NECO SSCE - Commerce - 2002 (Objective)

Vraag 1 Verslag

What is defined as an agreement to pay an initial deposit for an object and then pay the balance in regular instalments while having the use of the object”?

conditional sales

credit sales

hire purchase Juist antwoord

leasing

trade-in sales

Antwoorddetails

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Occupation (JAMB)

Commerce

Occupation

Bekijk antwoord

Vraag 2 Verslag

The compensation made to an insured for loss incurred in insurance is called

commission

indemnity Juist antwoord

interest

pooling risks

premium

Antwoorddetails

Lees lesnotitie op Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Bekijk antwoord

Vraag 3 Verslag

Assets of a business which can easily be changed into cash are called

authorized capital

current liabilities

fixed assets

liquid capital Juist antwoord

paid-up capital

Antwoorddetails

Lees lesnotitie op Commerce (JAMB)

Commerce

Bekijk antwoord

Vraag 4 Verslag

Which business unit has a membership range of 2-50?

Cooperative Society

Partnership

Private Limited Company Juist antwoord

Public Enterprise

Public Limited Company

Antwoorddetails

Lees lesnotitie op Business Units (WAEC)

Business Units

Bekijk antwoord

Vraag 5 Verslag

Abubakar wants to sell his shares on the Kano Stock Exchange. Which service would he employ?

auctioneer

chamber of commerce

del-credere agent

insurance agent

stock broker Juist antwoord

Antwoorddetails

Lees lesnotitie op Stock Exchange (JAMB)

Stock Exchange

Bekijk antwoord

Vraag 6 Verslag

Which insurance principle indicates that only the person who might suffer financial loss will be allowed to take out insurance?

indemnity

insurable interest Juist antwoord

pooling of risks

subrogation

uberrimae tides

Antwoorddetails

Lees lesnotitie op Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Bekijk antwoord

Vraag 7 Verslag

The different types of occupation in which people are engaged can be grouped as

Direct Services, Commercial and industrial Juist antwoord

Manufacturer, Blacksmith and Industrial

Industrial, Manufacturing and Commercial

Teaching, Manufacturing and Commercial

Trading, Teaching and Commercial

Antwoorddetails

Lees lesnotitie op Occupation (JAMB)

Lees lesnotitie op Occupation (WAEC)

Occupation

Bekijk antwoord

Vraag 8 Verslag

Which document is used to advertise shares to the general public?

Letter of Allotment

Memorandum and Article Associations

Newspaper

Prospectus Juist antwoord

Radio and television

Antwoorddetails

Lees lesnotitie op Stock Exchange (JAMB)

Stock Exchange

Bekijk antwoord

Vraag 9 Verslag

What is the main aim and objective of ECOWAS?

increasing the tax rate among member countries

operating banking services among members

promoting cooperation and development in all fields of economic activities Juist antwoord

providing employment opportunity to a few countries

providing essential services among members

Antwoorddetails

Lees lesnotitie op Economic Groupings (WAEC)

Economic Groupings

Bekijk antwoord

Vraag 10 Verslag

The fastest and most accurate means of passing information is

airmail letter

express letter

registered letter

telephone Juist antwoord

Antwoorddetails

Lees lesnotitie op Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

Bekijk antwoord

Vraag 11 Verslag

The greatest weapon of the buyer against the activities of false advertisers is

consumer education Juist antwoord

manufacturer's education

marketing education

producer‘s education

salesmanship

Antwoorddetails

Lees lesnotitie op Advertising (WAEC)

Lees lesnotitie op Elements Of Marketing (JAMB)

Advertising

Elements Of Marketing

Bekijk antwoord

Vraag 12 Verslag

The process by which the government takes over private business is known as

commercialization

indigenization

nationalization Juist antwoord

naturalization

privatization

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 13 Verslag

Grouping consumers based on their purchasing habits is called market

development

expansion

orientation

segmentation Juist antwoord

selection

Antwoorddetails

Lees lesnotitie op Elements Of Marketing (JAMB)

Elements Of Marketing

Bekijk antwoord

Vraag 14 Verslag

The factor of production which involves both the mental and physical effort of man is called

capital

entrepreneur

labour Juist antwoord

land

work

Antwoorddetails

Lees lesnotitie op Production (WAEC)

Lees lesnotitie op Occupation (WAEC)

Production

Occupation

Bekijk antwoord

Vraag 15 Verslag

What is a characteristic of a public limited company?

