NECO SSCE - Commerce - 2009 (Objective)

Question 1 Report

The trade that takes place when imported goods are re-exported is known as

entrepot trade Correct answer

import trade

export trade

visible trade

Answer Details

Read lesson note on Trade (WAEC)

Trade

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Question 2 Report

An unconditional order by a creditor to a debtor requiring payment on a specified date is called

promissory note

letter of credit

money order

bill of exchange Correct answer

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 3 Report

Foreign trade transactions are carrried out through the use of

commercial papers

bank drafts drawn by commercial banks on their foreign braches

irrevocably confirmed letters of credit Correct answer

letters of credit authenticated by embassies

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Commerce

Trade

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Question 4 Report

Free editorial space or time not paid for by an organization is called

sales promotion

publicity Correct answer

public relations

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 5 Report

A hire purchase transaction becomes a sale when the hirer

pays full cost of the goods Correct answer

agrees with the hire purchase terms

takes possession of the goods

pays part of the instalments

Answer Details

Read lesson note on Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods In Home And Foreign Trade

Purchase And Sale Of Goods

Commerce

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Question 6 Report

One of the functions of the stock exchange is to

assist individuals in their policies

provide collateral for investors

provide insurance cover against risk

disseminate information to investors Correct answer

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 7 Report

Commerce aids the development of any economy as it

provides for proper accountability

improves the living standard Correct answer

enhances the even distribution of wealth

encourages the reduction of inflation

Answer Details

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Question 8 Report

Kola who had an accident was taken to hospital by Kemi. Kola promised to give Kemi N 500 when discharged. Kola failed to fulfil his promise. Which of the following is legally correct?

Kemi cannot sue Kola

Kemi can sue Kola

Kola can deny the promise Correct answer

Kola can offer something else

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 9 Report

An electronic system of communication which serves as the international information bank is called

an e-mail

a satellite

a telex

the Internet Correct answer

Answer Details

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

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Question 10 Report

A function of a retailer is to

determine the prices of goods

stock a variety of goods Correct answer

buy goods in large quantities

make money available to the manufacturer

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Trade

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Question 11 Report

The effective dissemination of information about products is a social responsibility of a company to its

shareholders

management

consumers Correct answer

employees

Answer Details

Read lesson note on Business Environment And Social Responsibility (JAMB)

Read lesson note on Commerce (JAMB)

Business Environment And Social Responsibility

Commerce

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Question 12 Report

An element of the marketing mix that is concerned with feature and quality is

price

place

product Correct answer

promotion

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 13 Report

The individuals who conceive the idea of a company and undertake to fulfill the legal requirements for the venture are the

shareholders

promoters Correct answer

directors

entrepreneur

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 14 Report

The inflationary conditions of a country and her interest rate constitute her

social variables

economic variables Correct answer

political variables

transformational variables

Answer Details

Read lesson note on Economic Groupings (WAEC)

Economic Groupings

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Question 15 Report

Failure to pay an employees wage is a breach of

right

warranty

agreement

trust Correct answer

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 16 Report

The factors responsible for large scale production of durable goods are

capital and infrastructure Correct answer

land and infrastructure

labour and capital

equipment and labour

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Occupation (JAMB)

Production

Occupation

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Question 17 Report

The luxurious boats used for passengers from one town to another are

steamers

launches Correct answer

tramp liners

coastal liners

Answer Details

Read lesson note on Transport, Tourism, Communication And Warehousing (WAEC)

Read lesson note on Finance And Financial Institutions (WAEC)

Transport, Tourism, Communication And Warehousing

Finance And Financial Institutions

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Question 18 Report

A legal document representing a promise by a company to pay back a loan over a period of time is referred to as a

warrant

bond Correct answer

share certificate

title deed

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 19 Report

The benefits that students derive from tourism are

education and revenue

recreation and education Correct answer

purchase of artifacts and sightseeing

sale of artefacts and relaxation

Answer Details

Read lesson note on Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

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Question 20 Report

A factor that hinders the achievement of ECOWAS objectives is

the absence of a common market

lack of a common language

the difference in political ideology Correct answer

lack of a common territory

Answer Details

Read lesson note on Economic Groupings (WAEC)

