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 Resposta correta

term

whole life

Detalhes da Resposta

Ler a nota de aula em Commerce (JAMB)

Ler a nota de aula em Trade (JAMB)

Commerce

Trade

Ver Resposta

Pergunta 7 Relatório

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

utmost good faith

particular average Resposta correta

indemnity

subrogation

insurable interest

Detalhes da Resposta

Ler a nota de aula em Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Ver Resposta

Pergunta 8 Relatório

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 Resposta correta

Detalhes da Resposta

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Pergunta 9 Relatório

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

corporation

industrialization

nationalization Resposta correta

participation

privatization

Detalhes da Resposta

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Pergunta 10 Relatório

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 Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Ver Resposta

Pergunta 11 Relatório

The term ‘caveat emptor’ means ‘let the

account be settled’

buyer beware’ Resposta correta

debtor be careful’

manufacturer beware'

seller beware'

Detalhes da Resposta

Ler a nota de aula em Purchase And Sale Of Goods (JAMB)

Purchase And Sale Of Goods

Ver Resposta

Pergunta 12 Relatório

The feature of a supermarket is

having central control from head-office

sales common household goods Resposta correta

sales of goods without owning shops

similarity in shops’ frontages

that there are many shops under a roof

Detalhes da Resposta

Ler a nota de aula em Purchase And Sale Of Goods (JAMB)

Ler a nota de aula em Commerce (JAMB)

Ler a nota de aula em Aids-to-Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Aids-to-Trade

Ver Resposta

Pergunta 13 Relatório

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 Resposta correta

revenue available to the government

Detalhes da Resposta

Ler a nota de aula em Government Policies Relating To Business (WAEC)

Ler a nota de aula em Business Environment And Social Responsibility (JAMB)

Ler a nota de aula em Commerce (JAMB)

Government Policies Relating To Business

Business Environment And Social Responsibility

Commerce

Ver Resposta

Pergunta 14 Relatório

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 Resposta correta

contango

making- up

name

ticket

Detalhes da Resposta

Ler a nota de aula em Stock Exchange (JAMB)

Stock Exchange

Ver Resposta

Pergunta 15 Relatório

What is the disadvantage of foreign trade?

encourages dumping Resposta correta

encourages specialization

facilitate transfer of technology

makes available products that can not be produced by a country

widens the world market

Detalhes da Resposta

Ler a nota de aula em Trade (WAEC)

Ler a nota de aula em Production (JAMB)

Trade

Production

Ver Resposta

Pergunta 16 Relatório

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 Resposta correta

Detalhes da Resposta

Ler a nota de aula em Production (WAEC)

Ler a nota de aula em Occupation (JAMB)

Production

Occupation

Ver Resposta

Pergunta 17 Relatório

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 Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em Purchase And Sale Of Goods (JAMB)

Ler a nota de aula em Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Ver Resposta

Pergunta 18 Relatório

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 Resposta correta

no trading discounts need be allowed

sales are more accurately and efficiently made to the consumer

Detalhes da Resposta

Ver Resposta

Pergunta 19 Relatório

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.) Resposta correta

free on rail (F.O.R.)

Detalhes da Resposta

Ler a nota de aula em Trade (WAEC)

Trade

Ver Resposta

Pergunta 20 Relatório

Which is NOT a public corporation?

National Electric Power Authority

National Examinations Council Resposta correta

Nigerian Airways

Nigerian Railway

Ports Authority

Detalhes da Resposta

Ler a nota de aula em Advertising (WAEC)

Ler a nota de aula em Production (WAEC)

Ler a nota de aula em Occupation (JAMB)

Ler a nota de aula em Occupation (WAEC)

Advertising

Production

Occupation

Ver Resposta

Pergunta 21 Relatório

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

co-operative

employees

firms

trade Resposta correta

welfare

Detalhes da Resposta

Ler a nota de aula em Trade (WAEC)

Ler a nota de aula em Commerce (JAMB)

Ler a nota de aula em Occupation (WAEC)

Trade

Commerce

Occupation

Ver Resposta

Pergunta 22 Relatório

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

five

fifteen

ten

twenty Resposta correta

twenty five

Detalhes da Resposta

Ler a nota de aula em Occupation (JAMB)

Occupation

Ver Resposta

Pergunta 23 Relatório

What is NOT an instrument of credit?

bills of exchange

cheque

money order

postal order

source document Resposta correta

Detalhes da Resposta

Ler a nota de aula em Money (JAMB)

Money

Ver Resposta

Pergunta 24 Relatório

What is NOT a function of a retailer?

granting credit to consumers

guiding the consumers in making their choices

insuring goods for consumers Resposta correta

paying personal attention to consumers

providing goods wanted by the consumers

Detalhes da Resposta

Ver Resposta

Pergunta 25 Relatório

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 Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em Trade (WAEC)

Ler a nota de aula em Commerce (JAMB)

Ler a nota de aula em Production (JAMB)

Ler a nota de aula em Occupation (JAMB)

Trade

Commerce

Production

Occupation

Ver Resposta

Pergunta 26 Relatório

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 Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Ver Resposta

