The difference between a private are public limited liability company is that the former

• A. Is unable to declare and pay dividend.
• B. Has a higher number of share holder
• C. Is unable to offer shares to the public.
• D. pays higher salaries to its member

(a) Write in full the following abbreviations as used in commerce:

(i) COD (ii) CIF (iii) FOB; (iv) E and O.E.

(b) The sale of consumer goods costing N 100,000 attracts a cash discount of 7½% and a quantity discount of 5%. Calculate the:

(i) value of the quantity discount

(ii) value of the cash discount

(iii) net amount of money payable by the buyer.

The handling of telephone and telex services is done by?

• A. NITEL
• B. NIPOST
• C. COURIER
• D. NEC

An agreement by which a buyer pays instalmentally but does until final settlement is made is?

• A. hire purchase
• B. deferred payment
• C. conditional sale
• D. features trading

An agreement that is enforceable in law is?

• A. a contract
• B. an offer
• C. an acceptance
• D. a consideration

Demurrage is paid by a vessel for

• A. overloading
• B. travelling along unplanned route
• C. delaying at the port
• D. not using the services at the wharf

The excess of the assets over the liabilities of a business is called

• A. capital employed
• B. net worth
• C. working capital
• D. initial capital

The primary objective of a business organization is to

• A. cater for the needs of its owners
• B. work towards making returns
• C. assist the government to serve the citizens
• D. improve the standard of living of its proprietors

In response to an inquiry from a customer, a wholesaler is expected to send back

• A. a consignment note
• B. an order
• C. a qoutation
• D. an advice note

Which of the following convert raw materials into finished goods?

• A. Extractive industry
• B. Manufacturing
• C. Commercial occupation
• D. Constructive industry