Economic Groupings

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Question 21 Report

A system in which a group of persons are appointed to carry out special duties of policy and decision-making is referred to as the

matrix structure

staff structure

committee structure Correct answer

functional structure

Answer Details

Read lesson note on Introduction To Business Management (WAEC)

Introduction To Business Management

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Question 22 Report

An association of two or that each cannot handle alone is

a cartel

an amalgamation

a merger

a syndicate Correct answer

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

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Question 23 Report

The construction of dams, irrigation drains and navigation major responsibility of the

Upper-Nigeria River Basin Commission

Nigeria Basin Commission Correct answer

Economic Community of West African states

Lack Chad Basic Commission

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Occupation (WAEC)

Production

Occupation

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Question 24 Report

The price of an item is N 300 with a trade discount of 20%, What is the selling price?

N180

N240 Correct answer

N300

N360

no option

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 25 Report

A non-insurable risk is exemplified by

speculation and loss of profit through competition Correct answer

gambling and whole-life insurance

bad debts and consequential loss insurance

open cover contract and constructive total loss

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 26 Report

A country’s balance of payments is divided into

current and capital accounts Correct answer

current and foreign accounts

creditor`s and debtor’s accounts

export and import accounts

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

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Question 27 Report

A major disadvantage of the mainframe computer is its

speed

durability

cost Correct answer

capacity

Answer Details

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

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Question 28 Report

A mutual compromise between the central bank and other banks on strategies for economic activities is reached through

cash liquidity ratio

the reserve ratio

moral suasion Correct answer

open-market operations

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Money (JAMB)

Commerce

Money

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Question 29 Report

Personal selling is important to a business because it can be used to

distract competitors

distribute free samples Correct answer

sell custom-made products

effect labour - oriented pricing

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 30 Report

The branding of manufacturers goods aids

market segmentation

demand and supply

price discrimination

product differentiation Correct answer

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 31 Report

information and communication technology is advantageous to the banking industry because

overhead cost is reduced

the number of customers increases

service delivery is fast Correct answer

interest rates are raised

Answer Details

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

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Question 32 Report

One objective of privatization is the

provision of infrastructure

provision of education and health facilities

efficient use of resources Correct answer

protection and development of communities

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 33 Report

Sole proprietors finance their businesses through

bonds and savings

savings and bank overdrafts Correct answer

loans and mortgages

bank overdrafts and leasing

Answer Details

Read lesson note on Financing Business (JAMB)

Financing Business

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Question 34 Report

A document issued by financial organizations to enable holders to buy goods on credit is called

ATM card

coupon

luncheon voucher

credit card Correct answer

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 35 Report

The profit received by a member of a cooperative society is

a rebate

an allowance

a dividend Correct answer

a share

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Business Capital And Profits (WAEC)

Trade

Business Capital And Profits

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Question 36 Report

The quickest and most accurate means of communication is

fax

telegram Correct answer

express mail

railex

Answer Details

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

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Question 37 Report

The contribution of a department towards the attainment of corporate goals is its

span of control

scalar principles Correct answer

unity of command

unity of objective

Answer Details

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Question 38 Report

The type of advertising that influences consumer's choice of products is

competitive

persuasive Correct answer

specific

informative

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 39 Report

A management function which reflects effective identification and grouping of work is

planning

organizing Correct answer

coordinating

staffing

Answer Details

Read lesson note on Elements Of Business Management (JAMB)

Read lesson note on Introduction To Business Management (WAEC)

Elements Of Business Management

Introduction To Business Management

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Question 40 Report

Which of the following is the best form of sales promotion?

Bill board

Bell ringing

Publicity Correct answer

Demonstration

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 41 Report

One of the primary functions of the thrift, credit and loans cooperative society is to

educate its members

disburse money to its members

encourage investment among members Correct answer

protect members’ valuables

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 42 Report

The major advantage of using a vending machine is that

all sales are automatic

it operates for 24 hours

it has a time limit

it is easily accessible Correct answer

Answer Details

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Question 43 Report

In the Sale of Goods Act, goods which have been identified and agreed upon at the time of contract are called

existing goods

fixture goods

unascertained goods

specific Correct answer

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Purchase And Sale Of Goods

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Question 44 Report

The transfer of risks from an insurer to another insurer for premium is referred to as

assurance

insurance

subrogation

reinsurance Correct answer

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Commerce

Trade

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