Tolu purchased goods from Yemisi and is to pay custom duties before collection. The goods are likely to be collected from
A bonded warehouse stores imported goods pending customs duty payment, allowing buyers like Tolu to clear duties before collection.
The three major functional units which the modern computer has are
A modern computer consists of input units (e.g., keyboard), a processor (CPU), and output units (e.g., monitor), handling data entry, processing, and display.
In international trade, the capital account includes which of the following? I. Foreign investment, II. Long-term lending, III. Short-term lending, IV. Foreign exchange reserve, V. Short-term borrowing
The capital account records capital flows like foreign investment (I), long-term lending (II), and short-term borrowing (V). Foreign exchange reserves and short-term lending typically fall under other accounts.
The elimination of faults in a computer program is called
Debugging is the process of identifying and fixing errors (bugs) in a computer program to ensure it operates correctly.
Aliyu bought 100 shares at the stock market through a stockbroker. He was told the price of each share was N3 cum div. This means that Aliyu
‘Cum div’ means the share price includes the right to the next dividend, so Aliyu will receive it upon purchase.
The forum for the selling and buying of securities of small and medium companies is called
The Second Tier Security Market facilitates trading of securities for small and medium-sized companies, aiding their capital access.
A wholesale dealer in securities is known as
A jobber is a professional dealer who buys and sells securities in bulk, acting as a market maker on the stock exchange.
Modern business philosophy emphasizes
Modern business philosophy prioritizes customer satisfaction, focusing on meeting customer needs to ensure loyalty and long-term success.
The main role of advertising is to
Advertising primarily aims to persuade prospective buyers to purchase products or services through compelling and targeted messages.
The concept of limiting the types, sizes, and other characteristics of a product line without sacrificing utility or durability is called
Simplification reduces product variety while maintaining utility and durability, streamlining production and inventory management.
The focal point of all marketing efforts is the
The customer is the core of marketing efforts, as satisfying their needs drives effective strategies and business success.
Aligun displays goods on shelves in his supermarket. This is an example of
Displaying goods on shelves is an invitation to treat, prompting customers to make an offer to buy, which the seller can accept or reject.
The process of bringing a company under exclusive ownership and control is known as
Nationalization involves the government taking full ownership and control of a company, often to serve public interests.
Quoting as the agent of P, Q lawfully and reasonably incurs the amount of N50 as expenses. If Q comes to P for payment, this instance of P’s duty is to
P has a duty to indemnify Q, compensating for reasonable expenses incurred while acting as P’s agent, as per agency law.
In a hire purchase agreement between Argungu Ltd and Maikudi, Argungu Ltd inserted a provision that it can enter Maikudi’s premises at any time and remove the hired vehicle for any breach. This provision is
The provision is unlawful as it violates Maikudi’s privacy and property rights, rendering it unenforceable under contract law.
In every simple contract, the price which was paid to purchase a promise is called
Consideration is the value or price exchanged for a promise in a contract, making it legally binding and enforceable.
One major disadvantage of a cartel is that it
A cartel reduces competition by colluding to control prices and output, leading to higher prices and inefficiencies for consumers.
Staff position in an organization borders on
Staff positions provide advisory and support roles to line managers, lacking direct authority over operational decisions.
The line function in a typical manufacturing enterprise is normally performed by the
The marketing department performs line functions, directly contributing to core activities like sales and promotion in a manufacturing firm.
Which of the following are basic requirements as business resources?
The basic business resources, known as the 4Ms, include men (human resources), materials, money, and machines, essential for operations.
Under what function of management would the motivation of employees fall?
Directing involves leading, motivating, and guiding employees to achieve organizational goals, making it the function for motivation.
The main thrust of government policy in the evolving good business environment in Nigeria is the need to
Nigerian government policies focus on attracting local and foreign investors to stimulate economic growth and improve the business environment.
The business environment includes which of the following components?
The business environment comprises external factors like economic, social, and political conditions that impact business operations.
When a business enterprise provides free service to its environment, the service is said to be a
Providing free services to the community is an act of social responsibility, contributing to societal welfare beyond profit motives.
Inventory control is an aspect of
Inventory control is a key component of materials management, ensuring efficient tracking, storage, and use of goods.
The reduction of import duties among the member countries of ECOWAS is an example of
Preferential tariffs involve reduced import duties among ECOWAS members to promote regional trade and economic integration.
In a common market, member countries agree basically to
A common market establishes free trade among members and imposes common external tariffs on non-members to protect the regional market.
Which of the following group of countries are members of the Niger Basin Commission?
The Niger Basin Commission includes countries like Nigeria, Burkina Faso, and Guinea, which share the Niger River Basin.
The desired monetary integration within ECOWAS sub-region has the overriding benefit of
Monetary integration in ECOWAS reduces currency barriers, facilitating enhanced trade among member states by simplifying transactions.
A document that confirms ownership of goods stored in a warehouse is known as
A warehouse warrant confirms ownership of stored goods, often used as collateral or proof of ownership in trade.
The process of dividing a market into distinct groups with similar needs is called
Market segmentation divides a market into groups with similar needs or characteristics to tailor marketing strategies effectively.
A letter of credit in international trade is used to
A letter of credit ensures the exporter receives payment from the importer’s bank once trade terms are met, reducing payment risks.
The primary function of the Nigerian Deposit Insurance Corporation (NDIC) is to
The NDIC insures bank deposits, protecting depositors from losses due to bank failures, thus promoting financial stability.
Which of the following is a feature of a cooperative society?
In a cooperative society, profits are distributed based on members’ patronage or participation, reflecting their cooperative principles.
The document that specifies the maximum amount of capital a company can raise is the
The memorandum of association specifies the authorized share capital, the maximum amount a company can raise through shares.
The process of converting a cheque into cash immediately is known as
Cashing a cheque involves converting it into cash immediately at a bank, typically for the account holder or authorized recipient.
A public limited company raises capital primarily through
Public limited companies raise long-term capital through the capital market by issuing shares or bonds to the public.
The primary objective of a business plan is to
A business plan outlines goals and strategies to secure funding from investors and provides a roadmap for operational success.
Which of the following is a function of the Central Bank of Nigeria?
The Central Bank of Nigeria issues currency and regulates the money supply to maintain economic stability and control inflation.
The use of online platforms to buy and sell goods and services is known as
E-commerce involves using online platforms to conduct buying and selling of goods and services, facilitating global trade and convenience.
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