NECO SSCE - Commerce - 2000 (Objective)

Question 1 Report

What is the cost of goods sold?

N 2220

N 2500

N 2800 Correct answer

N 4000

N 4300

Answer Details

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Question 2 Report

The rights of the consumers does NOT include

the right to be informed

the right to choose

the right to fix prices Correct answer

the right to a healthy environment

the right to safety

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 3 Report

The relationship between a country’s visible imports and exports in a trading year is known as

balance of payment

balance of trade Correct answer

counter trade

international trade

terms of trade

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Commerce

Production

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Question 4 Report

Which of the following means of transport is most flexible?

air

rail

road Correct answer

sea

waterways

Answer Details

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

Read lesson note on Production (WAEC)

Read lesson note on Trade (JAMB)

Read lesson note on Occupation (WAEC)

Transport, Tourism, Communication And Warehousing

Production

Trade

Occupation

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Question 5 Report

A public limited liability company is owned by

board of directors

debenture holders

general public

government

shareholders Correct answer

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Read lesson note on Occupation (JAMB)

Read lesson note on Finance And Financial Institutions (WAEC)

Business Capital And Profits

Occupation

Finance And Financial Institutions

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Question 6 Report

A holding company is one which holds shares in another company up to

20%

25%

33%

41%

51% Correct answer

Answer Details

Read lesson note on Elements Of Business Management (JAMB)

Read lesson note on Commerce (JAMB)

Elements Of Business Management

Commerce

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Question 7 Report

Which area of law is NOT related to business?

agency

contract

hire purchase

possession Correct answer

sale of goods

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 8 Report

Which of the following does a seller send in reply to a letter of inquiry?

advice note

credit note

debit note

delivery note

quotation Correct answer

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 9 Report

Shares are said to be sold at a discount when they are sold

above par

at par Correct answer

below par

to the public

to the shareholders

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 10 Report

Obi received a cheque for N1000 from Mr. Ade and this cheque was stolen. He must

inform his bank to stop payment

inform Mr. Ade to tell his bank to stop payment Correct answer

simply ask Mr. Ade for another cheque

tell his bank to add the amount to his bank balance

wait until the cheque is found

Answer Details

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Question 11 Report

Which of the following is NOT part of Pre-Sales Service/ice?

assisting the prospective buyer to set up facilities for storage

dispatching of quotation and price list

granting of credit or hire purchase sales facilities

providing detailed information about goods to be purchased

provision of transportation and delivery services Correct answer

Answer Details

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

Purchase And Sale Of Goods

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Question 12 Report

Which of the is used in calculating working capital?

factory premises

furniture and fittings

machinery

office equipment

stock of raw material Correct answer

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 13 Report

An allowance made to a customer for prompt payment is known as

. allowance

bulk discount

cash discount Correct answer

commission

trade discount

Answer Details

Read lesson note on Trade (WAEC)

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

Read lesson note on Commerce (JAMB)

Trade

Purchase And Sale Of Goods

Commerce

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Question 14 Report

An agreement that is enforceable in law is called

a contract Correct answer

a declaration

a decree

an offer

a statute

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 15 Report

An instruction to an agent abroad restricting him to buy from a named manufacturer is known as

a closed indent Correct answer

an open indent

an order

pro forma invoice

a standing order

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

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Question 16 Report

The relationship between a country’s visible imports and exports in a trading year is known as

balance of payment

balance of trade

counter trade

international trade

terms of trade Correct answer

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

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Question 17 Report

Which of the following CANNOT be sold through a vending machine?

ice-cream

shoes Correct answer

snacks

tea

tickets

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 18 Report

Which is NOT a legislation aimed at protecting the consumer?

consumer association act

food and drugs act

hire purchase act

sales of goods act

trade description act Correct answer

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 19 Report

Prospectus in relation to a public limited inability company means

a document for allocation of shares to the public

a document stating the types or shares

a document where the names of shareholders are written

an invitation to the public to buy shares Correct answer

an invitation to the public to collect dividends

Answer Details

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

Read lesson note on Commerce (JAMB)

Read lesson note on Money (JAMB)

Purchase And Sale Of Goods

Commerce

Money

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Question 20 Report

The first Nigerian enterprises promotion decree was promulgated in

1972 Correct answer

1973

1974

1977

1980

Answer Details

Read lesson note on Introduction To Business Management (WAEC)

Introduction To Business Management

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Question 21 Report

The policy designed to accelerate the greater participation of Nigerians in the ownership and management of business enterprises in Nigeria is called

commercialization

indigenity

industrialization

nationalis-ation

privatization Correct answer

Answer Details

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Question 22 Report

A contract in which all parties to the contract have carried out their obligation is said to be terminated by

breach of contract

frustration

operation of the law

performance Correct answer

voluntary agreement

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 23 Report

The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as

brokerage

commission

contango

interest

jobbers turn Correct answer

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 24 Report

Which of the following can be used to establish an importer's title to goods?

bill of exchange

bill of lading Correct answer

cargo receipt

import licence

way bill

Answer Details

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

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 25 Report

A multiple shop has many stores which sell

graded goods

locally produced goods

manufactured goods

persihable goods






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