Commerce Practice Test – Legal Aspect of Business (Questions with Answers and Explanations)

One of the criteria for differentiating consumer markets from industrial ones is the ______ 

A. type of demand
B. type of supply
C. nature of the services rendered
D. price of the goods

The protection of consumers against exploitation by manufacturers is to ensure _____ 

A. increase in production capacity
B. increase in the level of consumer awareness
C. that the right quality of goods and services is sold
D. that there are varieties of products

Consumer sovereignty means that the consumer is _____ 

A. a citizen     B. always independent     C. always wrong     D. always right

In Nigeria, the body that ensures that its members operate according to their professional ethics is the _____ 

A. MAN       B. NAFDAC        C. SON        D. NPF

A minor is not permitted to enter into a valid contract because he ____ 

A. cannot pay the consideration
B. is too young to interpret the law
C. is young in the eye of the law
D. Frustration