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"Business Units" question number distribution across years
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WAEC questions for "Commerce :: Business Units"
Q1
The taking over of a private owned businesses by the government is called
A
indigenization.
B
commercialization.
C
nationalization.
D
privatisation.
E
Q2
Which of the following is a feature of sole proprietorship?
A
Legal entity
B
Unlimited liability
C
Limited liability
D
Continuity
E
Q3
The internal regulations of a limited company are stated in the
A
Memorandum of association.
B
Articles of association.
C
Certificate of incorporation.
D
Share Certificate.
E
Q4
A private limited company differs from a public limited company because it
A
offers rights issues to existing shareholders.
B
has a separate entity from the owners.
C
cannot easily transfer shares.
D
declares dividend.
E
Q5
The owners of a public limited company are
A
board of directors.
B
management team.
C
shareholders.
D
government.
E
Q6
Which of the following justifies the existence of public enterprises?
A
Making quick decision
B
Creating monopoly
C
Making profit for government
D
Providing essential services
E
Q7

Which of the following statement cannot be found in a partnership deed?

A

Names of partners

B

Nature of business

C

Payment of tax

D

interest on capital

E
Q8
The relationship between partners is stipulated in the
A
Memorandum of Association.
B
Article of Association.
C
Partnership deed.
D
certificate of Incorporation.
E
Q9
Okoni & Co. Law Chamber is an example of a
A
sole proprietorship
B
partnership
C
co-operative society
D
public limited company
E
Q10
A business that is independent of its owners is a
A
sole proprietorship
B
partnership
C
limited liability company
D
co-operative society
E
Q11

A partnership cannot raise its capital by

A

selling shares to the public.

B

personal contribution of partners.

C

admission of new partners.

D

undistribution profits.

E
Q12

Which of the following is not required in the Mail Order business?

A

Warehouse

B

Catalogue

C

Display room

D

Post office

E
Q13
Where a limited partner exists in a partnership
A
no active partner is needed.
B
other partners must be nominal.
C
at least one ordinary partner must be there.
D
at least one member must be a legal practitioner.
E
Q14
Which of the following is best organized as a a partnership?
A
Drilling and marketing of crude oil.
B
Brewing and distribution of beer.
C
Designing and building of houses.
D
Assembling and marketing of vehicles.
E
Q15
The operations of a private company is guided by the
A
deed.
B
certificate of trading.
C
certificate of incorporation.
D
company's act.
E
Q16
A company may be wound up when
A
there is disagreement among the directors.
B
there are too many shareholders.
C
many of the shareholders die.
D
its product competes with that of the government.
E
Q17
Which of the following refers to a voluntary association that represents a cross-section of business interest in an area?
A
Manufacturers' Association.
B
Chamber of Commerce.
C
Consumers' Association.
D
Employers' Association.
E
Q18
A dormant partner is one who
A
does not work hard.
B
lent his name to the business.
C
has limited liability.
D
does not partake in running business.
E
Q19
Which of the following does not determine the size of a business unit?
A
The quality of its products.
B
The nature of the business
C
The size of market
D
The size of capital
E
Q20
In a limited partnership one of the members must be a
A
general partner
B
nominal partner
C
an active partner
D
dormant partner
E
Q21
Which of the following is not a feature of a sole trader?
A
Quick decision making.
B
Guaranteed profit.
C
Unlimited liability.
D
Bearing losses alone.
E
Q22
An advantage of a public limited company over a private one is the
A
limited liability of shareholders.
B
easy transferability of shares.
C
access to retained earnings.
D
less taxation of government.
E
Q23
Which of the following would not affect the form of a business unit?
A
availability of raw materials.
B
the type of business.
C
number of persons involved.
D
the capital size.
E
Q24
Partnership form of business is most appropriate
A
where professionals are needed.
B
for non profit making ventures.
C
where very large capital is required.
D
where the liability of members is limited.
E
Q25
A set of measures pursued by an organisation in order to maintain goodwill in its environment is referred to as
A
human relations.
B
public relations.
C
personal relations.
D
organisational set-up
E
Q26

Risk in business are borne by the

A

consumer.

B

entrepreneur.

C

marketing manager.

D

personal manager.

E
Q27
Which of the following distinguishes supermarkets from other retail outlets?
A
Use of self-service.
B
Standard shop fronts.
C
Sales of food items and household goods.
D
Provision of parking spaces and delivery services.
E
Q28
Activities aimed at boosting the image of an organization are regarded as
A
sales promotion.
B
advertising.
C
public relations.
D
consumer protection.
E
Q29
The main feature of a holding company is
A
resources are used for the interest of the community.
B
accepting responsibilities beyond the aims of private enterprises.
C
that it has financial control over other companies
D
that it has profit-sharing schemes for employees
E
Q30
A partnership without a deed shares profit/losses
A
in the radio of partners' capital
B
equally among the partners
C
proportionate to patronage
D
proportionate to assets introduction
E
Q31
Which of the following has no limit to its membership?
A
Ordinary partnership
B
Private limited Company
C
Limited partnership
D
Co-operative society
E
Q32
Which of the following does not lead to the dissolution of a partnership?
A
Absence of a deed of partnership
B
Withdrawal of a partner
C
Incapacity of any of the partners
D
Completion of contractual term
E
Q33
Which of the following are features of a limited liability company? 1. Separate legal entity 11. Right to sue but not be sued 111. Has its own corporate name 1V. The liability of members is limited
A
1, 11 and 111.
B
11, 111 and 1V.
C
1, 11 and 1V.
D
1, 111 and 1V
E
Q34
Where two or more companies agree to work on a project too large for one of them, this is called
A
consortium.
B
merger.
C
combination.
D
cartel
E
Q35

Which of the following businesses must have at least one member with unlimited liability?