The dividend is shared equally

Shares are not dealt with in the stock exchange

Shares are offered freely to members

The liabilities are not limited

There is no limit to the number of members Juist antwoord

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 16 Verslag

The main reason for Government ownership of a public enterprise is to provide

education and electricity

electricity only

essential services Juist antwoord

loans for the people

roads and electricity

Antwoorddetails

Bekijk antwoord

Vraag 17 Verslag

What is the fastest means of sending documents from one place to another

courier services Juist antwoord

express letters

parcels

quick delivery

registered letters

Antwoorddetails

Lees lesnotitie op Transport, Tourism, Communication And Warehousing (WAEC)

Lees lesnotitie op Occupation (JAMB)

Transport, Tourism, Communication And Warehousing

Occupation

Bekijk antwoord

Vraag 18 Verslag

Assets of a business which can easily be changed into cash are called

authorized capital

current liabilities

fixed assets

liquid capital

paid-up capital Juist antwoord

Antwoorddetails

Bekijk antwoord

Vraag 19 Verslag

Goods that are not useful by themselves, but help in the production of other desired goods are called ....... goods.

capital Juist antwoord

convenience

giffen

industrial

specialty

Antwoorddetails

Lees lesnotitie op Production (WAEC)

Production

Bekijk antwoord

Vraag 20 Verslag

A business activity that directs the flow of goods and services from the producer to the consumer is called

advertising

communication

insurance

marketing Juist antwoord

personal selling

Antwoorddetails

Lees lesnotitie op Elements Of Marketing (JAMB)

Elements Of Marketing

Bekijk antwoord

Vraag 21 Verslag

Gases are best transported by

air

canals

pipelines Juist antwoord

rail

sea

Antwoorddetails

Lees lesnotitie op Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

Bekijk antwoord

Vraag 22 Verslag

Which is the banker of all commercial banks in the country?

Central Bank of Nigeria Juist antwoord

Federal Mortgage Bank of Nigeria

Nigerian Bank for Commerce and industry

National Bank of Nigeria

Nigeria Industrial Development Bank

Antwoorddetails

Lees lesnotitie op Commerce (JAMB)

Commerce

Bekijk antwoord

Vraag 23 Verslag

Another name for exchange of goods or other goods is called

barter Juist antwoord

buying

credit

selling

specialization

Antwoorddetails

Lees lesnotitie op Trade (WAEC)

Lees lesnotitie op Commerce (JAMB)

Trade

Commerce

Bekijk antwoord

Vraag 24 Verslag

What covers the risk which an employer may suffer as a result of the dishonesty of an employee?

accident insurance

export credit insurance

fidelity guarantee insurance Juist antwoord

fire insurance

life assurance

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 25 Verslag

ln the selection of means of transport, speed is an important consideration for goods that are

bulky

durable

fragile

inferior

perishable Juist antwoord

Antwoorddetails

Lees lesnotitie op Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

Bekijk antwoord

Vraag 26 Verslag

What is a voluntary association of business executives, tradesmen, or entrepreneurs?

Chamber of Commerce Juist antwoord

Economic Community of West African States

Lake-Chad Basin Commission

Niger Basin Commission

Trade Union

Antwoorddetails

Lees lesnotitie op Trade Associations (WAEC)

Lees lesnotitie op Commerce (JAMB)

Trade Associations

Commerce

Bekijk antwoord

Vraag 27 Verslag

Marketing mix consists of

place, planning, play and price

planning, controlling and organizing

product, place, price and promotion Juist antwoord

promotion, play, planning and price

price, planning, promotion and price

Antwoorddetails

Lees lesnotitie op Elements Of Marketing (JAMB)

Elements Of Marketing

Bekijk antwoord

Vraag 28 Verslag

When one party to a contract refuses to perform the obligations assumed under the contract, there is

breach of contract Juist antwoord

frustration

operational law

performance

voluntary agreement of the parties

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 29 Verslag

What is NOT a function of marketing?

changing the nature of the marketable goods

enlargement of the market

export promotion

provision of employment

segmenting the market Juist antwoord

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Lees lesnotitie op Elements Of Marketing (JAMB)

Purchase And Sale Of Goods In Home And Foreign Trade

Purchase And Sale Of Goods

Elements Of Marketing

Bekijk antwoord

Vraag 30 Verslag

Goods invoiced at N5,000.00 were sold to Adegoke at less 2½% trade discount. How much would he pay

N2,875

N3,875

N4,875 Juist antwoord

N5,175

N5,125

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Lees lesnotitie op Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Bekijk antwoord

Vraag 31 Verslag

Who has no right of ownership to a business organization?

debenture holder Juist antwoord

entrepreneur

partner

share-holder

sole proprietor

Antwoorddetails

Lees lesnotitie op Production (JAMB)

Lees lesnotitie op Occupation (JAMB)

Production

Occupation

Bekijk antwoord

Vraag 32 Verslag

Which holder receives interest?

cumulative preference

debenture Juist antwoord

non-cumulative

ordinary share

preference shares

Antwoorddetails

Lees lesnotitie op Occupation (JAMB)

Occupation

Bekijk antwoord

Vraag 33 Verslag

Aids to trade refers to

advertising, insurance, export and import

advertising, transport, banking, insurance and warehousing Juist antwoord

banking, insurance and import only

insurance, trade, banking and retailer

trade, export, transport, advertising and import

Antwoorddetails

Lees lesnotitie op Aids-to-Trade (JAMB)

