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1.
\(\begin{array}{c|c}
N & N \\
\hline
\text{Capital 8000} & \text{Plant and machinery5000} \\
\hline
\text{Net profit 4000} & \text{Motor van 4500} \\
\hline
\text{Drawings 200} & \text{Stock 2000} \\
\hline
\text{Creditors 2000} & \text{Debtor 1000} \\
\hline
\text{Accruals 300} & \text{Bank 100} \\
\hline
& \text{Cash 600} \\
\hline
14100 & 14100 \\
\end{array}\)


What is the acid ratio?
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A.
1.13 : 1
B.
2 : 1
C.
4.75 : 1
D.
4.25 : 1

2.
The vessels that operate on specific route on high seas and oceans are
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A.
Coastal Liners and Cargo Liners
B.
Cargo Liners and Tramp liners
C.
Passenger liners and Tramp liners
D.
Passenger Liners and Cargo Liners
Explanation. Give a better Explanation
ocean liners are vessels that operate on specific on high seas and oceans and they operate on fixed time schedule


3.
When an oil exploring and mining company builds a health centre in one community where at operates, such a company is
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A.
Carrying favour from local people
B.
finding a way to spend excess profit
C.
Fulfilling part of its social responsibility
D.
Investing its idle fund
Explanation. Give a better Explanation
the health centre the company built is a social amenity and in doing so it is fulfilling parts of is social responsibility to the most community in which it is doing business.


4.
the world tourism organization has it headquarters in
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A.
New York
B.
Madrid
C.
Paris
D.
London
Explanation. Give a better Explanation
is correct the headquarters of the world tourism organization is located in Madrid, Spain


5.
A cheque drawn by a bank official on the banks deposit in another bank on a customers deposit in another bank
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A.
Bank draft
B.
Bankers order
C.
Promissory note
D.
Travelers cheque
Explanation. Give a better Explanation
it is an order by the customer requesting the bank to transfer certain amount from the customers account to another bank account, so it is a standing order.


6.
The development of commerce in west Africa was not hampered by
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A.
Inadequate capital
B.
Inadequate means of transportation
C.
Insurance
D.
Low savings

7.
Which of the following is classified as an immaterial want?
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A.
Protection
B.
Raw materials
C.
Machines
D.
Goods and Services
Explanation. Give a better Explanation
Protection it is not meant to increase our materials wealth but to make our lives worth living


8.
In product pricing, which of these elements need more consideration than others?
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A.
The cost of producing the product
B.
The economic conditions in the market
C.
the demography of the buyers of the product
D.
The demand for the product
Explanation. Give a better Explanation
what the form consider first and most is the cost of production i.e. the cost of producing the product as this determines the price at which the product will be sold.


9.
The major determinant of fire insurance premium is the
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A.
Owner of the property
B.
usefulness of the property to the owner
C.
Type and structure of the property to be insured
D.
extent of fire damaged anticipated.
Explanation. Give a better Explanation
the type and structure of the property will determine the value of the property since the value of the property will have to be considered by the insurance company before the contract will be entered into by both parties.


10.
The agency in Nigeria which ensure that products conform to government quality specification is the
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A.
Nigerian consumers association
B.
Manufacturers' Association of Nigeria
C.
Standard Organization of Nigeria
D.
Nigerian Chamber of commerce
Explanation. Give a better Explanation
the standard organization of Nigeria is the organization saddled with the responsibility of ensuring that goods or products conform to government quality specification


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