NECO SSCE - Commerce - 2003 (Objective)

Question 1 Report

The reward for Labour as a factor of production is

interest

premium

profit

rent

wage Correct answer

Answer Details

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 Production (JAMB)

Read lesson note on Trade (JAMB)

Business Capital And Profits

Production

Commerce

Production

Trade

View Answer

Question 2 Report

The act of bringing a privately owned business under exclusive state ownership and control is referred to as

commercialization

indigenization

nationalization Correct answer

privatization

rationalization

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 3 Report

Which of the following forms of business unit requires a certificate of trading before commencing business?

Partnership

Public liability company Correct answer

Private liability company

Public corporation

Sole proprietorship

Answer Details

Read lesson note on Trade Associations (WAEC)

Read lesson note on Business Units (JAMB)

Trade Associations

Business Units

View Answer

Question 4 Report

Which of the laws of consumers protection fixes the rate of interest that may be charged on loans?

Food and Drug Act

Hire Purchase Laws

Price Control Decree

Sale of Goods Act

Usury Laws Correct answer

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

View Answer

Question 5 Report

Which of the following does not relate to foreign trade?

Certificate of origin

Chartered party

Dumping

Export duties Correct answer

Export license

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 6 Report

Which of the following organizations look after harbours, docks and waterways in Nigeria?

Nigeria Ports Authority Correct answer

Nigeria Navy

Nigeria Export Promotion Council

Nigeria Shippers Council

Nigeria Customs Service

Answer Details

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

Transport, Tourism, Communication And Warehousing

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Question 7 Report

Who takes the initial step to form a company prior to its incorporation?

Company secretary

Managing director

Promoter Correct answer

Registrar of company

shareholder

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 8 Report

......is a letter sent to the suppliers requesting details of goods offered for sale

An Invoice

Letter of enquiry Correct answer

Purchase order

Requisition

Quotation

Answer Details

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

Read lesson note on Occupation (JAMB)

Purchase And Sale Of Goods

Occupation

View Answer

Question 9 Report

All the following are members of small-scale retailing EXCEPT

chain stores Correct answer

itinerant trade

kiosks

mobile shops

stall holders

Answer Details

Read lesson note on Trade Associations (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Business Units (WAEC)

Read lesson note on Occupation (WAEC)

Trade Associations

Commerce

Business Units

Occupation

View Answer

Question 10 Report

Advertising could be used to achieve all the following EXCEPT

building primary demand

creating brand loyalty

creating employee loyalty Correct answer

enhancing turn-over

increasing market share

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 11 Report

The second tier security market is an example of

capital market Correct answer

commodity market

factor market

labour market

money market

Answer Details

Read lesson note on Stock Exchange (JAMB)

Read lesson note on Money (JAMB)

Stock Exchange

Money

View Answer

Question 12 Report

The national headquarters of Niger Basin Commission is at

Lagos

Niamey Correct answer

N’djamena

Yamasucro

Yaounde

Answer Details

Read lesson note on Introduction To Business Management (WAEC)

Introduction To Business Management

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Question 13 Report

For a contract to be valid, there must be

drawee and drawer

insured and insurer

lessor and lessee

offer and acceptance Correct answer

principal and agent

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Read lesson note on Occupation (WAEC)

Legal Aspect Of Business

Occupation

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Question 14 Report

A public limited company can borrow from the public to increase its capital by

debentures Correct answer

mortgage

stocks

treasury bills

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 15 Report

A document which can be used for both internal and external trade is

bill of exchange Correct answer

GIRO

I.O.U

portal orders

promising note.

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

View Answer

Question 16 Report

A cheque is not a legal tender because it is

not mandatory to a creditor to accept it Correct answer

not negotiable

transferable

only a representation of money

should be paid into a bank account

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspects Of Business

Legal Aspect Of Business

View Answer

Question 17 Report

Which of the following gives Nigerian’s the opportunity to take active part in industry and commerce?

Commercialization

Consumerism

Indigenization

Nationalization

Privatization Correct answer

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Read lesson note on Occupation (JAMB)

Commerce

Production

Occupation

View Answer

Question 18 Report

Which of the following invites the general public to subscribe for its shares?

Co-operative

Private liability company

Public corporation

Public liability company Correct answer

Sole proprietorship

Answer Details

Read lesson note on Production (JAMB)

Read lesson note on Stock Exchange (JAMB)

Production

Stock Exchange

View Answer

Question 19 Report

Who among the following is the last link in the chain of distribution?

Consignor

Consumer Correct answer

Producer

Retailer

Wholesaler

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 20 Report

A share ducted “Cum div”, means that the dividend for the current year will be paid to the

buyer of the shares Correct answer

broker of the shares

jobber of the shares

seller of the shares

stock exchange authority

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

View Answer

Question 21 Report

The coming together of two or more companies to form one big viable company is known as

association

cartel

joining

merging Correct answer

trust

Answer Details

Read lesson note on Trade Associations (WAEC)

Read lesson note on Commerce (JAMB)

Trade Associations

Commerce

View Answer

Question 22 Report

One of the barriers to foreign trade is the presence of

difference in goods and services

different means of transportation

many society personnel

tariffs on goods and services Correct answer

various means of production

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Trade

Commerce

Trade

View Answer

Question 23 Report

The 4C’s of credit are

consumer, collateral, company and cost

collateral, capital, company and cost

collate capital, character and capacity Correct answer

character, cost, capital and capacity

capital, capacity, consumer and character

Answer Details

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Question 24 Report

Combination of methods used by a firm for marketing its product is known as .......

