NECO SSCE - Commerce - 2002 (Objective)

Swali 1 Ripoti

The fastest and most accurate means of passing information is

airmail letter

express letter

registered letter

telephone Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

Tazama Jibu

Swali 2 Ripoti

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

education and electricity

electricity only

essential services Jibu sahihi

loans for the people

roads and electricity

Maelezo ya Majibu

Tazama Jibu

Swali 3 Ripoti

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 Jibu sahihi

leasing

trade-in sales

Maelezo ya Majibu

Soma maelezo ya somo kwenye Commerce (JAMB)

Soma maelezo ya somo kwenye Occupation (JAMB)

Commerce

Occupation

Tazama Jibu

Swali 4 Ripoti

What is NOT an essential element of a valid contract?

acceptance

compensation Jibu sahihi

consideration

legality

offer

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Tazama Jibu

Swali 5 Ripoti

Aids to trade refers to

advertising, insurance, export and import

advertising, transport, banking, insurance and warehousing Jibu sahihi

banking, insurance and import only

insurance, trade, banking and retailer

trade, export, transport, advertising and import

Maelezo ya Majibu

Soma maelezo ya somo kwenye Aids-to-Trade (JAMB)

Aids-to-Trade

Tazama Jibu

Swali 6 Ripoti

Which holder receives interest?

cumulative preference

debenture Jibu sahihi

non-cumulative

ordinary share

preference shares

Maelezo ya Majibu

Soma maelezo ya somo kwenye Occupation (JAMB)

Occupation

Tazama Jibu

Swali 7 Ripoti

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

commercialization Jibu sahihi

indigenization

industrialization

nationalization

privatization

Maelezo ya Majibu

Soma maelezo ya somo kwenye Commerce (JAMB)

Commerce

Tazama Jibu

Swali 8 Ripoti

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

Cooperative Society

Partnership

Private Limited Company Jibu sahihi

Public Enterprise

Public Limited Company

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Units (WAEC)

Business Units

Tazama Jibu

Swali 9 Ripoti

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

Direct Services, Commercial and industrial Jibu sahihi

Manufacturer, Blacksmith and Industrial

Industrial, Manufacturing and Commercial

Teaching, Manufacturing and Commercial

Trading, Teaching and Commercial

Maelezo ya Majibu

Soma maelezo ya somo kwenye Occupation (JAMB)

Soma maelezo ya somo kwenye Occupation (WAEC)

Occupation

Tazama Jibu

Swali 10 Ripoti

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

authorized capital

current liabilities

fixed assets

liquid capital

paid-up capital Jibu sahihi

Maelezo ya Majibu

Tazama Jibu

Swali 11 Ripoti

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

commercialization

indigenization

nationalization Jibu sahihi

naturalization

privatization

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Tazama Jibu

Swali 12 Ripoti

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

Central Bank of Nigeria Jibu sahihi

Federal Mortgage Bank of Nigeria

Nigerian Bank for Commerce and industry

National Bank of Nigeria

Nigeria Industrial Development Bank

Maelezo ya Majibu

Soma maelezo ya somo kwenye Commerce (JAMB)

Commerce

Tazama Jibu

Swali 13 Ripoti

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 Jibu sahihi

N5,175

N5,125

Maelezo ya Majibu

Soma maelezo ya somo kwenye Purchase And Sale Of Goods (JAMB)

Soma maelezo ya somo kwenye Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Tazama Jibu

Swali 14 Ripoti

Which feature of money facilitates small transactions?

divisibility Jibu sahihi

durability

portability

recognisability

scarcity

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money (JAMB)

Money

Tazama Jibu

Swali 15 Ripoti

Marketing mix consists of

place, planning, play and price

planning, controlling and organizing

product, place, price and promotion Jibu sahihi

promotion, play, planning and price

price, planning, promotion and price

Maelezo ya Majibu

Soma maelezo ya somo kwenye Elements Of Marketing (JAMB)

Elements Of Marketing

Tazama Jibu

Swali 16 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)

Soma maelezo ya somo kwenye Purchase And Sale Of Goods (JAMB)

