NECO SSCE - Commerce - 2001 (Objective)

Ajụjụ 1 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Occupation (WAEC)

Commerce

Occupation

Lee Azịza

Ajụjụ 2 Ripọtì

What is an aim of a trade association?

protection of members’ interests Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Trade Associations (WAEC)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Trade Associations

Commerce

Lee Azịza

Ajụjụ 3 Ripọtì

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.) Azịza ziri ezi

free on rail (F.O.R.)

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Trade (WAEC)

Trade

Lee Azịza

Ajụjụ 4 Ripọtì

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 Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Lee Azịza

Ajụjụ 5 Ripọtì

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 Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Production (JAMB)

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Commerce

Production

Occupation

Lee Azịza

Ajụjụ 6 Ripọtì

What is NOT a principle of an insurance contract?

contribution

indemnity

insurable interest

premium Azịza ziri ezi

subrogation

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Lee Azịza

Ajụjụ 7 Ripọtì

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

co-operative society Azịza ziri ezi

joint stock company

partnership

public company

sole proprietorship

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Capital And Profits (WAEC)

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Business Capital And Profits

Occupation

Lee Azịza

Ajụjụ 8 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Purchase And Sale Of Goods (JAMB)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Purchase And Sale Of Goods

Commerce

Occupation

Lee Azịza

Ajụjụ 9 Ripọtì

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 Azịza ziri ezi

no trading discounts need be allowed

sales are more accurately and efficiently made to the consumer

Akọwa Nkọwa

Lee Azịza

Ajụjụ 10 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Purchase And Sale Of Goods (JAMB)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Lee Azịza

Ajụjụ 11 Ripọtì

The reward of capital as a factor of production is

dividend

interest Azịza ziri ezi

profit

rent

wages

Akọwa Nkọwa

Lee Azịza

Ajụjụ 12 Ripọtì

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 Azịza ziri ezi

revenue available to the government

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Government Policies Relating To Business (WAEC)

Gụọ akwụkwọ nkuzi na Business Environment And Social Responsibility (JAMB)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Government Policies Relating To Business

Business Environment And Social Responsibility

Commerce

Lee Azịza

Ajụjụ 13 Ripọtì

The feature of a supermarket is

having central control from head-office

sales common household goods Azịza ziri ezi

sales of goods without owning shops

similarity in shops’ frontages

that there are many shops under a roof

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Purchase And Sale Of Goods (JAMB)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Aids-to-Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Aids-to-Trade

Lee Azịza

Ajụjụ 14 Ripọtì

What is NOT a supplementary service of banks?

agents for payment Azịza ziri ezi

custody of valuables

dealing in foreign exchange

investments

referees

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Financing Business (JAMB)

Gụọ akwụkwọ nkuzi na Purchase And Sale Of Goods (JAMB)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Trade (JAMB)

Gụọ akwụkwọ nkuzi na Stock Exchange (JAMB)

Financing Business

Purchase And Sale Of Goods

Commerce

Trade

Stock Exchange

Lee Azịza

Ajụjụ 15 Ripọtì

The term ‘caveat emptor’ means ‘let the

account be settled’

buyer beware’ Azịza ziri ezi

debtor be careful’

manufacturer beware'

seller beware'

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Purchase And Sale Of Goods (JAMB)

Purchase And Sale Of Goods

Lee Azịza

Ajụjụ 16 Ripọtì

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

corporation

industrialization

nationalization Azịza ziri ezi

participation

privatization

Akọwa Nkọwa

Lee Azịza

Ajụjụ 17 Ripọtì

What is NOT an instrument of credit?

bills of exchange

cheque

money order

postal order

source document Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money (JAMB)

Money

Lee Azịza

Ajụjụ 18 Ripọtì

What is NOT a source of capital for a business?

borrowing from somewhere

issuing of dividend warrant Azịza ziri ezi

retained profit

issuing of shares

personal savings

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Financing Business (JAMB)

Gụọ akwụkwọ nkuzi na Business Capital And Profits (WAEC)

Financing Business

Business Capital And Profits

Lee Azịza

Ajụjụ 19 Ripọtì

Which of NOT a class of preference shares?

cumulative

debenture Azịza ziri ezi

. non-cumulative

participating

redeemable

Akọwa Nkọwa

Lee Azịza

Ajụjụ 20 Ripọtì

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

five

fifteen

ten

twenty Azịza ziri ezi

twenty five

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Occupation

Lee Azịza

Ajụjụ 21 Ripọtì

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

clean

cum-dividend

double barrelled

ex-dividend Azịza ziri ezi

firm

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Stock Exchange (JAMB)

Stock Exchange

Lee Azịza

Ajụjụ 22 Ripọtì

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 Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Lee Azịza

Ajụjụ 23 Ripọtì

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 Azịza ziri ezi

open market operations

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Financing Business (JAMB)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Production (JAMB)

Gụọ akwụkwọ nkuzi na Money (JAMB)

Financing Business

Commerce

Production

Money

Lee Azịza

Ajụjụ 24 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Production (WAEC)

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Production

Occupation

Lee Azịza

Ajụjụ 25 Ripọtì

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

5 Azịza ziri ezi

5.3

5.4

5.7

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Commerce

Lee Azịza

Ajụjụ 26 Ripọtì

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’ Azịza ziri ezi

‘for bull’ or ‘ for bear’

