NECO SSCE - Commerce - 2000 (Objective)

Question 1 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 2 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

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Question 3 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 4 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 5 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 6 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 7 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 8 Report

The body charged with the responsibility monitoring the quality of goods supplied is the

consumers’ association

chamber of commerce

manufacturers' association

Ministry of Health

Nigerian standards organization Correct answer

Answer Details

Read lesson note on Trade Associations (WAEC)

Read lesson note on Commerce (JAMB)

Trade Associations

Commerce

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Question 9 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 10 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

View Answer

Question 11 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 12 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 13 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 14 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 15 Report

A voluntary association of business executives, trader men, entrepreneurs and others in a city, town or country is called a

chamber of commerce Correct answer

consumers association

manufacturers association

trade association

trade union

Answer Details

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Question 16 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 17 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 18 Report

Bankers settle their mutual indebtedness in a

clearing and forwarding house

clearing house Correct answer

development bank

discount house

stock exchange market

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Commerce

Occupation

View Answer

Question 19 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

View Answer

Question 20 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 21 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 22 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 23 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

View Answer

Question 24 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

View Answer

Question 25 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

View Answer

Question 26 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

View Answer

Question 27 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

View Answer

Question 28 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

View Answer

Question 29 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 30 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 31 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

View Answer

Question 32 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

View Answer

Question 33 Report

A multiple shop has many stores which sell

graded goods

locally produced goods

manufactured goods

persihable goods






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