Pergunta 27 Relatório

The reward of capital as a factor of production is

dividend

interest Resposta correta

profit

rent

wages

Detalhes da Resposta

Ver Resposta

Pergunta 28 Relatório

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 Resposta correta

Detalhes da Resposta

Ler a nota de aula em Purchase And Sale Of Goods (JAMB)

Ler a nota de aula em Commerce (JAMB)

Ler a nota de aula em Occupation (JAMB)

Purchase And Sale Of Goods

Commerce

Occupation

Ver Resposta

Pergunta 29 Relatório

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 Resposta correta

Detalhes da Resposta

Ler a nota de aula em Purchase And Sale Of Goods (JAMB)

Ler a nota de aula em Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Ver Resposta

Pergunta 30 Relatório

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

5 Resposta correta

5.3

5.4

5.7

Detalhes da Resposta

Ler a nota de aula em Commerce (JAMB)

Commerce

Ver Resposta

Pergunta 31 Relatório

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

clean

cum-dividend

double barrelled

ex-dividend Resposta correta

firm

Detalhes da Resposta

Ler a nota de aula em Stock Exchange (JAMB)

Stock Exchange

Ver Resposta

Pergunta 32 Relatório

What is NOT a principle of an insurance contract?

contribution

indemnity

insurable interest

premium Resposta correta

subrogation

Detalhes da Resposta

Ler a nota de aula em Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Ver Resposta

Pergunta 33 Relatório

What is an aim of a trade association?

protection of members’ interests Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em Trade Associations (WAEC)

Ler a nota de aula em Commerce (JAMB)

Trade Associations

Commerce

Ver Resposta

Pergunta 34 Relatório

Which of NOT a class of preference shares?

cumulative

debenture Resposta correta

. non-cumulative

participating

redeemable

Detalhes da Resposta

Ver Resposta

Pergunta 35 Relatório

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 Resposta correta

open market operations

Detalhes da Resposta

Ler a nota de aula em Financing Business (JAMB)

Ler a nota de aula em Commerce (JAMB)

Ler a nota de aula em Production (JAMB)

Ler a nota de aula em Money (JAMB)

Financing Business

Commerce

Production

Money

Ver Resposta

Pergunta 36 Relatório

What is NOT a source of capital for a business?

borrowing from somewhere

issuing of dividend warrant Resposta correta

retained profit

issuing of shares

personal savings

Detalhes da Resposta

Ler a nota de aula em Financing Business (JAMB)

Ler a nota de aula em Business Capital And Profits (WAEC)

Financing Business

Business Capital And Profits

Ver Resposta

Pergunta 37 Relatório

The word ‘Commerce’ means

buying and selling of goods and services

exchange and distribution of goods and services Resposta correta

life-blood of every nation

production of utilities

trade and all the services which assist trade

Detalhes da Resposta

Ler a nota de aula em Commerce (JAMB)

Commerce

Ver Resposta

Pergunta 38 Relatório

What is NOT the function of an entrepreneur?

bearing risks

deciding on tax to pay Resposta correta

deciding what to produce

organizing other factors

providing initial capital

Detalhes da Resposta

Ler a nota de aula em Legal Aspects Of Business (JAMB)

Ler a nota de aula em Financing Business (JAMB)

Ler a nota de aula em Production (WAEC)

Ler a nota de aula em Occupation (WAEC)

Legal Aspects Of Business

Financing Business

Production

Occupation

Ver Resposta

Pergunta 39 Relatório

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 Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Ver Resposta

Pergunta 40 Relatório

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

co-operative society Resposta correta

joint stock company

partnership

public company

sole proprietorship

Detalhes da Resposta

Ler a nota de aula em Business Capital And Profits (WAEC)

Ler a nota de aula em Occupation (JAMB)

Business Capital And Profits

Occupation

Ver Resposta

Pergunta 41 Relatório

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 Resposta correta

Detalhes da Resposta

Ler a nota de aula em Commerce (JAMB)

Ler a nota de aula em Occupation (WAEC)

Commerce

Occupation

Ver Resposta

Pergunta 42 Relatório

The Articles of Association of a company do NOT contain

a method of dealing with any alterations in the amount of capital Resposta correta

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

Detalhes da Resposta

Ler a nota de aula em Legal Aspects Of Business (JAMB)

Ler a nota de aula em Legal Aspect Of Business (WAEC)

Legal Aspects Of Business

Legal Aspect Of Business

Ver Resposta

Pergunta 43 Relatório

What is NOT an advantage of combinations (monopolies)?

bender opportunity to expand operations

fall in the cost of selling Resposta correta

pool of specialized managerial skills

centralized management

danger of over-capitalization

Detalhes da Resposta

Ler a nota de aula em Production (JAMB)

Ler a nota de aula em Occupation (JAMB)

Production

Occupation

Ver Resposta

Pergunta 44 Relatório

In which service will a sole trader NOT be found?

business consultant

electrician

decorator

National Electric Power Authority Resposta correta

surveyor

Detalhes da Resposta

Ver Resposta

Pergunta 45 Relatório

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 Resposta correta

invoice

quotation

receipt

Detalhes da Resposta

Ler a nota de aula em Purchase And Sale Of Goods (JAMB)

Ler a nota de aula em Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Ver Resposta

Pergunta 46 Relatório