listed on the stock exchange are quoted shares, publicly traded.
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Q20. What is the role of the capital market in the privatization exercise in Nigeria?
ASelling the shares and stocks of the companies to be privatized
BEncouraging private companies to participate in the exercise
CNegotiating with individuals who want to buy public companies
DAdvertising for government
Correct Answer: A
The capital market sells shares of companies being privatized, enabling public investment.
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Q21. The most important function of commerce is
AAids to trade
BAdvertising
CManufacturing
DIndustry
Correct Answer: A
Commerce’s primary function is providing aids to trade (e.g., banking, transport) to facilitate exchange.
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Q22. A specialized institution in Nigeria that deals in capital investments in the form of stocks, shares, bonds and debentures is the
ASecurities and Exchange Commission
BCommodity market
CNigerian Stock Exchange
DCentral Bank of Nigeria
Correct Answer: C
The Nigerian Stock Exchange handles capital investments like stocks and bonds.
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Q23. A group of assets which a business acquires with the intention of reselling them are referred to as
ACurrent assets
BInvestment assets
CFixed assets
DIntangible assets
Correct Answer: A
Current assets, like inventory, are acquired for resale within a short period.
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Q24. Authorized share capital is also known as
ACalled-up share capital
BPaid-up share capital
CRegistered share capital
DIssued share capital
Correct Answer: C
Authorized share capital, or registered share capital, is the maximum a company can issue.
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Q25. An action taken by a company outside its object clause is regarded as
AUltra vires
BA trespass
CUberrimae fides
DCaveat Emptor
Correct Answer: A
Ultra vires actions exceed a company’s legal object clause.
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Q26. The strategy adopted by a firm that ceases to operate at one or more locations because of inactivity is
AConsolidation
BFocus
CRejuvenation
DDiversification
Correct Answer: A
Consolidation involves closing unprofitable locations to focus on viable ones.
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Q27. A written partnership contract is known as
AAn invoice
BA deed
CA prospectus
DA proposal
Correct Answer: B
A partnership deed is the written contract outlining partnership terms.
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Q28. The merger of a textile mill, a cement company and a tannery is referred to as
AConglomerate merger
BHorizontal merger
CLateral merger
DVertical merger
Correct Answer: A
A conglomerate merger involves unrelated industries like textiles, cement, and tannery.
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Q29. The occupational structure of a country typically includes sectors like extraction, trade, services, and public administration, which are collectively referred to as
ACommerce
BIndustry
CFinance
DConstruction
Correct Answer: A
Commerce includes trade, services, and administration, facilitating economic exchange.
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Q30. Activities such as banking, transportation, and warehousing that support trade are known as
AAids to trade
BAdvertising
CManufacturing
DExtractive industries
Correct Answer: A
Aids to trade, like banking and transport, support the exchange of goods.
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Q31. The primary objective of a cooperative society is to
ARaise capital for members
BPromote members' welfare
CMaximize profit for investors
DSecure government grants
Correct Answer: B
Cooperatives aim to promote members’ welfare through mutual support and shared benefits.
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Q32. A document issued to a buyer showing the quantity, description, and price of goods bought is called
AReceipt
BInvoice
CWaybill
DCheque
Correct Answer: B
An invoice details the quantity, description, and price of goods sold to a buyer.
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Q33. The difference between the cost price and the selling price of an article is
AGross profit
BNet profit
CMarkup
DDiscount
Correct Answer: A
Gross profit is the difference between selling price and cost price before expenses.
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Q34. The process of buying and selling within a country is referred to as
AInternational trade
BDomestic trade
CBarter trade
DEntrepot trade
Correct Answer: B
Domestic trade involves buying and selling goods within a country’s borders.