1) A distinguishing characteristic of a limited liability company is that
A. is a collection of many sole proprietors
B. is a multiple partnership
C. has limited resources
D. can sue and be sued
2) Freight note is a document
A. issued by a shipping company giving details of changes
B. used by government to transport goods from one country to another
C. used for payment for imported goods
D. given by an importer to pay for goods at a future period
3) Which of the following are the components of commerce? I. trading and advertising II. warehousing and transportation III. packing and branding IV. Insurance and banking
A. I and II
B. I,II and IV
C. II, III and IV
D. I and III
4) Extractive industries may also be denominated as
A. direct industries
B. servicing industries
C. indirect industries
D. primary industries5
5) A common requirement for public and private limited companies in Nigeria is that
A. a shareholder cannot transfer his shares to someone else without permission from other shareholders
B. shares cannot be offered or sale on the stock exchange
C. their annual accounts are made available to the corporate affairs commission
D. shares can be offered for sale through an issuing house
6) Mr. Olatunde took up a fire insurance on a property valued at ₦1000 and the amount insured is ₦80. Thee ₦400. If the property caught fire causing a loss of insurance was taken with the clause with average what is the amount to be paid bý the insurance company?
A. ₦420
B. ₦320
C. ₦460
D. ₦560
7) One major characteristic of credit unions and thrift societies is that
A. the contribution of every member depends on the member’s ability
B. the legal processes involved in their formation are rigid
C. membership is compulsory to people in the same line of business
D. a minimum of ten people in the same line of business can form the union
8) An author’s exclusive right to his published and unpublished works is known as
A. constitutional right
B. author’s right
C. copyright
D. patent right
9) The management function that makes the difference in intensity of behavior is
A. controlling
B. motivation
C. coordinating
D. planning10
10) Charges for loans paid by commercial banks to the Central Bank of Nigeria are called
A. credit charges
B. interest rates
C. bank charges
D. bank rates
