{"subject":"commerce","questions":[{"q":"Retailer is best described as:","o":["An intermediary between producers and consumers","A business owned by one person","Sells goods in small quantities to final consumers","A document issued by a shipping company acknowledging goods loaded on a ship"],"a":2,"t":"Commerce","d":"Easy"},{"q":"The term for 'Sells goods in small quantities to final consumers' is","o":["Retailer","Tariff","Bill of lading","Policy"],"a":0,"t":"Commerce","d":"Easy"},{"q":"Wholesaler is best described as:","o":["Buys in bulk from producers and sells to retailers","A document sent by a seller to a buyer listing goods supplied and the amount due","A contract in which one party agrees to compensate another for a loss","Importing goods for re-export"],"a":0,"t":"Commerce","d":"Easy"},{"q":"The term for 'Buys in bulk from producers and sells to retailers' is","o":["Credit note","Wholesaler","Cooperative society","Middleman"],"a":1,"t":"Commerce","d":"Easy"},{"q":"Middleman is best described as:","o":["An intermediary between producers and consumers","Sells goods in small quantities to final consumers","An owner of shares in a company","Informing and persuading people to buy goods"],"a":0,"t":"Commerce","d":"Easy"},{"q":"The term for 'An intermediary between producers and consumers' is","o":["Cheque","Warehouse","Middleman","Shareholder"],"a":2,"t":"Commerce","d":"Easy"},{"q":"Invoice is best described as:","o":["Informing and persuading people to buy goods","Amount paid by the insured to the insurer","A tax on imported goods","A document sent by a seller to a buyer listing goods supplied and the amount due"],"a":3,"t":"Commerce","d":"Easy"},{"q":"The term for 'A document sent by a seller to a buyer listing goods supplied and the amount due' is","o":["Wholesaler","Invoice","Debenture","Middleman"],"a":1,"t":"Commerce","d":"Easy"},{"q":"Receipt is best described as:","o":["Proof of payment issued to the payer","Part of company profit shared to shareholders","A document issued by a shipping company acknowledging goods loaded on a ship","A business owned by one person"],"a":0,"t":"Commerce","d":"Easy"},{"q":"The term for 'Proof of payment issued to the payer' is","o":["Insurance","Entrepot trade","Premium","Receipt"],"a":3,"t":"Commerce","d":"Easy"},{"q":"Debit note is best described as:","o":["Document issued by a seller to correct an overcharge or for returns","Part of company profit shared to shareholders","Proof of payment issued to the payer","Document issued by a seller to correct an undercharge"],"a":3,"t":"Commerce","d":"Easy"},{"q":"The term for 'Document issued by a seller to correct an undercharge' is","o":["Partnership","Wholesaler","Debit note","Debenture"],"a":2,"t":"Commerce","d":"Easy"},{"q":"Credit note is best described as:","o":["A place for storing goods","Informing and persuading people to buy goods","A written order to a bank to pay a stated sum","Document issued by a seller to correct an overcharge or for returns"],"a":3,"t":"Commerce","d":"Easy"},{"q":"The term for 'Document issued by a seller to correct an overcharge or for returns' is","o":["Partnership","Policy","Credit note","Sole proprietorship"],"a":2,"t":"Commerce","d":"Easy"},{"q":"Quotation is best described as:","o":["Informing and persuading people to buy goods","A voluntary association formed to promote members' economic interests","A statement of the price at which a seller will supply goods","A business owned by one person"],"a":2,"t":"Commerce","d":"Easy"},{"q":"The term for 'A statement of the price at which a seller will supply goods' is","o":["Cheque","Quotation","Insurance","Bill of lading"],"a":1,"t":"Commerce","d":"Easy"},{"q":"Cheque is best described as:","o":["Importing goods for re-export","Informing and persuading people to buy goods","A written order to a bank to pay a stated sum","A document issued by a shipping company acknowledging goods loaded on a ship"],"a":2,"t":"Commerce","d":"Easy"},{"q":"The term for 'A written order to a bank to pay a stated sum' is","o":["Quotation","Shareholder","Policy","Cheque"],"a":3,"t":"Commerce","d":"Easy"},{"q":"Bill of lading is best described as:","o":["A document issued by a shipping company acknowledging goods loaded on a ship","An owner of shares in a company","A written order to a bank to pay a stated sum","Buys in bulk from producers and sells to retailers"],"a":0,"t":"Commerce","d":"Easy"},{"q":"The term for 'A document issued by a shipping company acknowledging goods loaded on a ship' is","o":["Cooperative society","Bill of lading","Retailer","Debit note"],"a":1,"t":"Commerce","d":"Easy"},{"q":"Warehouse is best described as:","o":["A place for storing goods","Sells goods in small quantities to final consumers","A statement