NECO SSCE - Commerce - 2000 (Objective)

Question 1 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 2 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 3 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 4 Report

The breaking down of work into different processes is known as

division of labour Correct answer

exchange

production

specialization

working party

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Occupation (WAEC)

Production

Occupation

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Question 5 Report

The sum which the insured pays periodically to his insurance company is called

a brokerage

a commission

an indemnity

a policy

a premium Correct answer

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 6 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 7 Report

The advertising medium which uses electric current in bulbs is referred to as

bill boards

neon signs Correct answer

posters

television

video

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 8 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 9 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 10 Report

One of the following does NOT fit into the group.

agriculture

carpentry Correct answer

fishing

mining

quarrying

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 11 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 12 Report

Which of the following is NOT regarded as a welfare service in an organization?

housing

medical facilities

recreational facilities

training Correct answer

transportation

Answer Details

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Question 13 Report

Ships that pick up cargo from any port and travels anytime are called

cargo ships

ferries

steamers

tankers

tramps Correct answer

Answer Details

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Question 14 Report

A tax paid on goods manufactured and consumed in your country is called

consumer tax

custom duty

excise duty Correct answer

goods tax

income tax

Answer Details

Read lesson note on Trade (WAEC)

Trade

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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

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 17 Report

Which of the following warehouse is generally found near a port?

bonded warehouse Correct answer

distributor's warehouse

manufacturer’s warehouse

producer’s warehouse

wholesaler’s warehouse

Answer Details

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

Transport, Tourism, Communication And Warehousing

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Question 18 Report

A person who runs a business on his own account is called a

creditor

customer

director

partner

sole trader Correct answer

Answer Details

Read lesson note on Trade (JAMB)

Read lesson note on Occupation (WAEC)

Trade

Occupation

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Question 19 Report

When the price quoted includes all the cost to the actual destination, that is, from the seller’s warehouse to the buyer’s warehouse. it is called

carriage

carriage paid Correct answer

cash on delivery

franco

loco price

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 20 Report

Which of the following is NOT part of the marketing mix?

personnel Correct answer

place

price

product

promotion

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 21 Report

Banks issue cheque books to customers holding ......... accounts.

current Correct answer

deposit

fixed deposit

foreign

savings

Answer Details

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

Read lesson note on Business Capital And Profits (WAEC)

Read lesson note on Production (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Purchase And Sale Of Goods In Home And Foreign Trade

Business Capital And Profits

Production

Commerce

Occupation

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Question 22 Report

The deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of

an actual total loss

a constructive total loss Correct answer

a general average loss,

a partial loss

a 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 23 Report

Crude oil is best transported within the country through

a container

a trawler

a tanker Correct answer

pipeline

rail

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 24 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 25 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

View Answer

Question 26 Report

Which of the following is NOT an aim of advertising?

creating a desire to purchase the goods

arousing the interest of the public

attracting the attention of the public

inspiring public confidence in the goods

reducing the cost of the goods produced Correct answer

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 27 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

View Answer

Question 28 Report

A bill of exchange sold for less than its face value before maturity is said to be

accepted

cleared

discounted Correct answer

dishonored

protested

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 29 Report

The service rendered by NIPOST in which letters are addressed to any post office to await collection by the addressee is known as

business reply service

cash on delivery service

express mail service

free post service

posted restate service Correct answer

Answer Details

Read lesson note on Trade (WAEC)

Trade

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Question 30 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 31 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

View Answer

Question 32 Report

A multiple shop has many stores which sell

graded goods

locally produced goods

manufactured goods

persihable goods






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