Soma maelezo ya somo kwenye Elements Of Marketing (JAMB)

Purchase And Sale Of Goods In Home And Foreign Trade

Purchase And Sale Of Goods

Elements Of Marketing

Tazama Jibu

Swali 17 Ripoti

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

consumer education Jibu sahihi

manufacturer's education

marketing education

producer‘s education

salesmanship

Maelezo ya Majibu

Soma maelezo ya somo kwenye Advertising (WAEC)

Soma maelezo ya somo kwenye Elements Of Marketing (JAMB)

Advertising

Elements Of Marketing

Tazama Jibu

Swali 18 Ripoti

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

breach of contract Jibu sahihi

frustration

operational law

performance

voluntary agreement of the parties

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Tazama Jibu

Swali 19 Ripoti

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 Jibu sahihi

voucher

Maelezo ya Majibu

Soma maelezo ya somo kwenye Purchase And Sale Of Goods (JAMB)

Soma maelezo ya somo kwenye Commerce (JAMB)

Soma maelezo ya somo kwenye Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Trade

Tazama Jibu

Swali 20 Ripoti

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

Chamber of Commerce Jibu sahihi

Economic Community of West African States

Lake-Chad Basin Commission

Niger Basin Commission

Trade Union

Maelezo ya Majibu

Soma maelezo ya somo kwenye Trade Associations (WAEC)

Soma maelezo ya somo kwenye Commerce (JAMB)

Trade Associations

Commerce

Tazama Jibu

Swali 21 Ripoti

Which is a Public Monopoly?

John Holt Nigeria plc

Lever Brothers Nigeria plc

National Electric Power Authority Jibu sahihi

PZ Nigeria plc

United Africa Company Ltd

Maelezo ya Majibu

Soma maelezo ya somo kwenye Trade (WAEC)

Trade

Tazama Jibu

Swali 22 Ripoti

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

commission

dividend

goodwill Jibu sahihi

interest

profit

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Tazama Jibu

Swali 23 Ripoti

Who has no right of ownership to a business organization?

debenture holder Jibu sahihi

entrepreneur

partner

share-holder

sole proprietor

Maelezo ya Majibu

Soma maelezo ya somo kwenye Production (JAMB)

Soma maelezo ya somo kwenye Occupation (JAMB)

Production

Occupation

Tazama Jibu

Swali 24 Ripoti

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 Jibu sahihi

providing employment opportunity to a few countries

providing essential services among members

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Groupings (WAEC)

Economic Groupings

Tazama Jibu

Swali 25 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Advertising (WAEC)

Soma maelezo ya somo kwenye Elements Of Marketing (JAMB)

Advertising

Elements Of Marketing

Tazama Jibu

Swali 26 Ripoti

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

current account Jibu sahihi

deposit account

fixed deposit

savings account

time deposit

Maelezo ya Majibu

Soma maelezo ya somo kwenye Financing Business (JAMB)

Soma maelezo ya somo kwenye Occupation (WAEC)

Financing Business

Occupation

Tazama Jibu

Swali 27 Ripoti

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

indemnity

insurable interest Jibu sahihi

pooling of risks

subrogation

uberrimae tides

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Tazama Jibu

Swali 28 Ripoti

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

consumer orientation

marketing concept Jibu sahihi

market research

market segmentation

sales orientation

Maelezo ya Majibu

Soma maelezo ya somo kwenye Elements Of Marketing (JAMB)

Elements Of Marketing

Tazama Jibu

Swali 29 Ripoti

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 Jibu sahihi

fire insurance

life assurance

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Tazama Jibu

Swali 30 Ripoti

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

Letter of Allotment

Memorandum and Article Associations

Newspaper

Prospectus Jibu sahihi

Radio and television

Maelezo ya Majibu

Soma maelezo ya somo kwenye Stock Exchange (JAMB)

Stock Exchange

Tazama Jibu

Swali 31 Ripoti

Which comes first in the channel of distribution?

consignor

consumer

manufacturer Jibu sahihi

retailer

wholesaler

Maelezo ya Majibu

Soma maelezo ya somo kwenye Production (WAEC)

Soma maelezo ya somo kwenye Commerce (JAMB)

