NECO SSCE - Commerce - 2001 (Objective)

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 Juist antwoord

term

whole life

Antwoorddetails

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Trade (JAMB)

Commerce

Trade

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Vraag 10 Verslag

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

co-operative society Juist antwoord

joint stock company

partnership

public company

sole proprietorship

Antwoorddetails

Lees lesnotitie op Business Capital And Profits (WAEC)

Lees lesnotitie op Occupation (JAMB)

Business Capital And Profits

Occupation

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Vraag 11 Verslag

The term ‘caveat emptor’ means ‘let the

account be settled’

buyer beware’ Juist antwoord

debtor be careful’

manufacturer beware'

seller beware'

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Purchase And Sale Of Goods

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Vraag 12 Verslag

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

five

fifteen

ten

twenty Juist antwoord

twenty five

Antwoorddetails

Lees lesnotitie op Occupation (JAMB)

Occupation

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Vraag 13 Verslag

Which of NOT a class of preference shares?

cumulative

debenture Juist antwoord

. non-cumulative

participating

redeemable

Antwoorddetails

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Vraag 14 Verslag

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 Juist antwoord

invoice

quotation

receipt

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Lees lesnotitie op Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Vraag 15 Verslag

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 Juist antwoord

summation of goods sold to a customer for a particular item

Antwoorddetails

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Vraag 16 Verslag

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’ Juist antwoord

‘for bull’ or ‘ for bear’

Antwoorddetails

Lees lesnotitie op Stock Exchange (JAMB)

Stock Exchange

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Vraag 17 Verslag

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.) Juist antwoord

free on rail (F.O.R.)

Antwoorddetails

Lees lesnotitie op Trade (WAEC)

Trade

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Vraag 18 Verslag

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 Juist antwoord

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

Antwoorddetails

Lees lesnotitie op Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Vraag 19 Verslag

What is NOT a function of a retailer?

granting credit to consumers

guiding the consumers in making their choices

insuring goods for consumers Juist antwoord

paying personal attention to consumers

providing goods wanted by the consumers

Antwoorddetails

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Vraag 20 Verslag

What is NOT an advantage of combinations (monopolies)?

bender opportunity to expand operations

fall in the cost of selling Juist antwoord

pool of specialized managerial skills

centralized management

danger of over-capitalization

Antwoorddetails

Lees lesnotitie op Production (JAMB)

Lees lesnotitie op Occupation (JAMB)

Production

Occupation

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Vraag 21 Verslag

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 Juist antwoord

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Lees lesnotitie op Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Bekijk antwoord

Vraag 22 Verslag

What is NOT an instrument of credit?

bills of exchange

cheque

money order

postal order

source document Juist antwoord

Antwoorddetails

Lees lesnotitie op Money (JAMB)

Money

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Vraag 23 Verslag

What is NOT the function of an entrepreneur?

bearing risks

deciding on tax to pay Juist antwoord

deciding what to produce

organizing other factors

providing initial capital

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Lees lesnotitie op Financing Business (JAMB)

Lees lesnotitie op Production (WAEC)

Lees lesnotitie op Occupation (WAEC)

Legal Aspects Of Business

Financing Business

Production

Occupation

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Vraag 24 Verslag

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 Juist antwoord

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

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Lees lesnotitie op Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Bekijk antwoord

Vraag 25 Verslag

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

Board of directors

Board of trustees

Executive members Juist antwoord

Registrar of Co-operatives

Shareholders

Antwoorddetails

Lees lesnotitie op Occupation (JAMB)

Occupation

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Vraag 26 Verslag

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

clean

cum-dividend

double barrelled

ex-dividend Juist antwoord

firm

Antwoorddetails

Lees lesnotitie op Stock Exchange (JAMB)

Stock Exchange

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Vraag 27 Verslag

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 Juist antwoord

no trading discounts need be allowed

sales are more accurately and efficiently made to the consumer

Antwoorddetails

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Vraag 28 Verslag

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 Juist antwoord

open market operations

Antwoorddetails

Lees lesnotitie op Financing Business (JAMB)

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Production (JAMB)

Lees lesnotitie op Money (JAMB)

Financing Business

Commerce

Production

Money

Bekijk antwoord

Vraag 29 Verslag

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 Juist antwoord

Antwoorddetails

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Occupation (WAEC)

