NECO SSCE - Commerce - 2001 (Objective)

Ibeere 1 Ìròyìn

What is an aim of a trade association?

protection of members’ interests Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Trade Associations (WAEC)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Trade Associations

Commerce

Wo Idahun

Ibeere 2 Ìròyìn

In which service will a sole trader NOT be found?

business consultant

electrician

decorator

National Electric Power Authority Ìdáhùn tó tọ́

surveyor

Awọn alaye Idahun

Wo Idahun

Ibeere 3 Ìròyìn

Which of NOT a class of preference shares?

cumulative

debenture Ìdáhùn tó tọ́

. non-cumulative

participating

redeemable

Awọn alaye Idahun

Wo Idahun

Ibeere 4 Ìròyìn

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 Ìdáhùn tó tọ́

term

whole life

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Trade (JAMB)

Commerce

Trade

Wo Idahun

Ibeere 5 Ìròyìn

The term ‘caveat emptor’ means ‘let the

account be settled’

buyer beware’ Ìdáhùn tó tọ́

debtor be careful’

manufacturer beware'

seller beware'

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Purchase And Sale Of Goods (JAMB)

Purchase And Sale Of Goods

Wo Idahun

Ibeere 6 Ìròyìn

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 Ìdáhùn tó tọ́

invoice

quotation

receipt

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Purchase And Sale Of Goods (JAMB)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Wo Idahun

Ibeere 7 Ìròyìn

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’ Ìdáhùn tó tọ́

‘for bull’ or ‘ for bear’

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Stock Exchange (JAMB)

Stock Exchange

Wo Idahun

Ibeere 8 Ìròyìn

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 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Purchase And Sale Of Goods (JAMB)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Purchase And Sale Of Goods

Commerce

Occupation

Wo Idahun

Ibeere 9 Ìròyìn

What is NOT a principle of an insurance contract?

contribution

indemnity

insurable interest

premium Ìdáhùn tó tọ́

subrogation

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Wo Idahun

Ibeere 10 Ìròyìn

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 Ìdáhùn tó tọ́

contango

making- up

name

ticket

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Stock Exchange (JAMB)

Stock Exchange

Wo Idahun

Ibeere 11 Ìròyìn

The feature of a supermarket is

having central control from head-office

sales common household goods Ìdáhùn tó tọ́

sales of goods without owning shops

similarity in shops’ frontages

that there are many shops under a roof

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Purchase And Sale Of Goods (JAMB)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Aids-to-Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Aids-to-Trade

Wo Idahun

Ibeere 12 Ìròyìn

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 Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Wo Idahun

Ibeere 13 Ìròyìn

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 Ìdáhùn tó tọ́

open market operations

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Financing Business (JAMB)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Money (JAMB)

Financing Business

Commerce

Production

Money

Wo Idahun

Ibeere 14 Ìròyìn

The Articles of Association of a company do NOT contain

a method of dealing with any alterations in the amount of capital Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Legal Aspects Of Business (JAMB)

Ka ìwé ẹ̀kọ́ nípa Legal Aspect Of Business (WAEC)

Legal Aspects Of Business

Legal Aspect Of Business

Wo Idahun

Ibeere 15 Ìròyìn

The reward of capital as a factor of production is

dividend

interest Ìdáhùn tó tọ́

profit

rent

wages

Awọn alaye Idahun

Wo Idahun

Ibeere 16 Ìròyìn

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 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Production (WAEC)

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Production

Occupation

Wo Idahun

Ibeere 17 Ìròyìn

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 Ìdáhùn tó tọ́

no trading discounts need be allowed

sales are more accurately and efficiently made to the consumer

Awọn alaye Idahun

Wo Idahun

Ibeere 18 Ìròyìn

What is NOT a source of capital for a business?

borrowing from somewhere

issuing of dividend warrant Ìdáhùn tó tọ́

retained profit

issuing of shares

personal savings

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Financing Business (JAMB)

Ka ìwé ẹ̀kọ́ nípa Business Capital And Profits (WAEC)

Financing Business

Business Capital And Profits

Wo Idahun

Ibeere 19 Ìròyìn

What is NOT an instrument of credit?

bills of exchange

cheque

money order

postal order

source document Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money (JAMB)

Money

Wo Idahun

Ibeere 20 Ìròyìn

Which is NOT a public corporation?

National Electric Power Authority

National Examinations Council Ìdáhùn tó tọ́

Nigerian Airways

Nigerian Railway

Ports Authority

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Advertising (WAEC)

Ka ìwé ẹ̀kọ́ nípa Production (WAEC)

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Ka ìwé ẹ̀kọ́ nípa Occupation (WAEC)

Advertising

Production

Occupation

Wo Idahun

Ibeere 21 Ìròyìn

What is the disadvantage of foreign trade?

encourages dumping Ìdáhùn tó tọ́

encourages specialization

facilitate transfer of technology

makes available products that can not be produced by a country

widens the world market

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Production (JAMB)

Trade

Production

Wo Idahun

Ibeere 22 Ìròyìn

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 Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Wo Idahun

Ibeere 23 Ìròyìn

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 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Occupation (WAEC)

