NECO SSCE - Commerce - 2001 (Objective)

Tambaya 1 Rahoto

What is NOT a function of a retailer?

granting credit to consumers

guiding the consumers in making their choices

insuring goods for consumers Amsar da ta dace

paying personal attention to consumers

providing goods wanted by the consumers

Bayanin Amsa

Duba Amsa

Tambaya 2 Rahoto

The bringing of ownership and management of a former private industry under the control of the government is called

corporation

industrialization

nationalization Amsar da ta dace

participation

privatization

Bayanin Amsa

Duba Amsa

Tambaya 3 Rahoto

What is NOT a function of the chambers of commerce? They

arbitrate and settle disputes among members

collect and pass important information to all members and the general public

consult and co-operate with government on matters of trade and industry

make members aware of government policies concerning customs and regulations Amsar da ta dace

serve as media for the expression of the opinions of employers on matters relating to employment

Bayanin Amsa

Karanta bayanin darasi akan Trade (WAEC)

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Production (JAMB)

Karanta bayanin darasi akan Occupation (JAMB)

Trade

Commerce

Production

Occupation

Duba Amsa

Tambaya 4 Rahoto

What is NOT a suitable reason for the growth in large retail business?

distribution of wealth through expansion of retail outlets because there is great profit

improved transportation system which makes people able to move about easily to buy goods

low cost per unit of goods resulting from economics of large scale

people’s willingness to migrate from rural areas to towns for white collar jobs Amsar da ta dace

rise in standards of living of people resulting from improved wages/salaries

Bayanin Amsa

Karanta bayanin darasi akan Purchase And Sale Of Goods (JAMB)

Karanta bayanin darasi akan Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Duba Amsa

Tambaya 5 Rahoto

The word ‘Commerce’ means

buying and selling of goods and services

exchange and distribution of goods and services Amsar da ta dace

life-blood of every nation

production of utilities

trade and all the services which assist trade

Bayanin Amsa

Karanta bayanin darasi akan Commerce (JAMB)

Commerce

Duba Amsa

Tambaya 6 Rahoto

A document which makes it obligatory on the part of the seller to supply the goods or services if the inquirer accepts the conditions stated therein is called Alan

inquiry

order Amsar da ta dace

invoice

quotation

receipt

Bayanin Amsa

Karanta bayanin darasi akan Purchase And Sale Of Goods (JAMB)

Karanta bayanin darasi akan Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Duba Amsa

Tambaya 7 Rahoto

ln stock exchange, the buyer is NOT entitled to the dividend when the stock is quoted

clean

cum-dividend

double barrelled

ex-dividend Amsar da ta dace

firm

Bayanin Amsa

Karanta bayanin darasi akan Stock Exchange (JAMB)

Stock Exchange

Duba Amsa

Tambaya 8 Rahoto

What is NOT a means of Central Bank’s controlling the credit policy of commercial banks?

banker's bank

bank rate

cash /liquidity ratio

funding operations Amsar da ta dace

open market operations

Bayanin Amsa

Karanta bayanin darasi akan Financing Business (JAMB)

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Production (JAMB)

Karanta bayanin darasi akan Money (JAMB)

Financing Business

Commerce

Production

Money

Duba Amsa

Tambaya 9 Rahoto

Which of NOT a class of preference shares?

cumulative

debenture Amsar da ta dace

. non-cumulative

participating

redeemable

Bayanin Amsa

Duba Amsa

Tambaya 10 Rahoto

What is NOT an advantage of direct distribution of goods to the consumer by the manufacturer?

closer contact market trends, etc.

decrease in bad debts

greater intensiveness of the sales campaign Amsar da ta dace

no trading discounts need be allowed

sales are more accurately and efficiently made to the consumer

Bayanin Amsa

Duba Amsa

Tambaya 11 Rahoto

lf the price of a good falls and the demand for that good also fall, then that good is .......

a normal good

an inferior good

a supper good

an expensive good

none Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Purchase And Sale Of Goods (JAMB)

Karanta bayanin darasi akan Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Duba Amsa

Tambaya 12 Rahoto

What is NOT an advantage of combinations (monopolies)?

