The first known legislation to protect consumer rights in Nigeria is the?
usury laws
sale of goods act
hire purchase act
food and drugs act
Correct answer is B
The law governing Sale of Goods in Nigeria is the Sale of Goods Act2 1893 (SOGA), a statute of General Application in force in Nigeria.
A chamber of commerce is an association made up of?
merchants
manufacturers
entrepreneurs
importers
Correct answer is C
A chamber of commerce (or board of trade) is a form of business network, for example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community.
An entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.
The three components of staffing are?
recruitment, interview and appointment
recruitment, selection and placement
recruitment, test and placement
recruitment, procurement and appointment
Correct answer is B
A form of money that has gone out of use is ?
commodity money
bank money
paper money
foreign money
Correct answer is A
Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects that have value in themselves (intrinsic value) as well as value in their use as money.
Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, tea, large stones (such as Rai stones), decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley. These items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or price system economies.
On liquidation of a public limited liability company, the residual owners are the?
creditors
debenture shareholders
preference shareholders
ordinary shareholder
Correct answer is D
Ordinary share capital refers to shares that are issued by a company that allow shareholders voting rights within a corporation. Ordinary shareholders may also receive dividends. The value of the assets of a company net of its liabilities and any amounts of capital due to holders of shares other than ordinary shares (e.g. preference shares). If the company were to go into liquidation this would be the equity available for distribution to the ordinary shareholders.