RSS Commerce

What is the main objective of business?

• To provide employment

• To make profit

• To increase population

• To reduce competition

Which of the following is NOT a factor of production?

• Land

• Capital

• Money

• Labour

Which type of business ownership has unlimited liability?

• Limited liability company

• Sole proprietorship

• Partnership

• Public limited company

Which of these is an example of a variable cost?

• Rent

• Salaries

• Raw materials

• Insurance

What is meant by 'liquidity' in business?

• The ability to meet long-term obligations

• The ability to convert assets to cash quickly

• The profitability of business

• The number of employees in the business

Which document shows the financial position of a business at a specific point in time?

• Income Statement

• Cash Flow Statement

• Balance Sheet

• Profit and Loss Account

What is the main role of the Central Bank of Nigeria?

• To control inflation

• To provide loans to farmers only

• To regulate and supervise commercial banks

• To distribute salaries

What is the purpose of trade unions?

• To increase workers' salaries only

• To represent workers in disputes and protect their rights

• To run businesses for workers

• To provide training for tax officials

Which of the following is an example of indirect tax?

• Pay As You Earn (PAYE)

• Value Added Tax (VAT)

• Company Income Tax

• Capital Gains Tax

What is the term for buying and selling goods in different countries?

• Importing

• Exporting

• International trade

• Domestic trade