Commerce

Occupation

Wo Idahun

Ibeere 24 Ìròyìn

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

Board of directors

Board of trustees

Executive members Ìdáhùn tó tọ́

Registrar of Co-operatives

Shareholders

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Occupation

Wo Idahun

Ibeere 25 Ìròyìn

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

utmost good faith

particular average Ìdáhùn tó tọ́

indemnity

subrogation

insurable interest

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Wo Idahun

Ibeere 26 Ìròyìn

What is NOT a supplementary service of banks?

agents for payment Ìdáhùn tó tọ́

custody of valuables

dealing in foreign exchange

investments

referees

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Financing Business (JAMB)

Ka ìwé ẹ̀kọ́ nípa Purchase And Sale Of Goods (JAMB)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Trade (JAMB)

Ka ìwé ẹ̀kọ́ nípa Stock Exchange (JAMB)

Financing Business

Purchase And Sale Of Goods

Commerce

Trade

Stock Exchange

Wo Idahun

Ibeere 27 Ìròyìn

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 Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Trade

Commerce

Production

Occupation

Wo Idahun

Ibeere 28 Ìròyìn

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

5 Ìdáhùn tó tọ́

5.3

5.4

5.7

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Commerce

Wo Idahun

Ibeere 29 Ìròyìn

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.) Ìdáhùn tó tọ́

free on rail (F.O.R.)

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Trade (WAEC)

Trade

Wo Idahun

Ibeere 30 Ìròyìn

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

clean

cum-dividend

double barrelled

ex-dividend Ìdáhùn tó tọ́

firm

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Stock Exchange (JAMB)

Stock Exchange

Wo Idahun

Ibeere 31 Ìròyìn

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 Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Purchase And Sale Of Goods (JAMB)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Wo Idahun

Ibeere 32 Ìròyìn

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

corporation

industrialization

nationalization Ìdáhùn tó tọ́

participation

privatization

Awọn alaye Idahun

Wo Idahun

Ibeere 33 Ìròyìn

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

co-operative

employees

firms

trade Ìdáhùn tó tọ́

welfare

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Occupation (WAEC)

Trade

Commerce

Occupation

Wo Idahun

Ibeere 34 Ìròyìn

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 Ìdáhùn tó tọ́

Awọn alaye Idahun

Wo Idahun

Ibeere 35 Ìròyìn

What is NOT an advantage of combinations (monopolies)?

bender opportunity to expand operations

fall in the cost of selling Ìdáhùn tó tọ́

pool of specialized managerial skills

centralized management

danger of over-capitalization

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Production

Occupation

Wo Idahun

Ibeere 36 Ìròyìn

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 Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Wo Idahun

Ibeere 37 Ìròyìn

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 Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Occupation (WAEC)

Commerce

Occupation

Wo Idahun

Ibeere 38 Ìròyìn

What is NOT a function of a retailer?

granting credit to consumers

guiding the consumers in making their choices

insuring goods for consumers Ìdáhùn tó tọ́

paying personal attention to consumers

providing goods wanted by the consumers

Awọn alaye Idahun

Wo Idahun

Ibeere 39 Ìròyìn

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 Ìdáhùn tó tọ́

summation of goods sold to a customer for a particular item

Awọn alaye Idahun

Wo Idahun

Ibeere 40 Ìròyìn

The word ‘Commerce’ means

buying and selling of goods and services

exchange and distribution of goods and services Ìdáhùn tó tọ́

life-blood of every nation

production of utilities

trade and all the services which assist trade

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Commerce

Wo Idahun

Ibeere 41 Ìròyìn

What is NOT the function of an entrepreneur?

bearing risks

deciding on tax to pay Ìdáhùn tó tọ́

deciding what to produce

organizing other factors

providing initial capital

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Legal Aspects Of Business (JAMB)

Ka ìwé ẹ̀kọ́ nípa Financing Business (JAMB)

Ka ìwé ẹ̀kọ́ nípa Production (WAEC)

Ka ìwé ẹ̀kọ́ nípa Occupation (WAEC)

Legal Aspects Of Business

Financing Business

Production

Occupation

Wo Idahun

Ibeere 42 Ìròyìn

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

five

fifteen

ten

twenty Ìdáhùn tó tọ́

twenty five

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Occupation

Wo Idahun

Ibeere 43 Ìròyìn

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 Ìdáhùn tó tọ́

revenue available to the government

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Government Policies Relating To Business (WAEC)

Ka ìwé ẹ̀kọ́ nípa Business Environment And Social Responsibility (JAMB)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Government Policies Relating To Business

Business Environment And Social Responsibility

Commerce

Wo Idahun

Ibeere 44 Ìròyìn

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 Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Commerce

Production

Occupation

Wo Idahun

Ibeere 45 Ìròyìn

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

co-operative society Ìdáhùn tó tọ́

joint stock company

partnership

public company

sole proprietorship

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Capital And Profits (WAEC)

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Business Capital And Profits

Occupation

Wo Idahun

Ibeere 46 Ìròyìn

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 Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Ka ìwé ẹ̀kọ́ nípa Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Occupation (JAMB)

Commerce

Production

Occupation

Wo Idahun

Ibeere 47 Ìròyìn

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 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Purchase And Sale Of Goods (JAMB)

Ka ìwé ẹ̀kọ́ nípa Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Wo Idahun






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