Commerce Past Questions And Answers
141
A major liability of a commercial bank arises form
- A) customers deposit
- B) loans and advances
- C) overdrafts
- D) staff allowances
142
Which of the following protects consumers against poor quality foods
- A. Chambers of Commerce
- B. Standard Organization
- C. Trade Association
- D. Manufacturers Association
143
A document in which the internal regulations of a company are stated is
- A. Certificate of Incoporation
- B. Articles of Association
- C. Memorandum of Association
- D. Partnership Deed
144
Service rendered to the public is provided by?
- A. governement
- B. civil servants
- C. professionals
- D. domestic servants
145
One major disadvantage of a cartel is that it
- A. maximizes productive efficiency
- B. brings the merging firms under control
- C. maximizes profit from operation
- D. eliminate competitions and waste
146
Which of the following indicates special crossing on a check? Two parallell lines with
- A. & Co and not negotiable
- B. the abbreviation & Co only
- C. account payee only
- D. the name of a particular bank
147
Consumer rights include the right to?
- A. credit
- B. free samples of a product
- C. redress
- D. a shre of profits
148
The law stipulating that labels should contain full details about a product is known as the
- A. Hire-purchase Act
- B. Price Control Act
- C. Standards Organisation of Nigeria Act
- D. Trade description Act
149
Which of the following business units enjoys government subsidies
- A. private limited company
- B. limited partnership
- C. public limited company
- D. public enterprises
150
In a hire purchase contract, the customer becomes the legal owner of the goods by
- A. paying the last installment
- B. paying the first installment
- C. taking possession of the goods
- D. paying half the purchase price