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Stock Exchange (JAMB)

Stock Exchange

Lee Azịza

Ajụjụ 27 Ripọtì

What is NOT a function of a retailer?

granting credit to consumers

guiding the consumers in making their choices

insuring goods for consumers Azịza ziri ezi

paying personal attention to consumers

providing goods wanted by the consumers

Akọwa Nkọwa

Lee Azịza

Ajụjụ 28 Ripọtì

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 Azịza ziri ezi

summation of goods sold to a customer for a particular item

Akọwa Nkọwa

Lee Azịza

Ajụjụ 29 Ripọtì

What is the disadvantage of foreign trade?

encourages dumping Azịza ziri ezi

encourages specialization

facilitate transfer of technology

makes available products that can not be produced by a country

widens the world market

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Trade (WAEC)

Gụọ akwụkwọ nkuzi na Production (JAMB)

Trade

Production

Lee Azịza

Ajụjụ 30 Ripọtì

What is NOT the function of an entrepreneur?

bearing risks

deciding on tax to pay Azịza ziri ezi

deciding what to produce

organizing other factors

providing initial capital

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Legal Aspects Of Business (JAMB)

Gụọ akwụkwọ nkuzi na Financing Business (JAMB)

Gụọ akwụkwọ nkuzi na Production (WAEC)

Gụọ akwụkwọ nkuzi na Occupation (WAEC)

Legal Aspects Of Business

Financing Business

Production

Occupation

Lee Azịza

Ajụjụ 31 Ripọtì

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 Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Production (JAMB)

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Commerce

Production

Occupation

Lee Azịza

Ajụjụ 32 Ripọtì

Which is NOT a public corporation?

National Electric Power Authority

National Examinations Council Azịza ziri ezi

Nigerian Airways

Nigerian Railway

Ports Authority

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Advertising (WAEC)

Gụọ akwụkwọ nkuzi na Production (WAEC)

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Gụọ akwụkwọ nkuzi na Occupation (WAEC)

Advertising

Production

Occupation

Lee Azịza

Ajụjụ 33 Ripọtì

What is NOT a characteristic of a Private Limited Liability Company?

a shareholder is not free to transfer his shares to someone without the permission of others

its shares cannot be offered to the public through the stock market

the liability of shareholders is not limited to the amount of shams taken up

the minimum and maximum number of shareholders is seven and infinity respectively Azịza ziri ezi

the minimum and maximum number of shareholders is two and fifty respectively

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Lee Azịza

Ajụjụ 34 Ripọtì

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

Board of directors

Board of trustees

Executive members Azịza ziri ezi

Registrar of Co-operatives

Shareholders

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Occupation

Lee Azịza

Ajụjụ 35 Ripọtì

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 Azịza ziri ezi

contango

making- up

name

ticket

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Stock Exchange (JAMB)

Stock Exchange

Lee Azịza

Ajụjụ 36 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Lee Azịza

Ajụjụ 37 Ripọtì

What is NOT an advantage of combinations (monopolies)?

bender opportunity to expand operations

fall in the cost of selling Azịza ziri ezi

pool of specialized managerial skills

centralized management

danger of over-capitalization

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Production (JAMB)

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Production

Occupation

Lee Azịza

Ajụjụ 38 Ripọtì

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 Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Occupation (WAEC)

Commerce

Occupation

Lee Azịza

Ajụjụ 39 Ripọtì

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 Azịza ziri ezi

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

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Trade (WAEC)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Production (JAMB)

Gụọ akwụkwọ nkuzi na Occupation (JAMB)

Trade

Commerce

Production

Occupation

Lee Azịza

Ajụjụ 40 Ripọtì

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 Azịza ziri ezi

invoice

quotation

receipt

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Purchase And Sale Of Goods (JAMB)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Lee Azịza

Ajụjụ 41 Ripọtì

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

utmost good faith

particular average Azịza ziri ezi

indemnity

subrogation

insurable interest

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Lee Azịza

Ajụjụ 42 Ripọtì

In which service will a sole trader NOT be found?

business consultant

electrician

decorator

National Electric Power Authority Azịza ziri ezi

surveyor

Akọwa Nkọwa

Lee Azịza

Ajụjụ 43 Ripọtì

The Articles of Association of a company do NOT contain

a method of dealing with any alterations in the amount of capital Azịza ziri ezi

a method of sharing profits and the payment of dividends

a procedure for calling general meeting/method of voting

the amount of the authorized capital, showing its division into shares

the issue, transfer and forfeiture of shares

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Legal Aspects Of Business (JAMB)

Gụọ akwụkwọ nkuzi na Legal Aspect Of Business (WAEC)

Legal Aspects Of Business

Legal Aspect Of Business

Lee Azịza

Ajụjụ 44 Ripọtì

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

co-operative

employees

firms

trade Azịza ziri ezi

welfare

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Trade (WAEC)

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Occupation (WAEC)

Trade

Commerce

Occupation

Lee Azịza

Ajụjụ 45 Ripọtì

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 Azịza ziri ezi

term

whole life

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Commerce (JAMB)

Gụọ akwụkwọ nkuzi na Trade (JAMB)

Commerce

Trade

Lee Azịza

Ajụjụ 46 Ripọtì