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