Multiple Choice – Page 4

BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

Question

A Trustee is not paid a remuneration because

A. He is a friend of the testator
B. He is a volunteer
C. He is a rich man
D. His reward is in the hereafter
E. He has no need of money

Answer

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Tags: Multiple Choice, Remuneration, Trustee, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking

Identifies the condition under which a debtor is considered bankrupt.

Question

A debtor is said to be bankrupt when

A. A creditor obtains a final court order against him
B. A court declares that he is solvent
C. He pays his debts
D. He promises to pay his creditors
E. The creditors do not trust him

Answer

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Tags: Bankruptcy, Creditor's Rights, Insolvency Law, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

Question

A cheque is said to be generally crossed if it

A. Bears two parallel lines across its face
B. Is not dated
C. Is not signed
D. Is not stamped
E. Has two postage stamps on it

Answer

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Tags: Banking Law, Cheques, General Crossing, Multiple Choice
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

Question

A bill lacking in some material particular is known as

A. Inland bill
B. Incomplete or inchoate bill
C. Promissory bill
D. Esoteric bill
E. Accelerated bill

Answer

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Tags: Bills of Exchange, Multiple Choice, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

Question

The death of a partner leads to

A. Amendment of the partnership register
B. Change in the partnership business
C. Sharing of profit
D. Dissolution of partnership
E. Sharing of business information

Answer

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Tags: Dissolution, Multiple Choice, Partner's Death, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

Question

The membership of a Partnership for the practice of accountancy is

A. 20
B. 30
C. 40
D. 50
E. Unlimited

Answer

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Tags: Accountancy Practice, Membership Limit, Multiple Choice, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q14 – Company Law

Identifies the time frame within which a public company must hold its statutory meeting after incorporation.

Question

On incorporation, a public company must hold its Statutory meeting within

A. 6 months
B. 5 months
C. 3 months
D. 2 months
E. 1 month

Answer

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Tags: Company Law, Incorporation, Multiple Choice, Statutory Meeting
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q13 – Company Law

Identifies grounds for the disqualification of a company director.

Question

The following disqualifies a Director of a company EXCEPT

A. Insanity
B. Conviction
C. Bankruptcy
D. Being a principal partner
E. Court order

Answer

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Tags: Company Law, Director Disqualification, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies the minimum liability of members in a company limited by guarantee during winding up

Question

The liability of the members of a company limited by guarantee to contribute to the assets, in the event of its being wound up, shall not be less than

A. N 10,000
B. N 20,000
C. N 30,000
D. N 40,000
E. N 50,000

Answer

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Tags: Company Law, Guarantee Companies, Liability, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q11 – Company Law

Examines restrictions on the transfer of share interests in a company.

Question

The right to transfer an interest in the share of a company can be limited by the

A. Memorandum of Association
B. Articles of Association
C. Policy Manual of the company
D. Company’s directors
E. Secretary of the company

Answer

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Tags: Articles of Association, Company Law, Multiple Choice, Shares
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2015 – L1 – SA – Q10 – Law of Tort

Identifying the law that deals with theft in Nigeria.

Question

The law that deals with theft in Nigeria is
A. Law of tort
B. Law of contracts
C. Law of stealing
D. Criminal law
E. Sale of Goods Act

Answer

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Tags: Criminal Law, Legal Provisions, Multiple Choice, Theft
Level: Level 1

Topic: Law of Tort
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q9 – Law Relating to Banking

Legal limit for bank deposits without further obligations under the Money Laundering Act.

Question

Under the Money Laundering (Prohibition) Act, the maximum sum of money that an individual may deposit in a bank account without further obligation is
A. N700,000
B. N800,000
C. N900,000
D. N500,000
E. N1,000,000

Answer

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Tags: Banking Law, Legal Limits, Money laundering, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q8 – Company Law

egal status of property transfers after compulsory winding-up.

Question

On commencement of compulsory winding-up of a company, any transfer of its property thereafter is
A. Valid
B. Invalid
C. Void
D. Voidable
E. Enforceable

Answer

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Tags: Company Law, Multiple Choice, Transfer of Property, Winding-up
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q7 – Company Law

Identifying the financial term for a company unable to pay debts.

Question

A company that is unable to pay its debts as and when due is said to be
A. Bankrupt
B. Bad
C. Illiquid
D. Insolvent
E. Undercapitalised

Answer

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Tags: Company Law, Financial State, Multiple Choice, Tags: Insolvency
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q6 – Company Law

Essential skills required for the exercise of auditor duties.