bender opportunity to expand operations

fall in the cost of selling Amsar da ta dace

pool of specialized managerial skills

centralized management

danger of over-capitalization

Bayanin Amsa

Karanta bayanin darasi akan Production (JAMB)

Karanta bayanin darasi akan Occupation (JAMB)

Production

Occupation

Duba Amsa

Tambaya 13 Rahoto

The reward of capital as a factor of production is

dividend

interest Amsar da ta dace

profit

rent

wages

Bayanin Amsa

Duba Amsa

Tambaya 14 Rahoto

In which service will a sole trader NOT be found?

business consultant

electrician

decorator

National Electric Power Authority Amsar da ta dace

surveyor

Bayanin Amsa

Duba Amsa

Tambaya 15 Rahoto

Which union is formed by the workers of firms of similar line of business to cater for their interests?

co-operative

employees

firms

trade Amsar da ta dace

welfare

Bayanin Amsa

Karanta bayanin darasi akan Trade (WAEC)

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Occupation (WAEC)

Trade

Commerce

Occupation

Duba Amsa

Tambaya 16 Rahoto

In the stock exchange what is the day when the parties to a transaction decide whether the bargain should be completed held over until the next settlement?

account Amsar da ta dace

contango

making- up

name

ticket

Bayanin Amsa

Karanta bayanin darasi akan Stock Exchange (JAMB)

Stock Exchange

Duba Amsa

Tambaya 17 Rahoto

.......... is NOT a principle of insurance

utmost good faith

particular average Amsar da ta dace

indemnity

subrogation

insurable interest

Bayanin Amsa

Karanta bayanin darasi akan Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Duba Amsa

Tambaya 18 Rahoto

What is the OBJECT of a co-operative society?

diversify the members’ produce tor international purpose

gain freedom in marketing the members’ produce

indulge in large scale production and earn huge profits

popularize government policies among the members

provide an agency for meeting the economic needs of members Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Occupation (WAEC)

Commerce

Occupation

Duba Amsa

Tambaya 19 Rahoto

What is an aim of a trade association?

protection of members’ interests Amsar da ta dace

watching government legislation which may affect members interests

encouraging the introduction of standard grades and sizes of goods

making arrangements for the settlement of disputes

exchanging information and creating uniformity in methods of dealing

Bayanin Amsa

Karanta bayanin darasi akan Trade Associations (WAEC)

Karanta bayanin darasi akan Commerce (JAMB)

Trade Associations

Commerce

Duba Amsa

Tambaya 20 Rahoto

What is NOT a concern of the Food and Drug Department of the Federal Ministry of Health?

co-operating with the appropriate agencies to bring about effective price control Amsar da ta dace

educating the consumers on drug abuse

encouraging consumers to eat a more sensible and balanced diet and avoid fatty foods

requiring drug manufacturers to provide printed prescription for certain drugs

requiring drug manufacturers to test the safety and effectiveness of drugs before marketing

Bayanin Amsa

Karanta bayanin darasi akan Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Duba Amsa

Tambaya 21 Rahoto

ln partnership business, the maximum number of persons for its formation is

five

fifteen

ten

twenty Amsar da ta dace

twenty five

Bayanin Amsa

Karanta bayanin darasi akan Occupation (JAMB)

Occupation

Duba Amsa

Tambaya 22 Rahoto

What is NOT a lecture of a co-operative society?

banks easily lend money to them

it is a corporate body with a right to sue and be sued Amsar da ta dace

members have to buy shares to form the initial capital

members have equal opportunity in the control of the society

there is no liability after shareholding is fully paid

Bayanin Amsa

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Occupation (WAEC)

Commerce

Occupation

Duba Amsa

Tambaya 23 Rahoto

What is NOT a supplementary service of banks?

agents for payment Amsar da ta dace

custody of valuables

dealing in foreign exchange

investments

referees

Bayanin Amsa

Karanta bayanin darasi akan Financing Business (JAMB)

Karanta bayanin darasi akan Purchase And Sale Of Goods (JAMB)

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Trade (JAMB)

Karanta bayanin darasi akan Stock Exchange (JAMB)