Commerce

Occupation

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Vraag 30 Verslag

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 Juist antwoord

revenue available to the government

Antwoorddetails

Lees lesnotitie op Government Policies Relating To Business (WAEC)

Lees lesnotitie op Business Environment And Social Responsibility (JAMB)

Lees lesnotitie op Commerce (JAMB)

Government Policies Relating To Business

Business Environment And Social Responsibility

Commerce

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Vraag 31 Verslag

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 Juist antwoord

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

Antwoorddetails

Lees lesnotitie op Trade (WAEC)

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Production (JAMB)

Lees lesnotitie op Occupation (JAMB)

Trade

Commerce

Production

Occupation

Bekijk antwoord

Vraag 32 Verslag

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

5 Juist antwoord

5.3

5.4

5.7

Antwoorddetails

Lees lesnotitie op Commerce (JAMB)

Commerce

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Vraag 33 Verslag

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 Juist antwoord

contango

making- up

name

ticket

Antwoorddetails

Lees lesnotitie op Stock Exchange (JAMB)

Stock Exchange

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Vraag 34 Verslag

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 Juist antwoord

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

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Vraag 35 Verslag

What is an aim of a trade association?

protection of members’ interests Juist antwoord

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

Antwoorddetails

Lees lesnotitie op Trade Associations (WAEC)

Lees lesnotitie op Commerce (JAMB)

Trade Associations

Commerce

Bekijk antwoord

Vraag 36 Verslag

The word ‘Commerce’ means

buying and selling of goods and services

exchange and distribution of goods and services Juist antwoord

life-blood of every nation

production of utilities

trade and all the services which assist trade

Antwoorddetails

Lees lesnotitie op Commerce (JAMB)

Commerce

Bekijk antwoord

Vraag 37 Verslag

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

co-operative

employees

firms

trade Juist antwoord

welfare

Antwoorddetails

Lees lesnotitie op Trade (WAEC)

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Occupation (WAEC)

Trade

Commerce

Occupation

Bekijk antwoord

Vraag 38 Verslag

The Articles of Association of a company do NOT contain

a method of dealing with any alterations in the amount of capital Juist antwoord

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

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Lees lesnotitie op Legal Aspect Of Business (WAEC)

Legal Aspects Of Business

Legal Aspect Of Business

Bekijk antwoord

Vraag 39 Verslag

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 Juist antwoord

Antwoorddetails

Lees lesnotitie op Production (WAEC)

Lees lesnotitie op Occupation (JAMB)

Production

Occupation

Bekijk antwoord

Vraag 40 Verslag

Which is NOT a public corporation?

National Electric Power Authority

National Examinations Council Juist antwoord

Nigerian Airways

Nigerian Railway

Ports Authority

Antwoorddetails

Lees lesnotitie op Advertising (WAEC)

Lees lesnotitie op Production (WAEC)

Lees lesnotitie op Occupation (JAMB)

Lees lesnotitie op Occupation (WAEC)

Advertising

Production

Occupation

Bekijk antwoord

Vraag 41 Verslag

The reward of capital as a factor of production is

dividend

interest Juist antwoord

profit

rent

wages

Antwoorddetails

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Vraag 42 Verslag

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

corporation

industrialization

nationalization Juist antwoord

participation

privatization

Antwoorddetails

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Vraag 43 Verslag

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 Juist antwoord

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Occupation (JAMB)

Purchase And Sale Of Goods

Commerce

Occupation

Bekijk antwoord

Vraag 44 Verslag

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

utmost good faith

particular average Juist antwoord

indemnity

subrogation

insurable interest

Antwoorddetails

Lees lesnotitie op Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Vraag 45 Verslag

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 Juist antwoord

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

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 46 Verslag

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 Juist antwoord

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

Antwoorddetails

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Production (JAMB)

Lees lesnotitie op Occupation (JAMB)

Commerce

Production

Occupation

Bekijk antwoord

Vraag 47 Verslag

The feature of a supermarket is

having central control from head-office

sales common household goods Juist antwoord

sales of goods without owning shops

similarity in shops’ frontages

that there are many shops under a roof

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Aids-to-Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Aids-to-Trade

Bekijk antwoord






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