department of management sciences
college of social and management sciences
western delta university
second semester examination 2022/2023 session
BUS102 - Introduction to Business II time: 2hrs
answer question ONE and any other TWO questions
Question 1 (Compulsory)
- From questions i to xv write down the correct answers on your answer booklet:
- _______ refers to a list of names and addresses of individuals and organisations which advertising is mailed (a) Directory (b) Contact (c) Mailing List (d) Personal Customer
- _______ uses electronic media such as computer network in business activities (a) Internet (b) e-business (c) Telegram (d) Business Customer
- Internet browsing is also known as _______? (a) Surfing the web (b) Goggle (c) Whatsapp (d) Personal risk
- _______ is the insurance principle which state that when an event of loss occurs, the insured is duty bound to take all possible steps in order to minimise the loss? (a) Subrogation (b) Contribution (c) Principle of Mitigation of Loss (d) Property risk
- An arrangement by which one party promises to pay another a sum of money if something happens which causes the insured suffer a financial loss is known as _______ (a) Risk (b) Insurance (c) Credit Sales (d) Debt
- The amount charged by the insurance or insurer is known as _______ (a) Premium (b) Promissory Note (c) Sales (d) Allowance
- The Corporate Affairs Commission (CAC) was established _______ (a) 1991 (b) 1994 (c) 1990 (d) 2000
- The word money was invented by _______? (a) Money Joshua (b) Sir John Money (c) Chief Festus Okotie-Eboh (d) Lombardy
- Money was invented in _______ year? (a) 1360BC (b) 1462 (c) 1900 (d) 1958
- The Central Bank of Nigeria was established in _______ year? (a) 1960 (b) 1973 (c) 1958 (d) 1963
- A group of people or individual that purchases goods and services repeatedly is known as _______? (a) Potential customer (b) Customer (c) Consultant (d) Middle man
- _______ enables people to store part of their earnings for futuristic purposes? (a) Money (b) Savings (c) Current (d) Fixed Deposit
- NAFDAC was officially established in _______ year? (a) 1982 (b) 1993 (c) 1994 (d) 1999
- Standard Organization of Nigeria (SON) was established in _______ year? (a) 2003 (b) 1971 (c) 1980 (d) 1990
- _______ doctrine stipulates that when the insured has been indemnified by the insurer, the insurer has the legal right to take legal action against the third party? (a) Subrogation (b) (c) (d)
- _______ principle states that the compensation to do received by the insured should not be less than or more than the exact amount of the loss? (a) Causa proxima (b) Contribution (c) Utmost good faith (d) Indemnity
- The two types of customers in the banking industry are (xvii) _______ and (xviii) _______
- Pure risk is classified into (xix) _______, (xx) _______ and (xxi) _______
- Property risk is classify into (xxii) _______ and (xxiii) _______
- NFVCB stands for (xxiv) _______
- From questions i to xv write down the correct answers on your answer booklet:
Question 2
What are the role of Government in business? (23 marks)Question 3
- List five objectives of business regulatory agencies in Nigeria (5 marks)
- Write short notes on the following regulatory agencies in Nigeria:
- Nigeria Deposit Insurance Corporation (NDIC) (6 marks)
- National Agency for Food and Drugs Administration Control (NAFDAC) (6 marks)
- Standard Organisation of Nigeria (SON) (6 marks)
Question 4
- Write short notes on any three (3) of the following Principles of Insurance:
- Principle of good faith (4 marks)
- Principle of Insurance interest (4 marks)
- Principle of Indemnity (4 marks)
- Principle of subrogation (4 marks)
- Identify THREE advantages of insurance and FOUR disadvantages of insurance. (7 marks)
- Write short notes on any three (3) of the following Principles of Insurance:
Question 5
- What is Risk? (2 marks)
- Explain the steps in Risk Management. (15 marks)
- What are the Risk Management strategies? (6 marks)