Question

The duties of an auditor are many and require the exercise of
A. Common Sense
B. Social Knowledge
C. Care and skill
D. Connection
E. Influence

Answer

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Tags: Auditors, Company Law, Duties, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q5 – Company Law

Exercising shareholder rights to challenge company management.

Question

The right of a shareholder to challenge the management of a company may be exercised through
A. Refusal to pay salaries to members of the Management Board
B. Protests and placards at the venue of the Annual General Meeting
C. Withholding payment for the value of shares held in the company
D. Payment of taxes
E. Voting at a General Meeting

Answer

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Tags: Company Law, Management, Multiple Choice, Shareholders
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2015 – L1 – SA – Q4 – Company Law

Ways to terminate a company's life.

Question

ONE of the ways in which the life of a company may be terminated is by
A. Burning and shredding the books of the company
B. Changing the locker and keys on the main entrance doors
C. Putting security men on the premises
D. Voluntary winding-up by members
E. Putting notice of winding-up in the daily newspaper

Answer

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Tags: Company Law, Multiple Choice, Termination, Winding-up
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q3 – Company Law

Documents used for the incorporation of a company.

Question

Memorandum and Articles of Association are documents of
A. Incorporation of a company
B. Formation of a partnership agreement
C. Pre-incorporation contract
D. Sealing of all e-contracts
E. Conclusion of a contract under seal

Answer

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Tags: Company Law, Incorporation, Legal Documents, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q2 – The Nigerian Legal System

Identifying courts of coordinate jurisdiction.

Question

The courts of coordinate jurisdiction on all matters are the
A. High Court of one State and that of another State
B. Supreme Court and the Court of Appeal
C. Federal High Court and a State High court
D. Customary Court of Appeal
E. Supreme Court of Nigeria and the International Court of Justice

Answer

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Tags: Courts, Jurisdiction, Multiple Choice, Nigerian Legal System
Level: Level 1

Topic: The Nigerian Legal System
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q1 – Introduction to Law

Identifying consequences of breach of civil law.

Question

Which of the following is NOT a consequence of breach of civil law?
A. Payment of damages
B. Restitution
C. Injunction
D. A term of imprisonment
E. Specific performance

Answer

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Tags: Courts, Jurisdiction, Multiple Choice, Nigerian Legal System
Level: Level 1

Topic: Introduction to Law
Series: NOV 2015

Question Tag: Multiple Choice

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BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Explains why a trustee is typically not remunerated.

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BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking

Identifies the condition under which a debtor is considered bankrupt.

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BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

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BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

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BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

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BL – Nov 2013 – L1 – SA – Q15 – Partnership Law

Identifies the membership limit for a partnership in accountancy practice.

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BL – Nov 2013 – L1 – SA – Q14 – Company Law

Identifies the time frame within which a public company must hold its statutory meeting after incorporation.

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BL – Nov 2013 – L1 – SA – Q13 – Company Law

Identifies grounds for the disqualification of a company director.

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BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies the minimum liability of members in a company limited by guarantee during winding up

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BL – Nov 2013 – L1 – SA – Q11 – Company Law

Examines restrictions on the transfer of share interests in a company.

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BL – Nov 2015 – L1 – SA – Q10 – Law of Tort

Identifying the law that deals with theft in Nigeria.

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BL – Nov 2015 – L1 – SA – Q9 – Law Relating to Banking

Legal limit for bank deposits without further obligations under the Money Laundering Act.

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BL – Nov 2015 – L1 – SA – Q8 – Company Law

egal status of property transfers after compulsory winding-up.

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BL – Nov 2015 – L1 – SA – Q7 – Company Law

Identifying the financial term for a company unable to pay debts.

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BL – Nov 2015 – L1 – SA – Q6 – Company Law

Essential skills required for the exercise of auditor duties.

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BL – Nov 2015 – L1 – SA – Q5 – Company Law

Exercising shareholder rights to challenge company management.

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BL – Nov 2015 – L1 – SA – Q4 – Company Law

Ways to terminate a company's life.

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BL – Nov 2015 – L1 – SA – Q3 – Company Law

Documents used for the incorporation of a company.

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BL – Nov 2015 – L1 – SA – Q2 – The Nigerian Legal System

Identifying courts of coordinate jurisdiction.

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BL – Nov 2015 – L1 – SA – Q1 – Introduction to Law

Identifying consequences of breach of civil law.

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