Sunday is a dealer in Mercedes Benz cars spare parts. He purchased a carton of piston and rings from Chukwuma, a seventeen-year old shop assistant of Mr. Emeodi. Chukwuma, who was not in the shop when Mr. Emeodi brought in the goods, gave Sunday a carton of Nissan car piston and rings instead of that of Mercedes Benz. Sunday has just discovered that the goods he bought on credit were not what he ordered for. His counsel is of the opinion that there was no contract ab initio as there are vitiating elements. Required Advise Sunday on the status of his contract with Mr. Emeodi. (10 marks)

1. April is a college student who wants to open a bank account for the first time. She has $500 cash to

deposit in the account initially. The bank she chooses is not near her dorm, and it's difficult for her to get

there. She has a part-time job and receives a bi-weekly paycheck that will be directly deposited into her

account. Which of the following types of accounts should she ask for at the bank:

A. Checking C. Money market

B. Savings D. Certificate of deposit

2. Which of the following is not a standard financial statement:

A. Income statement C. Shareholder sheet

B. Balance sheet D. Cash flow statement

3. What does an income statement show about a company over a period of time?

A. Profitability C. Equity

B. Reliability D. Liabilities

4. The numbers listed in a stock table's 52-week high and low column tell you

A. the best prices for the stock.

B. if the stock price is overvalued.

C. the range of prices for the year.

D. the range of where the stock price should be.

5. Which of the following is a true statement about ticker symbols:

A. They uniquely identify a company.

B. They tell you what kind of stock it is.

C. They are made up of the first three letters of a company's name.

D. They are only given to companies on the New York Stock Exchange.

6. Which of the following is an example of a lending investment:

A. Stocks C. Antiques

B. Homes D. Bonds

7. Bennett has just finished college and has moved into her own apartment that is located on a bus line.

She'll be able to take the bus to her new job that she's scheduled to start in a month. In fact, she'll need

to rely on bus transportation until she saves money to buy a car. What insurance coverage should she

have?

A. Renter's insurance and temporary short-term health insurance

B. Health and life insurance

C. Renter's insurance and COBRA

D. Auto insurance and temporary short-term health insurance

8. A labor strike against a major employer is an example of a(n) __________ risk.

A. human C. economic

B. natural D. internal

SAMPLE FINANCE EXAM

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9. What type of financial records do businesses need to maintain in order to keep track of their

transactions?

A. Tax identification C. Payroll information

B. Accounts receivable D. Operating procedure

10. Which of the following is the basic calculation used to analyze an income statement:

A. Assets minus liabilities C. Income minus expenses

B. Revenue plus sales D. Sales plus operating costs

11. Which of the following is a common financial-information management problem:

A. Multiple financial data sources and systems within an organization

B. Overreliance on a master source and system for financial data

C. Strict organizational data governance policies and processes

D. Insufficient financial information due to compliance regulations

12. A primary responsibility of financial-information management is to

A. report financial transactions. C. develop new products.

B. negotiate contracts with vendors. D. implement sales policies.

13. Which of the following is an example of a businessperson exhibiting unethical behavior in relation to a

business's financial information:

A. An unauthorized employee reviews a client's financial information.

B. An auditor verifies the accuracy of a corporation's financial statements.

C. A banker requests financial information from a business to process a loan.

D. A manager examines the business's financial records to develop a budget.

NB; EXPLAIN ALL QUESTIONS