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‘Not negotiable' on a cheque means

A. ownership can be transferred to the third party by mere delivery
B. the cheque can be paid over the counter on endorsement
C. the holder has no better title than the person who transfers it
D. ownership rests with the one who issued the cheque.

If a share is quoted ex-div, it means the new buyer would

A. get the next dividend
B. not get the next dividend
C. get a fixed dividend
D. not get any dividend

Which of the following is the function of commerce?

A. The conversion of raw materials into semi finished products
B. The conversion of semi—finished products into end products
C. Provision of services to customers
D. The exchange and distribution of goods and services.

A percentage reduction from the quoted price of goods given to a buyer to encourage bulk purchase is called

A. cash discount.    B. trade discount.    C. commission.    D. bonus.

A market which deals in the purchase and sale of second-hand securities is the

A. Stock Exchange    B. Building Society    C. Shippers Council    D. Co-operative Society.

The Board of Directors of Public corporation is appointed by the

A. government    B. shareholders    C. management    D. employees

A country's deliberate decision to reduce the value of her currency is called

A. deregulation    B. inflation   C. devaluation    D. revaluation

One of the advantages of air transport over other forms of transport is

A. safety.    B. flexibility.    C. cost.    D. speed

Who among the following does not render direct service?

A. Teacher    B. Musician    C. Doctor    D. Retailer

An efficient transport system enables a trader to

A. widen the market for his products.
B. avoid customs examination of goods.
C. adopt better price policy.
D. reduce cost of production.

The reward received by a party in a contract agreement is known as

A. consideration.    B. acceptance.    C. offer.    D. warranty.

Ad valorem duties are based on the

A. importance of the goods imported
B. value of the goods imported
C. weight of the goods imported
D. nature of the goods imported.

A physical restriction placed on the quantity of goods of that can be imported is

A. a ban    B. a quota    C. an excise duty    D. an import tax.

Which of the following is an example of large-scale retailing?

A. Hawking    B. Mobile shops    C. Kiosks    D. Department stores

An insurance principle that prevents a person from insuring what he does not stand to lose financially if the insured risk occur is

A. indemnity    B. insurable interest    C. proximate cause    D. subrogation

The relationship between all imports and exports of a country is known as

A. terms of trade.
B. balance of trade.
C. balance of payment.
D. terms of payment.

The 'relationship which subsists between two or more persons carrying on a business with a view to profit’ is

A. cooperative society.    B. partnership.    C. public limited company.    D. credit union.

Current account holders withdraw money by means of

A. credit card.    B. draft.    C. withdrawal form.    D. cheque.

Which of the following is not an insurance of indemnity?

A. Life    B. Marine    C. Burglary    D. Fire

The functions of credit and thrift society does not include

A. charging low interest rate on loan.
B. providing savings facilities.
C. encouraging mutual co-operation of members.
D. providing security for members' property.

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