SS 2 Commerce - Quiz
  • 1. Credit sale means payment is made __________.
A) After an agreed period
B) When the buyer wishes
C) Before goods are taken
D) Immediately after delivery
  • 2. A system where payment for goods is spread over time is called __________.
A) Barter
B) Deferred payment
C) Cash sales
D) Discounting
  • 3. The person who buys goods on credit is known as the __________.
A) Retailer
B) Agent
C) Debtor
D) Creditor
  • 4. A major disadvantage of credit sale to the seller is __________.
A) Risk of bad debts
B) Loss of goods
C) High profit
D) Faster turnover
  • 5. In hire purchase, ownership is transferred to the buyer __________.
A) Immediately
B) After signing the agreement
C) Before any payment
D) After final payment
  • 6. The person who uses an asset for a fixed period while paying rent is called __________.
A) Mortgagor
B) Lessor
C) Hirer
D) Lessee
  • 7. A mortgage is a loan secured with __________.
A) Insurance
B) Shares
C) Land or building
D) Personal property
  • 8. The person who lends money in a mortgage agreement is the __________.
A) Mortgagor
B) Hirer
C) Mortgagee
D) Lessee
  • 9. A hire purchase agreement usually contains __________.
A) Salary of the buyer
B) Contact address of buyer only
C) Selling price only
D) Cash price and instalment price
  • 10. A lease type where the lessee repairs and maintains the asset is called a __________ lease.
A) Finance
B) Full-service
C) Closed
D) Operating
  • 11. The first document sent by a seller stating prices and terms is called a __________.
A) Debit note
B) Quotation
C) Receipt
D) Invoice
  • 12. A document used to correct an overcharge is a __________.
A) Invoice
B) Consignment note
C) Credit note
D) Debit note
  • 13. The document that shows details of goods bought and amount owed is the __________.
A) Order
B) Statement
C) Receipt
D) Invoice
  • 14. Proof of payment from the buyer to the seller is a __________.
A) Receipt
B) Quotation
C) Credit note
D) Invoice
  • 15. A document used to request goods from a supplier is the __________.
A) Delivery note
B) Order form
C) Statement
D) Invoice
  • 16. "FOB" means __________.
A) Freight on Bond
B) Foreign Order Book
C) Free of Business
D) Free on Board
  • 17. "CIF" means cost, insurance and __________.
A) Feeder
B) Finance
C) Filing
D) Freight
  • 18. A discount given for early payment is called __________.
A) Seasonal discount
B) Trade discount
C) Quantity discount
D) Cash discount
  • 19. Terms of trade refer to __________.
A) Conditions of buying and selling
B) Means of transporting goods
C) How money is exchanged
D) How profits are shared
  • 20. Payment made by writing the amount on a bank paper is called __________.
A) Postal order
B) Voucher
C) Cheque
D) Credit card
  • 21. Which is NOT a means of payment?
A) Quotation
B) Money order
C) Cheque
D) Bank draft
  • 22. A card used for cashless payment electronically is called __________.
A) Debit card
B) Postal card
C) Address card
D) Processing card
  • 23. The safest means of sending money to a distant place is __________.
A) Cheque
B) Money order
C) Open cheque
D) Postal order
  • 24. A person who buys goods and services for use is a __________.
A) Wholesaler
B) Retailer
C) Producer
D) Consumer
  • 25. The agency responsible for checking fake and expired drugs in Nigeria is __________.
A) EFCC
B) NAFDAC
C) NDLEA
D) SON
  • 26. Which of the following protects consumers from harmful products?
A) Trade unions
B) Manufacturers
C) Consumer associations
D) Internal auditors
  • 27. A right of a consumer is the right to __________.
A) High prices
B) Overcharging
C) Deception
D) Safety
  • 28. The owners of a limited liability company are called __________.
A) Shareholders
B) Directors
C) Debtors
D) Suppliers
  • 29. The document that gives a company legal existence is the __________.
A) Memorandum of Association
B) Receipts
C) Invoice
D) Trade note
  • 30. A company whose shares are not sold to the public is a __________.
A) Private limited company
B) Government firm
C) Partnership
D) Public limited company
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