Risks in business are borne by the

• A. consumer
• B. entrepreneur
• C. marketing manager
• D. personnel manager

A minor is not permitted to enter into a valid contract because he

• A. Cannot pay the consideration
• B. Is too young to interpret the law
• C. Is young in the eye of the law
• D. May not be able to write the contract

To endorse a cheque means to

• A. write and sign one's name at the back of the cheque
• B. write pay cash on the cheque
• C. cross the cheque
• D. stop the payment of the cheque

Opening stock.................N1000 Closing stock.................N9000 Purchases.....................N14,000 The cost of goods sold is?

• A. N6000
• B. N10000
• C. N42000
• D. N16000

The financial institution established to boost Nigeria's trade with the rest of the world is called

• A. Nigerian Deposit Insurance Corporation
• B. Nigerian Economic Reconstruction Fund
• C. Nigerian Industrial Development Bank
• D. Nigerian Export-Import Bank

The implied provisions in every sale of goods as contained in the sale of goods act of 1893 are conditions and

• A. Guaranties
• B. Warranties
• C. Sureties
• D. Consideration

Which of the following information is contained in the Articles of Association of a limited liability company?

• A. Rights and obligations of directors
• B. Objectives of the company
• C. Amount of share capital
• D. Limitation of liability of shareholders.

Compare a partnership and a public limited company as business unit under the following headings;

(a) formation

(b) ownership

(c) raising of capital

(d) liability

(e) transfer of shares

A person who earns extra commission for guaranteeing debts is a

• A. factor
• B. broker
• C. commission agent
• D. del-credere agent

A cheque drawn by a bank on itself is a?

• A. credit transfer
• B. direct debt
• C. certified cheque
• D. bankdraft