1. The difference between the total payments for imports and the receipts from exports within a given period is referred to as
A. balance of payments
B. balance of trade
C. comparative cost advantage
D. comparative advantage

2. Which of the following statements is TRUE about sea transport?

A. All ships have specihc routes to ply
B. All ships must be insured at everyjourney
C. All ships are insured separately from the crew
D. All ships normally anrive at their destination with goods

3. Goods discharged from ships on which import duties have not been paid are kept in the
A. ordinary warehouse
B. public warehouse
C. private warehouse
D. bonded warehouse

4. The postal organization which proceeded in Nigerian Postal Service is
A. Post and Telecommunications
B. Post and Telephone
C. Post and Teleprinter
D. Post and Telegraph

5. The rate atwhich a country's exports exchange for its imports is called

A. balance of payments
B. balance of trade
C. terms of payment
D. term oftrade

6. A sole proprietor insured his good worth N200,000 for half the value. There wa s a fire incident in which goods valued at N80,000 were destroyed. The value of compensation expected from the insurer is
A. N40,000
B. N80,000
C. N100,000
D. N200,000

7. The elements of the marketing mix are

A. product, promotion, place and price
B. personal selling, advertising and research
C. promotion, production, place and price
D. procurement, product and place.

8. The financial institution established to boost Nigeria's trade with the rest of the world is called
A. Nigerian Deposit insurance Corporation
B. Nigeria Economist Reconstruction Fund
C. Nigerian Industrial DevelopmentBank
D. Nigerian Export-Import Bank

9. One of the effects of the devaluation of the Naira is that the
A. goods that can be imported with the Naira have become cheaper
B. value of other currencies relative to the Naira have become cheaper
C. goods that can be exported from Nigeria have become costlier
D. imports that can be bought with the Naira have become costlier

10.A pro forma invoices is NOT required when
A. quoting for the supply of goods
B. goods are sent on approval
C. dealing regularly with a customer
D. final prices are uncertain.

11. The Second-Tier Securities Market is

A. an appendage to the Nigerian Stock Exchange
B. a member of the Nigeria Stock Exchange
C. meant for the shares of the quoted private companies
D. a regulating ann of the Nigeria Stock Exchange.

12.The business in the stock exchange is characterized essentially by
A. dealing
B. brokerage
C. speculations
D. transactions

13.Which of the following is both direct and indirect credit enterprises?
A. Co-operative and Thrifts Society
B. Retail Co-operation Society
C. Consumer Co-operative Society
D. Wholesaler Co-operative Society

14. Drawing two parallel lines across a cheque means that is has to be paid into the account of the
A. payee
B. drawer
C. drawee
D. payer

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