Commerce Past Questions And Answers
311
A distinguishing characteristic of a limited liability company is that
- A. is a collection of many sole proprietors
- B. is a multiple partnership
- C. has limited resources
- D. can sue and be sued
312
The bank which acts as the lender of last resort is the?
- A. central bank
- B. commercial bank
- C. merchant bank
- D. mortgage bank
313
A trader's turnover was D36,000. Purchases was D28,000. The opening stock was D2,000 and the closing stock was D3,000.
What is the rate of turnover?
- A. 13.5 times
- B. 10.8 times
- C. 9 times
- D. 5.4 times
314
One of the aim of ECOWAS is to
- A. ensure production of quality goods
- B. encourage foreign investments
- C. improve transportation and communication
- D. promote privatization policies
315
An association of employees in an organization is called a
- A. trade union
- B. trade association
- C. consumer association
- D. credit union
316
Which of the following is not true of insurance?
- A. A large number of pecple face the same risk
- B. A Possibility of making profit out of an event
- C. only a small number will actually suffer the loss in any one year
- D. A large number makes a small contribution to a common pool
317
The job of the polic in keeping law and order in the society is?
- A. a commercial service
- B. an indirect service
- C. a direct service
- D. a self service
318
Catalogs are mostly used by
- A. chain stores
- B. department stores
- C. mail order firms
- D. supermarkets
319
One of the factors which critically determines the choice of occupation is
- A. traning
- B. skills
- C. aptitude
- D. interest
320
In the event of voluntary liquidation, the appointed of a liquidator is the responsibility of the?
- A. directors
- B. creditors
- C. promoters
- D. court