Aids-to-Trade

Bekijk antwoord

Vraag 34 Verslag

A bank overdraft can only be granted to the holder of a

current account Juist antwoord

deposit account

fixed deposit

savings account

time deposit

Antwoorddetails

Lees lesnotitie op Financing Business (JAMB)

Lees lesnotitie op Occupation (WAEC)

Financing Business

Occupation

Bekijk antwoord

Vraag 35 Verslag

What is NOT an essential element of a valid contract?

acceptance

compensation Juist antwoord

consideration

legality

offer

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 36 Verslag

An already existing line of product is advertised in order to

build brand recognition

develop customers’ awareness

entertain customers

introduce a price deal

retain old customers Juist antwoord

Antwoorddetails

Lees lesnotitie op Advertising (WAEC)

Lees lesnotitie op Elements Of Marketing (JAMB)

Advertising

Elements Of Marketing

Bekijk antwoord

Vraag 37 Verslag

A common legal association which exists when one party, known as the principal authorizes another party to enter into contract is called

agency

contract agreement

legal relation

offer and acceptance

valid contract Juist antwoord

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 38 Verslag

Bonded warehouses are controlled by

clearing and forwarding agents

custom and excise Juist antwoord

export promotion council

marketing boards

port authority

Antwoorddetails

Bekijk antwoord

Vraag 39 Verslag

Which comes first in the channel of distribution?

consignor

consumer

manufacturer Juist antwoord

retailer

wholesaler

Antwoorddetails

Lees lesnotitie op Production (WAEC)

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Occupation (JAMB)

Lees lesnotitie op Money (JAMB)

Lees lesnotitie op Business Units (WAEC)

Production

Commerce

Occupation

Money

Business Units

Bekijk antwoord

Vraag 40 Verslag

A businessman started with N100,000 and spent N80,000 in buying premises and equipment. The balance of N20,000 is his

authorized capital

called-up capital

capital employed

fixed capital

working capital Juist antwoord

Antwoorddetails

Lees lesnotitie op Trade (WAEC)

Lees lesnotitie op Business Capital And Profits (WAEC)

Trade

Business Capital And Profits

Bekijk antwoord

Vraag 41 Verslag

Which is a Public Monopoly?

John Holt Nigeria plc

Lever Brothers Nigeria plc

National Electric Power Authority Juist antwoord

PZ Nigeria plc

United Africa Company Ltd

Antwoorddetails

Lees lesnotitie op Trade (WAEC)

Trade

Bekijk antwoord

Vraag 42 Verslag

A statement of the current price and terms of trade of a product or service is called

debit note

letter of inquiry

order form

quotation Juist antwoord

statement of account

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Lees lesnotitie op Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Bekijk antwoord

Vraag 43 Verslag

The best definition of Communication in Commerce is

distribution of information

movement of files

movement of goods and passengers

storing information

transmission of information Juist antwoord

Antwoorddetails

Lees lesnotitie op Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

Bekijk antwoord

Vraag 44 Verslag

Which feature of money facilitates small transactions?

divisibility Juist antwoord

durability

portability

recognisability

scarcity

Antwoorddetails

Lees lesnotitie op Money (JAMB)

Money

Bekijk antwoord

Vraag 45 Verslag

The document usually sent to each customer by the bank periodically showing the balance outstanding in an account is known as

balance sheet

petty cash voucher

receipt

statement of account Juist antwoord

voucher

Antwoorddetails

Lees lesnotitie op Purchase And Sale Of Goods (JAMB)

Lees lesnotitie op Commerce (JAMB)

Lees lesnotitie op Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Trade

Bekijk antwoord

Vraag 46 Verslag

Which is NOT the right of the consumer according to the Consumer Education and Protection Council? The right to

be informed

buy whatever they want Juist antwoord

choose

healthy environment

safety

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 47 Verslag

A document which must be prepared and produced by the promoters of a company and contains ‘external rules’ is called

Article of Association

Companies’ Act

Memorandum of Association Juist antwoord

Deed

Prospectus

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 48 Verslag

The reputation and good image benefits arising from the business connections of a firm are called

commission

dividend

goodwill Juist antwoord

interest

profit

Antwoorddetails

Lees lesnotitie op Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Bekijk antwoord

Vraag 49 Verslag

A situation where a consumer's need is the focus of attention is regarded as

consumer orientation

marketing concept Juist antwoord

market research

market segmentation

sales orientation

Antwoorddetails

Lees lesnotitie op Elements Of Marketing (JAMB)

Elements Of Marketing

Bekijk antwoord

Vraag 50 Verslag

Reorganization of public enterprises to run as profit-making ventures is called

commercialization Juist antwoord

indigenization

industrialization

nationalization

privatization

Antwoorddetails

Lees lesnotitie op Commerce (JAMB)

Commerce

Bekijk antwoord






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