Soma maelezo ya somo kwenye Occupation (JAMB)

Soma maelezo ya somo kwenye Money (JAMB)

Soma maelezo ya somo kwenye Business Units (WAEC)

Production

Commerce

Occupation

Money

Business Units

Tazama Jibu

Swali 32 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Tazama Jibu

Swali 33 Ripoti

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

capital

entrepreneur

labour Jibu sahihi

land

work

Maelezo ya Majibu

Soma maelezo ya somo kwenye Production (WAEC)

Soma maelezo ya somo kwenye Occupation (WAEC)

Production

Occupation

Tazama Jibu

Swali 34 Ripoti

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 Jibu sahihi

Deed

Prospectus

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Tazama Jibu

Swali 35 Ripoti

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 Jibu sahihi

statement of account

Maelezo ya Majibu

Soma maelezo ya somo kwenye Purchase And Sale Of Goods (JAMB)

Soma maelezo ya somo kwenye Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Tazama Jibu

Swali 36 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Tazama Jibu

Swali 37 Ripoti

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 Jibu sahihi

choose

healthy environment

safety

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Tazama Jibu

Swali 38 Ripoti

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

bulky

durable

fragile

inferior

perishable Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

Tazama Jibu

Swali 39 Ripoti

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

commission

indemnity Jibu sahihi

interest

pooling risks

premium

Maelezo ya Majibu

Soma maelezo ya somo kwenye Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Tazama Jibu

Swali 40 Ripoti

Another name for exchange of goods or other goods is called

barter Jibu sahihi

buying

credit

selling

specialization

Maelezo ya Majibu

Soma maelezo ya somo kwenye Trade (WAEC)

Soma maelezo ya somo kwenye Commerce (JAMB)

Trade

Commerce

Tazama Jibu

Swali 41 Ripoti

The best definition of Communication in Commerce is

distribution of information

movement of files

movement of goods and passengers

storing information

transmission of information Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

Tazama Jibu

Swali 42 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Trade (WAEC)

Soma maelezo ya somo kwenye Business Capital And Profits (WAEC)

Trade

Business Capital And Profits

Tazama Jibu

Swali 43 Ripoti

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

advertising

communication

insurance

marketing Jibu sahihi

personal selling

Maelezo ya Majibu

Soma maelezo ya somo kwenye Elements Of Marketing (JAMB)

Elements Of Marketing

Tazama Jibu

Swali 44 Ripoti

Bonded warehouses are controlled by

clearing and forwarding agents

custom and excise Jibu sahihi

export promotion council

marketing boards

port authority

Maelezo ya Majibu

Tazama Jibu

Swali 45 Ripoti

Grouping consumers based on their purchasing habits is called market

development

expansion

orientation

segmentation Jibu sahihi

selection

Maelezo ya Majibu

Soma maelezo ya somo kwenye Elements Of Marketing (JAMB)

Elements Of Marketing

Tazama Jibu

Swali 46 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Stock Exchange (JAMB)

Stock Exchange

Tazama Jibu

Swali 47 Ripoti

Gases are best transported by

air

canals

pipelines Jibu sahihi

rail

sea

Maelezo ya Majibu

Soma maelezo ya somo kwenye Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

Tazama Jibu

Swali 48 Ripoti

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

capital Jibu sahihi

convenience

giffen

industrial

specialty

Maelezo ya Majibu

Soma maelezo ya somo kwenye Production (WAEC)

Production

Tazama Jibu

Swali 49 Ripoti

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

authorized capital

current liabilities

fixed assets

liquid capital Jibu sahihi

paid-up capital

Maelezo ya Majibu

Soma maelezo ya somo kwenye Commerce (JAMB)

Commerce

Tazama Jibu

Swali 50 Ripoti

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

courier services Jibu sahihi

express letters

parcels

quick delivery

registered letters

Maelezo ya Majibu

Soma maelezo ya somo kwenye Transport, Tourism, Communication And Warehousing (WAEC)

Soma maelezo ya somo kwenye Occupation (JAMB)

Transport, Tourism, Communication And Warehousing

Occupation

Tazama Jibu






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