of the price at which a seller will supply goods","A voluntary association formed to promote members' economic interests"],"a":0,"t":"Commerce","d":"Easy"},{"q":"The term for 'A place for storing goods' is","o":["Warehouse","Wholesaler","Public limited company","Bill of lading"],"a":0,"t":"Commerce","d":"Easy"},{"q":"Insurance is best described as:","o":["A contract in which one party agrees to compensate another for a loss","A voluntary association formed to promote members' economic interests","A written order to a bank to pay a stated sum","Amount paid by the insured to the insurer"],"a":0,"t":"Commerce","d":"Easy"},{"q":"The term for 'A contract in which one party agrees to compensate another for a loss' is","o":["Warehouse","Retailer","Entrepot trade","Insurance"],"a":3,"t":"Commerce","d":"Easy"},{"q":"Premium is best described as:","o":["A company whose shares are offered to the general public","Sells goods in small quantities to final consumers","A written order to a bank to pay a stated sum","Amount paid by the insured to the insurer"],"a":3,"t":"Commerce","d":"Easy"},{"q":"The term for 'Amount paid by the insured to the insurer' is","o":["Debenture","Receipt","Premium","Shareholder"],"a":2,"t":"Commerce","d":"Easy"},{"q":"Policy is best described as:","o":["Document issued by a seller to correct an undercharge","Importing goods for re-export","Sells goods in small quantities to final consumers","The written contract of insurance"],"a":3,"t":"Commerce","d":"Easy"},{"q":"The term for 'The written contract of insurance' is","o":["Policy","Insurance","Bill of lading","Receipt"],"a":0,"t":"Commerce","d":"Easy"},{"q":"Advertising is best described as:","o":["Document issued by a seller to correct an overcharge or for returns","A place for storing goods","A business owned by one person","Informing and persuading people to buy goods"],"a":3,"t":"Commerce","d":"Easy"},{"q":"The term for 'Informing and persuading people to buy goods' is","o":["Premium","Advertising","Bill of lading","Cooperative society"],"a":1,"t":"Commerce","d":"Easy"},{"q":"Sole proprietorship is best described as:","o":["Informing and persuading people to buy goods","A statement of the price at which a seller will supply goods","A document issued by a shipping company acknowledging goods loaded on a ship","A business owned by one person"],"a":3,"t":"Commerce","d":"Easy"},{"q":"The term for 'A business owned by one person' is","o":["Sole proprietorship","Premium","Shareholder","Middleman"],"a":0,"t":"Commerce","d":"Easy"},{"q":"Partnership is best described as:","o":["Importing goods for re-export","A business owned by two or more persons","A business owned by one person","Document issued by a seller to correct an overcharge or for returns"],"a":1,"t":"Commerce","d":"Easy"},{"q":"The term for 'A business owned by two or more persons' is","o":["Partnership","Credit note","Dividend","Receipt"],"a":0,"t":"Commerce","d":"Easy"},{"q":"Cooperative society is best described as:","o":["Sells goods in small quantities to final consumers","A voluntary association formed to promote members' economic interests","Document issued by a seller to correct an overcharge or for returns","A tax on imported goods"],"a":1,"t":"Commerce","d":"Easy"},{"q":"The term for 'A voluntary association formed to promote members' economic interests' is","o":["Advertising","Credit note","Quotation","Cooperative society"],"a":3,"t":"Commerce","d":"Easy"},{"q":"Public limited company is best described as:","o":["A document issued by a shipping company acknowledging goods loaded on a ship","A statement of the price at which a seller will supply goods","A tax on imported goods","A company whose shares are offered to the general public"],"a":3,"t":"Commerce","d":"Easy"},{"q":"The term for 'A company whose shares are offered to the general public' is","o":["Dividend","Public limited company","Debenture","Entrepot trade"],"a":1,"t":"Commerce","d":"Easy"},{"q":"Shareholder is best described as:","o":["An owner of shares in a company","The written contract of insurance","A document sent by a seller to a buyer listing goods supplied and the amount due","Importing goods for re-export"],"a":0,"t":"Commerce","d":"Easy"},{"q":"The term for 'An owner of shares in a company' is","o":["Advertising","Insurance","Cheque","Shareholder"],"a":3,"t":"Commerce","d":"Easy"},{"q":"Dividend is best described as:","o":["Part of company profit shared to shareholders","A document sent by a seller to a buyer listing goods supplied and the amount due","A business owned by two or more persons","Amount paid by the insured to the insurer"],"a":0,"t":"Commerce","d":"Easy"},{"q":"The term for 'Part of company profit shared to shareholders' is","o":["Invoice","Sole