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- 1. Multiple Choice
Barter is BEST described as the
process of exchange involving the use of money
purchase of goods and services using cheques
exchange of goods and services without the use of money
exchange of goods and services using notes and coins
- 2. Multiple Choice
Labour is BEST defined as the
physical and mental capabilities used to perform tasks
ability to carry out mangement functions effectively
level of skill training received by individuals who are working
total number of persons who hold jobs in government ministries
- 3. Multiple Choice
Which of the following is NOT a trading instrument
Cheques
Credit cards
Bills of exchange
Money remittance
- 4. Multiple Choice
The term 'trade' refers to
the selling of goods and services on the stock market
the movement of immigrants from one country to another
any commercial activity involving the exchange of goods and services
the negotiation process between trade unions and management
- 5. Multiple Choice
In a public limited company, the losses are borne by the
staff
directors
community
shareholders
- 6. Multiple Choice
The PRIMARY role of the human resource department of an organization is to
hire, recruit, train and motivate workers
promote recreational activities for workers
assist employees in understanding industrial relations
produce magazines highlighting outstanding workers
- 7. Multiple Choice
The purchasing supervisor reports directly to which of the following? (see chart in picture)
CEO
HR Supervisor
Finance Manager
Production Manager
- 8. Multiple Choice
Which of the following positions would be BEST suited at 'X' (see chart in picture)
Chief Advisor
Board of Directors
Managing Director
Human Resource Manager
- 9. Multiple Choice
Which of the following departments is LIKELY to use its Management Information System (MIS) to manage information about customers and their response to the products they sell?
Finance
Marketing
Production
Human Resource
- 10. Multiple Choice
Subsidized meals for employees would fall under which of the following categories?
Fringe benefits
Duty allowance
Wages and salaries
Workmen's compensation
- 11. Multiple Choice
A MAJOR role of a trade union is to encourage the
unionization of workers
advancement of the welfare of its members
sacking of workers whenever they have problems at work
increase of salaries and vacations
- 12. Multiple Choice
An entrepreneur who wants to maintain control of the business would be advised to register the business as a
Sole Trader
Partnerships
Limited Company
Private Limited Company
- 13. Multiple Choice
Which of the following is NOT an example of collateral
Bonds
Stocks
Property
Money orders
- 14. Multiple Choice
The MOST important use of collateral security to the lender is that it
can be seized if the borrower fails to pay
establishes the financial position of the borrower
improves the borrower's chance of getting a loan
gives the lender an idea of the state of the business
- 15. Multiple Choice
The synopsis of the business plan is contained in the
feasibility plan
marketing plan
keynote summary
executive summary
- 16. Multiple Choice
A post-dated cheque is one which
is dated for payment at a future date
was written no longer than six months ago
is dated to agree with the date of the document requesting payment
is dated by the bank on the day the cheque is presented for payment
- 17. Multiple Choice
Which of the following factors prevents an agreement from being considered a valid contract?
Consideration
Legal purpose
Misrepresentation
Offer and acceptance
- 18. Multiple Choice
A contract may be discharged by which of the following? (see options in picture)
I and II only
I and III only
II and III only
I, II and III
- 19. Multiple Choice
A 'purchase order' is a
request for additional goods
notification of goods received
statement of outstanding debts
document offering to buy goods
- 20. Multiple Choice
Which of the following types of cheques allows an individual to receive cash on demand?
Open
Crossed
Certified
Banker's
- 21. Multiple Choice
Which of the following types of capital is used for the day-to-day operations of a business?
Fixed
Floating
Working
Nominal
- 22. Multiple Choice
Which of the following factors of production earns interest?
Land
Capital
Labour
Enterprise
- 23. Multiple Choice
The term 'human resources' refers to
materials and goods made by human beings
capital invested by shareholders in a company
raw materials used in the manufacture of goods
persons available for productive and professional services
- 24. Multiple Choice
Which of the following items is a product of the manufacturing industry?
Gold
A car
Wood
A house
- 25. Multiple Choice
Which of the following conditions would constitute a linkage between two industries?
Two firms manufacture similar goods
One firm shares the use of machinery with another firm
Two firms are responsible for the manufacture of different kinds of goods
The output of one industry of the economy becomes the input of another industry
- 26. Multiple Choice
Which of the following is a feature of perfect competition?
Few buyers and many sellers
Many buyers and few sellers
Barrier to entry into the market
Many buyers and many sellers
- 27. Multiple Choice
Which of the following is an example of service-type production?
Oil mining
Pottery making
Communication
Newspaper printing
- 28. Multiple Choice
The PRIMARY function of advertising is to
promote brand loyalty
promote public relations
communicate information
ensure wider distribution of goods
- 29. Multiple Choice
Which of the following is NOT a function of the retailer?
Preparing goods for resale
Selling in small quantities
Providing a local supply of goods
Transporting goods to suitable storage facilities
- 30. Multiple Choice
Which of the following market situations is typically found where there are a large number of producers and consumers?
Oligopoly
Monopoly
Perfect market
Imperfect market
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