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Financial Accounting& Commerce QUIZ STUDY
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'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 beware

The main feature of a supermarket is the sales of
A. office equipment only
B. food stuff only
C. general house hold goods
D. building materials

The ship that is used as a sea taxi is called
A. linen
B. tramps
C. tankers
D. coasters

Which of the following is NOT a reward for labour
A. profit
B. salaries
C. Wages
D. allowances

The person who calculates premium, sums assured and surrenders value in insurance contact is called
A. accountant
B. actuary
C. value
D. auditor

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

In the contract of sale of goods, 'let the buyer beware' is signified by
A. del credere
B. caveat vendetta
C. caveat emptor
D. res ipsa loquitor

The main purpose for establishing a public corporation is to
A. provide employment
B. provide essential
C. make profit
D. establish a monopoly

Into which of the following two broad areas can trade be divided
A. Home and foreign trade
B. Whole and retail trade
C. Imports and exports
D. Visible and invisible trade

Which of the following is not rue 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 company

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 goods

The most common means of transport in the riverine area is
A. bus
B. canoe
C. train
D. helicopter

Which of the following cheques could not be cashed across the counter?
A. Crossed cheque
B. Order cheque
C. Certified cheque
D. bearer Cheque

In marketing, any good or service that satisfies the consumer is called a
A. place
B. product
C. promotion
D. price

Which of the following is a non consumable item in the office?
A. Furniture
B. loose sheet
C. Office pins
D. file tags

One of the obstacles to achieving the objectives of ECO WAS is
A. lack of common currency
B. colonial linkage
C. sovereignty of states
D. language difference

One of the main objectives of establishing he 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 living

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 he country

In Nigeria, the body that ensures that its members operate according to their professional ethics is the

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.

The principle of indemnity is NOT applicable to
A. life assurance
B. accident insurance
C. fire insurance
D. marine insurance

The advertising medium which combines sight and sound is the
A. radio
B. television
C. print media
D. poster

The closure of the unregistered patent medicine stores is geared toward sound
A. economic environment
B. social environment
C. physical environment
D. legal environment

Recommendations made by the central bank to the commercial banks in respect of their lending policy is known as
A. directives
B. Moral suasions
C. Advisory notes
D. Consolidation

Way bill is a document giving details of goods sent by
A. Public vehicle, train and air
B. Train and ship
C. Ship alone
D. air alone

An association of the principal business concerns in an area is referred to as
A. Article of association
B. Memorandum of association
C. chamber of commerce
D. Chamber of companies

Commission salesmen include the following except
A. Factors
B. brokers
C. Del credere agents
D. Partners

Which of these is a form of sales promotion?
A. Advertising on radio
B. Offering free samples
C. Distributing printed materials
D. advertising on internet

Which of the following has the shortest effect on the consumer?
A. Fashion
B. lnnovation
C. Fad
D. Attribute

The business in the stock exchange is characterized essentially by
A. dealing
B. Brokage
C. Speculations
D. transactions

The insurance policy which provides full cover against all risk at sea is known as
A. policy with particular average
B. policy free of particular average
C. Marine freight insurance
D. marine voyage policyinsurance

A major liability of a commercial bank arises from
A. customer's deposit
B. loans and advances
C. Overdrafts
D. staff allowances

In the channel of distribution, which of the following sets is entirely is entirely made up of middle men?
A. wholesale, retailer and agents
B. Manufacturers, consumers and retailer
C. wholesales, agents, and consumers
D. Retailer, manufacturer, and wholesale

Most foreign trade transaction are paid through the use of
A. central bank cheques
B. bank draft drawn by commercial banks on their foreign branches
C. Irrevocable and confirmed letter of credit
D. Letter of credit authenticated by the embassies of the respective countries.

The merger of two companies producing same type of produce is an example of
A. vertical integration
B. Horizontal integration
C. Integral merger
D. An acquisition

Given Opening stock 40,000 Purchases 115,000 Closing stock 60,000 Sales 250,000 What is the cost of goods sold?
A. N1 55,000
B. N95,000
C. N50,000
D. N30,000

The business organization in which shareholders have equal votes is
A. Sole proprietorship
B. Partnership
C. Cooperative
D. Limited liability company

One type of investment that has a variable income is
A. Debentures
B. Preferred shares
C. Government bonds
D. Ordinary shares

A public limited company can raise long term loan through
A. The capital market
B. The money market
C. Bank draft
D. Discount houses

Factorizing is a trade debt term used when the agents buys all the trade debts of the
A. Importer
B. Exporter
C. Nations
D. customers

Stevedores as a term in foreign trade means men who
A. inspect goods in the ships
B. lmport goods by ships
C. Collect duties
D. Load and unload ships

A close indent is an instruction to an agent to
A. Order goods from a particular manufacturer
B. Order goods from any manufacturer
C. sell goods in any form
D. Sell goods to a certain firm

Profit expressed as a percentage of the cost of good is referred to as
A. margin
B. markup
C. gain percentage
D. gross profit

The main advantage of a sole trader is its freedom to
A. employ anyone he likes
B. seek advice from any source
C. take quick decision
D. Plough all the profit into the business

In the case of voluntary liquidation of a business, the receiver is appointed by
A. Creditors
B. Debtor
C. Director
D. Shareholder

When a company was more of loans than equity to finance its business, the company is said to be
A. Bankrupt
B. Solvent
C. Highly geared
D. ln a strong position

Right issue means the
A. Issue of shares to the directors of company on favourable firms
B. issue of shares of a company only to the founders of the company
C. Right of shareholders to vote on any issue
D. Issue of shares to shareholders on favourable terms

A term which indicates that a share is temporarily suspended is
A. ex- dividend
B. un-dividend
C. bond
D. Stock

Excise duties are paid on goods that are
A. Imported into the country
B. manufactured within the country
C. exported to other countries
D. Kept in bonded warehouse.

The practice by which an insurance company accepts a very large risk and later shares it with other insurance company is called
A. subrogation
B. contribution
C. re-insurance
D. indemnity

Goods imported to a country for the purpose of re- exporting attracts a rebate known as
A. customer drawback
B. export royalty
C. incentive
D. export rebate

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

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