described as
(A) extractive
(B) manufacturing
(C) constructive
(D) processing
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 on its gross profit for that year, determine its net profit.
(C) =N= 24.65 million
(C) =N= 17.00 million
(C) =N= 9.35 million
(C) =N= 7.65 million
3. The production process that combines two or more raw materials into one end product is
(A) conditioning
(B) blending
(C) merging
(D) synthesis
4. Sole enterprise may flourish best in
(A) a mining business
(B) a retailing business
(C) an oil exploration business
(C) a car assembly business
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
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
7. A distinguishing characteristic of a limited liability company is that is
(A) is a collection of many sole proprietors
(B) is a multiple partnership
(C) can sue and be sued
(D) has limited resources
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
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
10. Goods discharged from 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
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
12. What are the factors with which commercial undertakings can be distinguished?
I Size of the undertakings
II Profits generated
III forms of ownership
IV Location of the undertakings
(A) I and II only
(B) I and III only
(C) II and III only
(D) III and IV only
13. For the establishment of a poǁeƌful ĐoŶsuŵeƌs͛ assoĐiatioŶ iŶ Nigeƌia to edžist, theƌe ŵust ďe
(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.
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
15. Which of the following is the most important business resource?
(A) money
(B) management
(C) materials
(D) manpower
16. In the case of a voluntary liquidation of a business, the receiver is appointed by the
(A) creditors
(B) debtors
(C) directors
(D) shareholders
17. Which of the following makes other functions of business its appendages?
(A) production
(B) marketing
(C) finance
(D) personnel
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
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
20. A public limited company can raise long-term loans through
(A) the capital market
(B) the money market
(C) bank overdrafts
(D) discount houses
21. RRF as a scheme introduced by the Central Bank of Nigeria means
(A) Recording and Rediscounting Faculty
(B) Refinancing and Recording Faculty
(C) Refinancing and Rediscounting Faculty
(D) Refinancing and Reinvesting Faculty
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
23. Which of the following gives the correct order in which the listed documents are used?
(A) debit 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
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
25. Freight note is a document
(A) used by government to transport goods from one country to another
(B) issued by a shipping company giving details of charges
(C) used for payment for imported goods
(D) given by an importer to pay for goods at a future period
26. Motivation is an essential element in management because it
(A) leads to the improvement of staff welfare
(B) eŶĐouƌages iŶdiǀiduals to ǁoƌk toǁaƌds aĐhieǀiŶg the oƌgaŶisatioŶ͛s oďjeĐtiǀes
(C) ƌeduĐes fƌiĐtioŶ aŵoŶg the oƌgaŶisatioŶ͛s oďjeĐtiǀes
(D) helps to eliminate industrial disharmony
27. The practice by which an insurance company accepts a very large risk and later shares it with other
insurance companies is called
(A) subrogation
(B) contribution
(C) re-insurance
(D) indemnity
28. The business organization in which shareholders have equal votes is
(A) sole proprietorship
(B) partnership
(C) co-operative
(D) limited liability
29. A major liability of a commercial bank arises from
(A) Đustoŵeƌs͛ deposits
(B) loans and advances
(C) overdrafts
(D) staff allowances
30. A term which indicates that a share is temporarily suspended is
(A) ex-dividend
(B) cum-dividend
(C) bond
(D) stock
31. The most important piece of legislation governing business and commercial activities in Nigeria
currently is the
(A) Companies Decree, 1968
(B) Trade Disputes Decree, 1976
(C) Companies and Allied Matters Decree, 1990
(D) Banks and Other Financial Institutions Decree, 1991
32. The existing system of governance and the administrative sub-divisions of a country which
described as
(A) economic environment
(B) legal environment
(C) political environment
(D) social environment
33. One of the criteria for differentiating consumer markets from industrial ones is the
(A) type of demand
(B) type of supply
(C) nature of the services rendered
(D) price of the goods
34. If a fiƌŵ͛s tuƌŶoǀeƌ is =N=ϭϱ,ϬϬϬ aŶd the Đost of goods sold is =N= ϭϬ,ϬϬϬ, ǁhat is the peƌĐeŶtage of
gross profit on sales?
(A) 23.3%
(B) 33.3%
(C) 50.0%
(D) 66.6%
35. The overriding objective of the Food and Drug Act in Nigeria is to prevent the
(A) importation of food and drugs that can be locally manufactured
(B) consumption of food and drugs not tested by the ministries of health
(C) adulteration of food and drugs sold in the country
(D) manufacturers of food and drugs from charging excessive prices
36. The assets, liabilities and general management of a distressed bank may be taken over by
(A) International Bank for Reconstruction and Development
(B) Nigerian Industrial Development Bank
(C) Nigeria Deposit Insurance Corporation
(D) Nigerian Bank for Commerce and Industry
37. The activities of consumers association in Nigeria have not been effective because
(A) the consumers are too many
(B) the government is not favourably disposed towards consumerism
(C) there is poor enlightenment about consumer rights
(D) the consumers have no medium for expressing their feelings.
38. I. Companies must be registered as private limited liability companies.
II. Companies must have not less than 100 shareholders.
III. No shareholder may have more than 75% of issued share capital.
What of the above are requirements for admission into the second-tier securities market?
(A) I and II only
(B) I and III only
(C) I, II and III
(D) II and III only
39. The least of the advantages of indigenization is that
(A) the standard of living of the indigenes is improved
(B) the economy is controlled by the nationals
(C) entrepreneurial skills is developed
(D) foƌeigŶeƌs͛ doŵiŶatioŶ is aǀoided
40. An underlying principle in the marketing of goods is that firms should
(A) train their personnel
(B) be consumer oriented
(C) advertise the goods
(D) sell through outlets
41. An example of a consumer protection agency is the
(A) Nigerian Bar Association
(B) Nigerian Medical Association
(C) Federal Environmental Protection Agency
(D) Manufacturers Association of Nigeria
42. The ordinary shareholders enjoy the following rights EXCEPT the right to
(A) vote at annual general meetings
(B) elect the board of directors
(C) participate in additional issues of shares
(D) receive dividends at a predetermined rate
43. The body that organizes, promotes and participates in local and foreign trade fairs is the
(A) Ministry of Commerce and Tourism
(B) Ministry of Finance
(C) Chambers of Commerce
(D) Export Promotion Council
44. CoŵŵeƌĐe ŵakes it possiďle foƌ ŵaŶ to liǀe iŶ a …
(A) complex and organized society
(B) society characterized by subsistency
(C) society characterized by dependency
(D) simple and organized society
45. The main function of thrift, credit and loans co-operative societies is to
(A) educate their members
(B) collect money from their members
(C) disburse money to their members
(D) raise investment finance among their members
46. Which of these sets of external environmental factors affect a business operation?
(A) Competition, Industry and Product
(B) Competition, Labour and Political
(C) Political, Cultural and Labour
(D) Economic, Social and Legal
47 Management is described as
(A) getting things done through people
(B) implementation of business decisions
(C) the number of levels in an organisation
(D) the people in authority in an organization
48. The ECOBANK is the initiative of
(A) some well-meaning Nigerian shareholders
(B) the Federal Government of Nigeria
(C) West African States to foster trade
(D) the Lagos State Government to enhance capital mobilization
49. Under normal circumstances, a business enterprise can be ideally structured
(A) by product, function or territories
(B) around the personalities in the enterprise
(C) on the ruling of the management
(D) on the basis of an order from stockholders
50. Shares can be forfeited for
(A) non-payment of any due to the company
(B) non-attending three annual general meetings consecutively
(C) non-payment of call money
(D) violent activities at the Annual General Meetings
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