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Attempt All Questions in Section A and only 4 (four) in section B.

1. When a customer purchases goods in large quantities normally a reduction in

price is allowed. What is this reduction in price called?

A. Trade discount B. Profit mark C. Commission

D. Each discount

2. ------------does not contribute any Capital or take any part in the business but
allows name to be used as a partner

A. A limited partner B. Quasi partner. C. Dormant partner

D. Sleeping partner.

3. A loss arising from a debt that is not recovered is called

A. Gross Loss B. Net Loss C. Bad debt D. Mark up.

4. Which of the following is a reward to land.

A. Profit B. Wages C. Interest D. Rent

5. Document which contains a list of goods offered by a trader is known as

A. a catalogue B. an Order C. an invoice

D. a delivery note

6. The abbreviation F.O.B. is used in international trade. What does it mean

A. Free on bond B. Free on board C. Free on breakage

D. Forward on boat

7. A consumer will demand a commodity which

A. is often scarce B. is sold in bulk. C. satisfies his or her needs.

D. has been extensively advertised.
8. Capital as a factor production includes

A. Raw material B. Management skill

C. Expertise of a crafts man D. Machinery

9. Which of the following is odd man Out.

A. Tied Shops B. Hawkers C. Market vendors D. Pedlars

10. Concentration of industries in an area is

A. Location B. Localisation C. Concentration D. Amalgamation

11. Which of the following is not a factor of production?

A. Land B. Labour C. rent D. Entrepreneurship

12. Fishing is an example of

A. Tertiary production B. Secondary production

C. Senior production D. Primary production

13. A document that is given to the importer after storing his goods in a ware house
A. Release Warrant B. In-bond note C. Charge note
D. Keeping note.

14. Chain Stores are also called

A. Super market B. Multiple shops C. Tied shops D. Single shops

15. A tax imposed on goods and services crossing the boarders of a given country
is known as

A. Lump-sum tax B. Octoroi tax C. Custom duty D. Advalorem tax

16. The selling of goods in foreign market at a price lower than that in the domestic
market is called………..

A. Devaluation B. Deflation C. Inflation D. Dumping

17. The traders who buy and sell goods on behalf of others is referred to as

A. Brokers B. jobbers C. purchasers D. representatives

18. The transfer of ownership of enterprises from government to private ownership

is called

A. Real ownership B. Privatisation C. Privacy D. Transition

19. Production of goods for One’s own consumption is referred to as:

A. Indirect production B. Over production C. Direct Production
D. real production.

20. Trading agencies established by the government to control the buying and
selling of a Agricultural commodities are

A. Public co-operation B. Parastatal bodies C. Advisory boards

D. Marketing boards


21. (a) Differentiate between sole trade and partnership

(b) What are the causes for dissolution of partnership?

22. (a) Define privatization

(b) Give the advantages and disadvantages of privatization.

23. (a) Define: (i) Warehousing

(ii) A Warehouse

(b) State the reasons for Warehousing.

24. (a) Distinguish between specialization and division of Labour.

(b) Briefly explain the different forms of specialization.

25. (a) Differentiate between Location and Localisation of an industry.

(b) Explain the factors influencing the location of an industry.