Financing Business

Purchase And Sale Of Goods

Commerce

Trade

Stock Exchange

Duba Amsa

Tambaya 24 Rahoto

What is a statement of account? It is a/an

note to inform the customer of an addition to his business transaction

original letter sent to customer asking them to settle their bills

statement of acceptance of credit facilities to a customer

summary of customer’s transactions for a given period Amsar da ta dace

summation of goods sold to a customer for a particular item

Bayanin Amsa

Duba Amsa

Tambaya 25 Rahoto

Which term means that for the price quoted, transporting the goods is ‘free’ up to the time it is placed on board a carrier?

carriage paid (Cge. Pd.)

cost on delivery (C.O.D.)

ex-ship

free on board (F.O.B.) Amsar da ta dace

free on rail (F.O.R.)

Bayanin Amsa

Karanta bayanin darasi akan Trade (WAEC)

Trade

Duba Amsa

Tambaya 26 Rahoto

What is NOT an instrument of credit?

bills of exchange

cheque

money order

postal order

source document Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Money (JAMB)

Money

Duba Amsa

Tambaya 27 Rahoto

A voluntary body formed by members of a particular branch of trade or industry to represent the interests of members is known as

co-operative society

industrial association

manufacturers’ association

trade and industry practitioners

trade association Amsar da ta dace

Bayanin Amsa

Duba Amsa

Tambaya 28 Rahoto

What is the disadvantage of foreign trade?

encourages dumping Amsar da ta dace

encourages specialization

facilitate transfer of technology

makes available products that can not be produced by a country

widens the world market

Bayanin Amsa

Karanta bayanin darasi akan Trade (WAEC)

Karanta bayanin darasi akan Production (JAMB)

Trade

Production

Duba Amsa

Tambaya 29 Rahoto

What is NOT a principle of an insurance contract?

contribution

indemnity

insurable interest

premium Amsar da ta dace

subrogation

Bayanin Amsa

Karanta bayanin darasi akan Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Duba Amsa

Tambaya 30 Rahoto

National income is

excess on balance of payment

excess on balance of trade

income gotten from international trade

money value of goods and services produced in a given period Amsar da ta dace

revenue available to the government

Bayanin Amsa

Karanta bayanin darasi akan Government Policies Relating To Business (WAEC)

Karanta bayanin darasi akan Business Environment And Social Responsibility (JAMB)

Karanta bayanin darasi akan Commerce (JAMB)

Government Policies Relating To Business

Business Environment And Social Responsibility

Commerce

Duba Amsa

Tambaya 31 Rahoto

Under what form of life insurance policy is premium paid over an agreed number of years and the sum assured is paid either at the end of that specified time or when the policy holder dies, whichever comes first?

annuity

deterred annuity

endowment Amsar da ta dace

term

whole life

Bayanin Amsa

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Trade (JAMB)

Commerce

Trade

Duba Amsa

Tambaya 32 Rahoto

The term ‘caveat emptor’ means ‘let the

account be settled’

buyer beware’ Amsar da ta dace

debtor be careful’

manufacturer beware'

seller beware'

Bayanin Amsa

Karanta bayanin darasi akan Purchase And Sale Of Goods (JAMB)

Purchase And Sale Of Goods

Duba Amsa

Tambaya 33 Rahoto

What is NOT an advantage of indigenization?

lt enhances the development of private initiative

lt ensures that important social services are provided at affordable cost Amsar da ta dace

lt ensures that Nigerians control and run the business enter-prize of their country

It fosters and accelerates the pace of industrial development

There is a saving in foreign exchange

Bayanin Amsa

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Production (JAMB)

Karanta bayanin darasi akan Occupation (JAMB)

Commerce

Production

Occupation

Duba Amsa

Tambaya 34 Rahoto

What is the rate of turnover of Amura Ajita’s business?