marketing concept

marketing mix Correct answer

market research

market segmentation

market share

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 25 Report

Which of the following does NOT relate to marine insurance?... policy

Endowment Correct answer

Floating

Time

Valued

Voyage

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

View Answer

Question 26 Report

The changing of the original form of an object to a form that can give satisfaction to a want is known as

commerce

construction

consumption

occupation

production Correct answer

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Commerce (JAMB)

Production

Commerce

View Answer

Question 27 Report

Shareholder receive......

interest

dividends Correct answer

commission

allowances

none of the above

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Business Capital And Profits

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Question 28 Report

Organization of a wholesale warehouse in a typical company consist of the following EXCEPT ....... department.

finance

management and administration

publicity

production Correct answer

packing and dispatch

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Occupation (WAEC)

Production

Occupation

View Answer

Question 29 Report

The amount which a company is empowered to raise for a business is its

called-up-capital

nominal capital Correct answer

paid-up capital

issued capital

working capital

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Business Capital And Profits

View Answer

Question 30 Report

A form of business unit in which members are given patronage allowance is

co-operative society Correct answer

joint stock company

public corporation

partnership

sole proprietorship

Answer Details

Read lesson note on Business Units (WAEC)

Business Units

View Answer

Question 31 Report

The word “close-up” as used in toothpaste is a

brand name Correct answer

Company’s name

Company’s logo

Patent right

Symbol

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

View Answer

Question 32 Report

The government regulates business activities through the following measures EXCEPT

copy right

patents

registration

trade marks Correct answer

inspection

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

View Answer

Question 33 Report

Which of the following risks would an insurance company not prepared to cover?

Change in fashion Correct answer

Death resulting from HIV

Loss of cash in transit

Numerous employees

Theft of property

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (JAMB)

Commerce

Occupation

View Answer

Question 34 Report

Who among the following engages in manufacturing occupation?

Bricklayer

Carpenter Correct answer

Miner

Musician

Spinner

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Occupation (JAMB)

Production

Occupation

View Answer

Question 35 Report

Sea transport is unsuitable for the movement of

antiquities

coal

fertilizer

planks

vegetables Correct answer

Answer Details

Read lesson note on Advertising (WAEC)

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

Advertising

Transport, Tourism, Communication And Warehousing

View Answer

Question 36 Report

The service of a teacher is in the classification of

commerce

direct service

extractive occupation

indirect services Correct answer

industrial occupation

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

View Answer

Question 37 Report

Shares issued to existing shareholders, without paying for them are referred to as ....... issue.

allowance

bonus Correct answer

extra

right

special

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Read lesson note on Stock Exchange (JAMB)

Business Capital And Profits

Stock Exchange

View Answer

Question 38 Report

When a business organization constructs schools and roads for the use of a community. such responsibility is

commercial

economical

industrial

political

social Correct answer

Answer Details

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

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

Information And Communication Technology (ict)

Business Environment And Social Responsibility

View Answer

Question 39 Report

Which means of transport is most suitable for moving crude oil, gas and water from Port Harcourt to Kaduna?

Bus

Pipeline Correct answer

Ship

Tanker

Trailer

Answer Details

Read lesson note on Finance And Financial Institutions (WAEC)

Read lesson note on Occupation (WAEC)

Finance And Financial Institutions

Occupation

View Answer

Question 40 Report

Re-exporting imported goods to another country is known as ........ trade.

barter

counter

entreport Correct answer

invisible

visible

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

View Answer

Question 41 Report

The reward of an agent working for a principal is a

bonus

commission Correct answer

dividend

interest

profit

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Read lesson note on Occupation (JAMB)

Business Capital And Profits

Occupation

View Answer

Question 42 Report

The factor of production that combines others factors and bears the risks in production process is

capital

entrepreneur

land Correct answer

labour

wages

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

View Answer

Question 43 Report

The agreement between an exporter and a ship owner to convey goods is known as

charter party Correct answer

dock warrant

marine policy

shipping conference

ships manifest

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Commerce

Occupation

View Answer

Question 44 Report

A discount that is given to middlemen in order to make good profit is called .......... discount.

cash

fixed

quant

seasonal

trade Correct answer

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

View Answer

Question 45 Report

The branches of Commerce include all the following EXCEPT

advertising

barbing Correct answer

trade

transport

warehousing

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

View Answer

Question 46 Report

Any member of the public who wants to buy shares in the stock market will first of all meet a/an

agent

broker Correct answer

jobber

seller

share holder

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

View Answer

Question 47 Report

Commerce refers to

buying and selling of goods at home

buying and selling of goods and services at home

importation and exportation of goods

importation and exportation of goods and services

trade and all of services which assist trade 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 48 Report

Organizational chart is a diagram showing the

flow of authority and responsibilities in a organization Correct answer

offices of both subordinates and officials

organization of staff in an organization

positions of workers in an organization

span of management control

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

View Answer

Question 49 Report

The special right of privileges granted to an inventor to make use of what he has invented is known as fundamental right.

fundamental right

patent Correct answer

right to machine

trade mark

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

View Answer

Question 50 Report

A large rental organization with a number of sections selling different goods in the same building is called a ....

chain store

departmental store Correct answer

multiple shop

self service shop

Supermarket

Answer Details

Read lesson note on Business Units (JAMB)

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

Business Units

Purchase And Sale Of Goods

View Answer






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