1) Which of the following legislation aims primarily at the protection of consumers?
A. Law of contract
B. Trade description Act
C. Company’s Act
D. Partnership Act2
2) A bill of exchange already accepted can be discounted by the holder in __?
A. the central bank
B. at least two banks
C. his bank
D. any bank3
3) An agreement that is enforceable in law is __?
A. a contract
B. an offer
C. an acceptance
D. a consideration
4) The factor of production that is relatively indestructible and immobile is _?
A. capital
B. labour
C. land
D. rent5
5) An instrument used in lieu of legal tender is known as __?
A. Token money
B. commodity money
C. fiat money
D. representative
6) At the collapse of a business enterprises, the person appointed to dispose off the assets is called __?
A. an auctioneer
B. a broker
C. a liquidator
D. an auditor7
7) The process of converting a non-profit making organisation to a profit-making business is __?
A. indigenisation
B. privatisation
C. deregulation
D. commercialisation8
8) The letters E and OE stands for __?
A. Errors of exception
B. Errors and omissions excepted
C. Estimated and order error
D. End of error
9) When a buyer has been overcharged for goods supplied, the seller issues a _?
A. debit note
B. proforma invoice
C. letter of credit
D. credit note10
10) The fees charged on postal order by the post office is _?
A. interest
B. brokerage
C. poundage
D. premium
