Commerce is a structured system for exchanging goods between buyers and sellers. It involves studying the processes and activities related to buying and selling goods and services, particularly on a large scale.
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Question 1: Which of the following gives the correct order in which the listed documents are used?
Options:
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
Show Answer
The correct answer is B .
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Question 2:
One of the principles of insurance is
Options:
A) Proximate cause
B) Fidelity guarantee
C) Consequential loss
D) Surrender value
Show Answer
The correct answer is A .
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Question 3:
A group of sellers who pool their resources to buy goods in large quantities and sell to its members is a
Options:
A) wholesaler cooperative society
B) thrift and credit society
C) consumer cooperative society
D) chamber of commerce
Show Answer
The correct answer is A .
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Question 4: Tourism serves the purpose of
Options:
A) cross-cultural understanding and peaceful interaction
B) opening values for leaving the country
C) economic development and naturilization
D) exploiting the country's natural endowment
Show Answer
The correct answer is D .
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Question 5: A distinguishing characteristics of a limited liability company is that it
Options:
A) is a collection of many sole proprietors
B) is a multiple partnership
C) can sue and be sued
D) has limited resources
Show Answer
The correct answer is C .
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Question 6: The variety of goods and services which a company offers for sale is its?
Options:
A) place mix
B) promotion mix
C) price mix
D) product mix
Show Answer
The correct answer is D .
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Question 7: The second tier security market is
Options:
A) an appendage to the Nigeria stock exchange
B) a member of the Nigeria stock exchange
C) meant for the shares of quoted private companies
D) a regulating arm of the Nigerian stock exchange
Show Answer
The correct answer is B .
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Question 8: The insurance principle that allows an insurance an insurance company to take over the rights of the insured once he has been compensated is
Options:
A) indemnity
B) proximate cause
C) utmost good faith
D) subrogation
Show Answer
The correct answer is D .
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Question 9:
The creation of goods and services to satisfy human wants is referred to as
Options:
A) manufacturing
B) commercialization
C) production
D) entrepreneurship
Show Answer
The correct answer is C .
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Question 10: Which of the following must be present in an agency by agreement?
Options:
A) intentions
B) will
C) consent
D) authority
Show Answer
The correct answer is A .