5 Amsar da ta dace

5.3

5.4

5.7

Bayanin Amsa

Karanta bayanin darasi akan Commerce (JAMB)

Commerce

Duba Amsa

Tambaya 35 Rahoto

Production means

changing the form of a good at any stage from the raw material to the finished products

increasing economic welfare of people by producing more goods and services

moving goods from one place to another for proper use

the amount of satisfaction derived from the consumption of goods and services

the provision of goods and services which are capable of satisfying human wants Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Production (WAEC)

Karanta bayanin darasi akan Occupation (JAMB)

Production

Occupation

Duba Amsa

Tambaya 36 Rahoto

The feature of a supermarket is

having central control from head-office

sales common household goods Amsar da ta dace

sales of goods without owning shops

similarity in shops’ frontages

that there are many shops under a roof

Bayanin Amsa

Karanta bayanin darasi akan Purchase And Sale Of Goods (JAMB)

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Aids-to-Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Aids-to-Trade

Duba Amsa

Tambaya 37 Rahoto

What is NOT a right of the consumer?

a healthy environment

be heard

to be informed

get value for money spent

save money on food and drugs Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Purchase And Sale Of Goods (JAMB)

Karanta bayanin darasi akan Commerce (JAMB)

Karanta bayanin darasi akan Occupation (JAMB)

Purchase And Sale Of Goods

Commerce

Occupation

Duba Amsa

Tambaya 38 Rahoto

The affairs of the co-operative society are in the hands of the

Board of directors

Board of trustees

Executive members Amsar da ta dace

Registrar of Co-operatives

Shareholders

Bayanin Amsa

Karanta bayanin darasi akan Occupation (JAMB)

Occupation

Duba Amsa

Tambaya 39 Rahoto

What is NOT a source of capital for a business?

borrowing from somewhere

issuing of dividend warrant Amsar da ta dace

retained profit

issuing of shares

personal savings

Bayanin Amsa

Karanta bayanin darasi akan Financing Business (JAMB)

Karanta bayanin darasi akan Business Capital And Profits (WAEC)

Financing Business

Business Capital And Profits

Duba Amsa

Tambaya 40 Rahoto

Which is NOT a public corporation?

National Electric Power Authority

National Examinations Council Amsar da ta dace

Nigerian Airways

Nigerian Railway

Ports Authority

Bayanin Amsa

Karanta bayanin darasi akan Advertising (WAEC)

Karanta bayanin darasi akan Production (WAEC)

Karanta bayanin darasi akan Occupation (JAMB)

Karanta bayanin darasi akan Occupation (WAEC)

Advertising

Production

Occupation

Duba Amsa

Tambaya 41 Rahoto

Dealing on the Stock Exchange may be either

‘for cash or ‘for hire’

‘for jobber’ or 'for broker’

'for cash' or 'for account

‘for cash’ or‘ for credit’ Amsar da ta dace

‘for bull’ or ‘ for bear’

Bayanin Amsa

Karanta bayanin darasi akan Stock Exchange (JAMB)

Stock Exchange

Duba Amsa

Tambaya 42 Rahoto

.
C.
ln which business is profit shared amongst the shareholders on the basis of patronage?

co-operative society Amsar da ta dace

joint stock company

partnership

public company

sole proprietorship

Bayanin Amsa

Karanta bayanin darasi akan Business Capital And Profits (WAEC)

Karanta bayanin darasi akan Occupation (JAMB)

Business Capital And Profits

Occupation

Duba Amsa

Tambaya 43 Rahoto

What best explains the principle of subrogation in insurable?

Both parties of the insurance contract must deal openly and honestly with each other and disclose all relevant facts

The right that a person has to stand in the place of another and enjoy all the rights and remedies of that other person Amsar da ta dace

There must be a close connection between the risk insured against and the cause of the loss

The insurer who insures the same risk with more than one insurer can only recover to the extent of the loss and nothing more, in the occurrence of the event

The insured discloses all the material facts which would affect the premium which the insurer charges

Bayanin Amsa

Karanta bayanin darasi akan Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Duba Amsa

Tambaya 44 Rahoto

A syndicate is an/a

association formed by the joining together of firms which were previously independent

association of firms at the same stage of production, formed for the purpose of keeping up prices Amsar da ta dace

association of firms for the regulation of output and prices

combination of firm which carry on the same kind of business such as retailing

company that controls one or more other companies by holding majority of their shares