The body that organizes and participates in local and foreign trade exhibitions is the
Chambers of Commerce promote trade by organizing exhibitions to connect businesses locally and internationally.
The Continental West African Conference is a
It coordinates shipping lines to streamline maritime trade along West African routes.
The main function of thrift, credit, and loans co-operative societies is to
These co-operatives provide loans to members using pooled savings.
Management is described as
Management directs people to achieve organizational goals efficiently.
A business enterprise can be ideally structured by
Structuring by products, functions, or territories enhances efficiency.
Which sequence best fits a functional business structure?
Finance, marketing, production, and product reflect key functional areas in a business.
Free services provided by a business to its environment are
Social responsibility involves community benefits to enhance public image.
Inventory control is an aspect of
Inventory control manages stock, a key part of materials management.
Reduced import duties among ECOWAS countries are
Preferential tariffs lower trade barriers within ECOWAS.
In a common market, member countries agree to
Common markets set external tariffs to protect internal trade.
A stock release form is a
A store issues voucher authorizes inventory release.
Marine losses are categorized as
Marine losses are total (complete) or partial (partial damage).
The principle of indemnity in insurance means the insured receives
Indemnity compensates the actual loss to restore pre-loss position.
The key difference between community banks and people’s banks is
Community banks focus on rural areas; people’s banks serve both rural and urban.
A distressed bank’s assets and liabilities are managed by
NDIC manages distressed banks to protect depositors.
The stock exchange deals with
Stock exchanges trade stocks, shares, bonds, and warrants.
A private limited liability company must have
Private companies cap at 50 shareholders with restricted share transfers.
A key marketing principle is that firms should be
Consumer orientation meets customer needs effectively.
Product X, introduced at N40.00 (cost N30.90) while competitors sell at N50.00, uses
Low pricing (N40.00 vs. N50.00) aims for market penetration.
Oral presentation to prospective buyers for sales is
Personal selling involves direct buyer persuasion.
Activities promoting an organization’s image are
Public relations enhances organizational reputation.
An agent is rewarded by the principal through
Agents earn commissions or salaries for services.
A contract for tomato sales terminated due to theft is an example of
Frustration occurs when unforeseen events prevent performance.
A minor cannot enter a valid contract because he is
Minors lack legal capacity except for necessities.
A cheated person in a business deal can seek remedy
Verbal agreements are enforceable with evidence.
The most essential product element is
Utility satisfies consumer needs, defining a product’s value.
A disadvantage of nationalization is
Nationalization may hinder local skill development.
A consumer protection agency is the
FEPA ensures safe products via environmental standards.
The least contributor to Nigeria’s commercial evolution was
Traders’ unions had less impact than banks, transport, or currencies.
A critical factor in choosing an occupation is
Aptitude determines suitability for an occupation.
Direct industries are also called
Primary industries extract raw materials directly.
The primary objective of a business is to
Profit generation ensures business sustainability.
Absolute monopoly services are best provided by
Public enterprises ensure accessible monopoly services.
A warehouse authority’s document acknowledging goods deposit is a
A warehouse warrant confirms goods storage.
A feature of a cooperative society is
Profits are distributed by member patronage.
Converting a cheque to cash immediately is
Cashing converts a cheque to cash instantly.
A letter of credit in international trade
It ensures exporter payment upon meeting terms.
The main purpose of a business plan is to
A business plan secures funding and guides operations.
A function of the Central Bank of Nigeria is
It issues currency and regulates money supply.
The primary role of advertising is to
Advertising informs and persuades consumers to buy products.
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