Mr. Taju entered into a contract to let a car to Mr. Funbi for his wedding for two days. However, the car had an accident before the first day. Mr. Funbi attempted to Claim damages but failed. This implies that the contract was terminated by

• A. bankruptcy
• B. breach
• C. lapse of time
• D. frustration

NACCIMA stands for

• A. Nigerian American Centre for Culture, Industries, Mines and Arts
• B. Nigerian Association for Culture, Civics, Industries, Minerals and arts Arts
• C. National Agency for Culture, Civilization, Investment, Manufacturing and Agriculture
• D. Nigeria Association of Chambers of Commerce, Industries, Mines and Agriculture

Given: ₦ Sales 15,000 Opening stock 5,600 Purchases 9,700 Closing stock 4,400 Gross profit 4,500 Net profit 2,000 From the above data, calculate the rate of turnover

• A. 2.00 times
• B. 3.50 times
• C. 2.18 times
• D. 3.00 times

Which of the following attracts only interest but leaves the capital unpaid?

• A. uberrimae fidei
• B. subrogation
• C. contribution
• D. redeemable bond

Mr. Olatunde took up a fire insurance on a property valued at ₦1000 and the amount insured is ₦80. Thee ₦400. If the property caught fire causing a loss of insurance was taken with the clause with average what is the amount to be paid bý the insurance company?

• A. ₦420
• B. ₦320
• C. ₦460
• D. ₦560

From the diagram below, what does I stand for?

• A. aids to trade
• B. home trade
• C. publicity
• D. advertising

Freight note is a document

• A. issued by a shipping company giving details of changes
• B. used by government to transport goods from one country to another
• C. used for payment for imported goods
• D. given by an importer to pay for goods at a future period

A doctor who attends to patients at home after his official duty is

• A. a direct and indirect service worker
• B. a direct service worker
• C. an indirect service worker
• D. a community developer

The arrangement and interrelationship of the various components and positions of a business is referred to as

• A. line structure
• B. unity of direction
• C. organisational structure
• D. clarity of objective

The strategy adopted by a firm that ceases to operate at one or more locations because of inactivity is

• A. consolidation
• B. rejuvenation
• C. diversification
• D. focus