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1.
Which of the following legislation aims primarily at the protection of consumers?
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A.
Law of contract
B.
Trade description Act
C.
Company's Act
D.
Partnership Act
Explanation. Give a better Explanation
This protects the consumers from false description of goods in terms of quality, quantity, size, place and date of manufacture


2.
A bill of exchange already accepted can be discounted by the holder in ______?
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A.
the central bank
B.
at least two banks
C.
his bank
D.
any bank
Explanation. Give a better Explanation
Is an unconditional written order from one person to another to pay a specified sum of money to a designated person.


3.
An agreement that is enforceable in law is ________?
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A.
a contract
B.
an offer
C.
an acceptance
D.
a consideration
Explanation. Give a better Explanation
A contract is an agreement or law binding the creation of business and enforceable in law.


4.
The factor of production that is relatively indestructible and immobile is _______?
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A.
capital
B.
labour
C.
land
D.
rent
Explanation. Give a better Explanation
This is wealth reserved for the production of more wealth. It includes physical cash, building, semi-finished goods.


5.
An instrument used in lieu of legal tender is known as ______?
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A.
Token money
B.
commodity money
C.
fiat money
D.
representative
Explanation. Give a better Explanation
Money is a type of asset in an economy that is used to buy goods and services from other people. A commodity is a physical item that is interchangeable with another item of the same type or value.

This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.


6.
At the collapse of a business enterprises, the person appointed to dispose off the assets is called ________?
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A.
an auctioneer
B.
a broker
C.
a liquidator
D.
an auditor
Explanation. Give a better Explanation
An Auctioneer is a person who conducts an auction by announcing the lots and controlling the bidding.


7.
The process of converting a non-profit making organisation to a profit-making business is ________?
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A.
indigenisation
B.
privatisation
C.
deregulation
D.
commercialisation
Explanation. Give a better Explanation
This is the process of transferring a government owned business to a private owner.


8.
The letters E and OE stands for __________?
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A.
Errors of exception
B.
Errors and omissions excepted
C.
Estimated and order error
D.
End of error
Explanation. Give a better Explanation
This is an attempt to reduce legal liability for potentially incorrect or incomplete information supplied in a contract usually related document such as quotation or specification.


9.
When a buyer has been overcharged for goods supplied, the seller issues a _______?
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A.
debit note
B.
proforma invoice
C.
letter of credit
D.
credit note
Explanation. Give a better Explanation
A seller receives goods (returned) from the buyer, he prepares and sends a credit note as an intimation to the buyer, showing that the money for the related goods is being returned in form of a credit note


10.
The fees charged on postal order by the post office is _____?
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A.
interest
B.
brokerage
C.
poundage
D.
premium
Explanation. Give a better Explanation
This is a small fee charged by the post office for sending money through mail. The poundage is paid by the purchaser.


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