proprietorship","Tariff","Dividend"],"a":3,"t":"Commerce","d":"Easy"},{"q":"Debenture is best described as:","o":["A place for storing goods","A company whose shares are offered to the general public","A loan to a company at a fixed rate of interest","Part of company profit shared to shareholders"],"a":2,"t":"Commerce","d":"Easy"},{"q":"The term for 'A loan to a company at a fixed rate of interest' is","o":["Debenture","Policy","Wholesaler","Dividend"],"a":0,"t":"Commerce","d":"Easy"},{"q":"Tariff is best described as:","o":["The written contract of insurance","A tax on imported goods","Sells goods in small quantities to final consumers","A contract in which one party agrees to compensate another for a loss"],"a":1,"t":"Commerce","d":"Easy"},{"q":"The term for 'A tax on imported goods' is","o":["Tariff","Middleman","Insurance","Receipt"],"a":0,"t":"Commerce","d":"Easy"},{"q":"Entrepot trade is best described as:","o":["Document issued by a seller to correct an overcharge or for returns","Importing goods for re-export","Buys in bulk from producers and sells to retailers","Informing and persuading people to buy goods"],"a":1,"t":"Commerce","d":"Easy"},{"q":"The term for 'Importing goods for re-export' is","o":["Entrepot trade","Cheque","Shareholder","Cooperative society"],"a":0,"t":"Commerce","d":"Easy"},{"q":"Trade between two countries is called","o":["International trade","Wholesale trade","Home trade","Retail trade"],"a":0,"t":"Commerce","d":"Medium"},{"q":"Which of these is a form of home trade?","o":["Entrepot trade","Wholesale trade","Export trade","Import trade"],"a":1,"t":"Commerce","d":"Medium"},{"q":"Goods sent out of a country are","o":["Re-exports","Exports","Imports","Samples"],"a":1,"t":"Commerce","d":"Medium"},{"q":"Goods brought into a country are","o":["Donations","Exports","Samples","Imports"],"a":3,"t":"Commerce","d":"Medium"},{"q":"Visible trade involves","o":["Tangible goods","Tourism","Insurance","Banking services"],"a":0,"t":"Commerce","d":"Medium"},{"q":"Which of these is an invisible item of trade?","o":["Crude oil","Banking services","Cars","Cocoa"],"a":1,"t":"Commerce","d":"Medium"},{"q":"Which of the following is a type of retail outlet with many departments under one roof?","o":["Vending machine","Kiosk","Hawker","Department store"],"a":3,"t":"Commerce","d":"Medium"},{"q":"Which of the following is a document used in the sale of goods on credit?","o":["Invoice","Birth certificate","Passport","Visa"],"a":0,"t":"Commerce","d":"Medium"},{"q":"A mode of transport best suited for bulky goods over long distances at low cost is","o":["Air transport","Road transport","Water transport","Pipeline only"],"a":2,"t":"Commerce","d":"Medium"},{"q":"The fastest mode of transport is","o":["Air transport","Road transport","Rail transport","Water transport"],"a":0,"t":"Commerce","d":"Medium"},{"q":"The Nigerian Stock Exchange (now NGX) deals mainly in","o":["Land","Cars","Shares and bonds","Food items"],"a":2,"t":"Commerce","d":"Medium"},{"q":"The insurance principle that the insured must disclose all material facts is","o":["Subrogation","Contribution","Indemnity","Utmost good faith"],"a":3,"t":"Commerce","d":"Medium"},{"q":"The insurance principle that the insured should not profit from a loss is","o":["Insurable interest","Indemnity","Proximate cause","Utmost good faith"],"a":1,"t":"Commerce","d":"Medium"},{"q":"The right of the insurer to claim from a third party after paying the insured is","o":["Contribution","Indemnity","Average","Subrogation"],"a":3,"t":"Commerce","d":"Medium"},{"q":"A bank that issues currency and controls other banks is the","o":["Micro-finance bank","Central bank","Merchant bank","Commercial bank"],"a":1,"t":"Commerce","d":"Medium"},{"q":"An account from which money may be withdrawn on demand by cheque is","o":["Savings account","Fixed deposit account","Current account","Loan account"],"a":2,"t":"Commerce","d":"Medium"},{"q":"Which of the following is an aid to trade?","o":["Banking","Mining","Farming","Manufacturing"],"a":0,"t":"Commerce","d":"Medium"},{"q":"Which of the following is a function of a wholesaler to the producer?","o":["Printing money","Bearing risk and providing storage","Retail selling","Making laws"],"a":1,"t":"Commerce","d":"Medium"},{"q":"The process of passing goods from producer to consumer is called","o":["Consumption","Distribution","Production","Exchange of ideas"],"a":1,"t":"Commerce","d":"Medium"},{"q":"Which of these is a form of business organisation with limited liability?","o":["Hawker","Sole trader","Ordinary partnership","Limited liability company"],"a":3,"t":"Commerce","d":"Medium"},{"q":"Mark-up is calculated on","o":["Market price","Selling price","Cost price","Discount price"],"a":2,"t":"Commerce","d":"Medium"}]}