A

Limited liability company

B

Limited partnership

C

Nominal partnership

D

Public enterprise

E
Q36

Which of the following is a feature of sole proprietorship?

A

Issue of shares.

B

Limited liability

C

Limited capital

D

Legal entity

E
Q37

Which of the following requires a certificate of trading to start business?

A

Partnership

B

Private Limited Company

C

Cooperative Society

D

Public Limited Company

E
Q38

Partners who allow their names to be used in a partnership but do not take part in the management of the business are

A

active partners

B

limited partners

C

general partners

D

nominal partners

E
Q39

A private company is one which

A

must publish its audited account

B

floats its shares on the stock exchange market

C

restricts the rights to transfer its shares

D

is owned by a maximum of twenty members

E
Q40
The abbreviated phrases E & OE is usually printed on
A
an invoice
B
a cheque
C
a delivery note
D
a debit note
E
Q41
Which of the following encourages people to save towards owing a house?
A
Merchant bank
B
Development bank
C
Mortgage bank
D
Commercial bank
E
Q42

Which of the following services is not rendered by commercial banks?

A

Business advice

B

Currency notes issue

C

Accepting deposits

D

Credit transfers

E
Q43
A business unit in which profits are shared on the basis of members' patronage is known as
A
partnership
B
public limited company
C
co-operative society
D
private limited company
E
Q44
A major advantage of the private company over a partnership is that the private company
A
can sell shares.
B
has limited liability.
C
can publish its account.
D
is allowed to borrow from commercial banks.
E
Q45
The management and control of cooperative societies are in the hands of the
A
Contributors.
B
Board of Directors.
C
Financing controller.
D
Registrar.
E
Q46
Which of the following brings a public corporation into existence?
A
Certificate of incorporation
B
Certificate of trading
C
Acts of parliament
D
Registration
E
Prospectus
Q47
The management of a company with a view to ending its operation is known as
A
low gearing.
B
high gearing.
C
liquidation.
D
horizontal integration.
E
vertical integration
Q48
Which of the following guides the operations of a partnership
A
Memorandum of Association
B
Articles of Association
C
Cerificate of Trading
D
Certificate of Incorporation
E
The Deed
Q49
Which of the following is not a business resource?
A
market
B
man
C
money
D
machine
E
materials
Q50
Which of the following is not a source of capital to a partnership?
A
Buying on credit
B
Ploughed back profit
C
Borrowing
D
Shares
E
Personal savings
Q51
An established pattern of relationship among members of an organization is known as
A
organization behaviour
B
organizational structure
C
organizational manual
D
organizational climate
E
span of control
Q52
The aspect of management which ensures that there is no deviation from the set standards is called
A
controlling
B
planning
C
commanding
D
organizing
E
directing
Q53
When a public limited company is incorporated. it means that
A
it is entitled to commence business
B
it has been given certificate of trading
C
it has a legal existence
D
its shares cannot be transferred
E
it has to issue a statutory declaration
Q54
Which of the following is a characteristics of a private company?
A
There is no limit to the number of members
B
Shares and debentures are freely offered to the public
C
Shares are not dealt in on the stock exchange
D
it cannot commence trading on receipt of certificate of incorporation
E
There is no statutory general meeting
Q55
Food and Drugs Act, Weights and Measures Act, Standards Organization of Nigeria, etc are aimed at
A
raising revenue for government
B
regulating balance of trade
C
checking exports
D
controlling dumping
E
protecting customers
Q56
The reorganization of public enterprises to operate as profit-making ventures is known as
A
privatization
B
nationalization
C
indigenization
D
commercialization
E
harmonization
Q57
A business unit whose membership ranges from 2 to 20 is a
A
co-operative society
B
partnership
C
private limited company
D
public limited company
E
public enterprise
Q58
Which of the following conditions may not lead to the dissolution of a partnership?
A
Expiry of agreed time
B
Termination of venture
C
One partner becoming dormant
D
Mutual consent of the partners
E
Bankruptcy of partners
Q59
Which of the following is drawn up as a guide to the running of a partnership?
A
Deed of Agreement
B
Partnership Act
C
Memorandum of Association
D
Prospectus
E
Articles of Association
Q60
The law governing the operations of companies and partnership in Nigeria is the
A
Nigerian Companies Decree
B
Nigerian Partnership Act
C
Nigerian Enterprises Promotion Decree
D
Companies and Allied Matters Decree
E
Sales of Goods Act