NECO SSCE - Commerce - 2005 (Objective)

Question 1 Report

The most common form of business unit in West Africa is

co-operative society

joint stock company

partnership

public corporation

sole proprietor-ship

Answer Details

Read lesson note on Business Units (WAEC)

Business Units

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Question 2 Report

The documents sent by the suppliers of good to a prospective buyer, informing him of what to pay if he buys the good is

advice note

credit note

debt note

invoice

pro-forma invoice

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 3 Report

The following are functions of marketing EXCEPT

advertising

distribution

insurance

packaging

transportation

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 4 Report

The following are advantages of division of labour specialization EXCEPT that it

enhances interdependence

increases output

increases skill and dexterity

leads to monotony

promotes efficient of tools

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Commerce (JAMB)

Production

Commerce

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Question 5 Report

Which of the following does NOT belong to the group?

Banking

insurance

retailing

transport

warehousing

Answer Details

Read lesson note on Transport, Tourism, Communication And Warehousing (WAEC)

Read lesson note on Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)

Read lesson note on Business Environment And Social Responsibility (JAMB)

Read lesson note on Finance And Financial Institutions (WAEC)

Transport, Tourism, Communication And Warehousing

Purchase And Sale Of Goods In Home And Foreign Trade

Business Environment And Social Responsibility

Finance And Financial Institutions

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Question 6 Report

The term “caveat emptor” implies that

credit is not allowed

goods are still with the seller

goods have been transferred to the buyer

let the buyer beware

let the seller beware

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 7 Report

Gross profit can be calculated as

Cost of good sold minus cost of goods available for sale

cost of goods available for sales minus sale

Sales minus purchases

Sales minus cost of good sold

Sales minus closing stock

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Commerce (JAMB)

Production

Commerce

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Question 8 Report

Stock exchange quoted the shares of ABC Plc at N0.75K for N1.25K per share. This means the shares were sold at a

discount

gain

loss

par value

premium

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Stock Exchange (JAMB)

Purchase And Sale Of Goods

Stock Exchange

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Question 9 Report

In the event of winding up of a company, who among the following is paid last?

Cumulative preference shareholders

Debenture holders

Ordinary shareholders

Preference Shareholders

Trade creditors

Answer Details

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Question 10 Report

The association that encourages savings for the benefit of its members is known as

Consumer co-operative society

Credit and thrift co-operative society

Consumer association

Producer co-operative society

Producer association

Answer Details

Read lesson note on Trade Associations (WAEC)

Read lesson note on Occupation (JAMB)

Trade Associations

Occupation

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Question 11 Report

A dealer who buys securities at low prices in anticipation of reselling them at higher prices is called a

bear

broker

bull

jobber

speculator

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 12 Report

A public limited company is regarded as a legal entity because

it can sue and be sued

it cannot be liquidated

it has a memorandum of association

the death of the largest shareholder cannot bring it to an end

the government grants it licence

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspects Of Business

Legal Aspect Of Business

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Question 13 Report

An agent held responsible for non-payment of goods bought by the customer he introduced to his principal is called …… agent

del-credere

general

sales

special

universal

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 14 Report

Which of the following services is NOT rendered by NITEL?

Data Transmission

Recorded Delivery

Satellite

Telex

Telephone

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 15 Report

Association of people in the same line of business is known as

chambers of commerce

holding company

monopolistic association

producers association

trade association

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Trade Associations (WAEC)

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Trade

Trade Associations

Purchase And Sale Of Goods

Commerce

View Answer

Question 16 Report

Transfer of ownership of goods sold under Hire Purchase System takes place when _____ paid.

a deposit is

a quarter of the total price is

half of the total price is

the final instalment is

two instalment have been

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

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Question 17 Report

The document which gives complete information about the goods sold is the

bill of exchange

delivery note

invoice

order form

quotation

Answer Details

Read lesson note on Advertising (WAEC)

Read lesson note on Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)

Advertising

Purchase And Sale Of Goods In Home And Foreign Trade

View Answer

Question 18 Report

Departmental store, supermarket and chain store are examples of

large scale retailers

large scale whole-salers

medium scale producers

small scale retailers

small scale wholesalers

Answer Details

Read lesson note on Business Units (JAMB)

Read lesson note on Business Units (WAEC)

Business Units

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Question 19 Report

The most important document an importer requires to be able to clear his goods from the harbour is

bill of exchange

bill of lading

bill of sale

invoice from the shopper

marine insurance

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 20 Report

Which of the following advertising media preselects its readership through the nature of its content?

Billboard

Hand bill

Magazine

Newspaper

Poster

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 21 Report

Which of these is NOT a governments legislation to protect thee consumer?

Fair trading

Foods and drugs

Privatization and commercialization

Weight and measure

Trade description

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 22 Report

Branding is the assigning of trade marks to goods for the purpose of ……….. by the public.

demand

identification

replacement

stabilization

standardization

Answer Details

Read lesson note on Advertising (WAEC)

Read lesson note on Legal Aspect Of Business (WAEC)

Advertising

Legal Aspect Of Business

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Question 23 Report

The act of being on one job for expertise is called

division of labour

immobility

independence

separation of power

specialization

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 24 Report

Who among the following engages in extractive activities?

Flour miller

Fisherman

Porter

Singer

Surgeon

Answer Details

Read lesson note on Production (WAEC)

Production

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Question 25 Report

The components of a balance of payments account are

capital, current and fixed deposit

capital, savings and fixed deposit

current, capital and monetary movement

current, savings and monetary movement

current, savings and fixed deposit

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Money (JAMB)

Trade

Commerce

Money

View Answer

Question 26 Report

The document that spells out the relationship of a company with the outside world is known as

article of association

certificate of incorporation

deed of partnership

document of registration

memorandum of association

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 27 Report

A typical example of an event covered by an Assurance Policy is

accident

burglary

death

fire

theft

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 28 Report

Which of the following is NOT a credit instrument?

Bank Notes

Bill of Exchange

Bill of Lading

Cheques

Promissory Notes

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 29 Report

The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is

contribution

indemnity

insurable interest

subrogation

utmost good faith

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 30 Report

Which of the following is NOT a component of trade?

Auction

Bilateral

Multi-lateral

Retail

Wholesale

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

View Answer

Question 31 Report

The Nigeria Enterprises promotion Decree brought about policy

commercialization

indigenization

industrialization

nationalization

privatization

Answer Details

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Question 32 Report

The aid to trade which enables producer and consumer to transact business without physical contact is known as

advertising

communication

insurance

tourism

transportation

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 33 Report

Commerce is often referred to as the life blood of every nation because it

commits financial resources to the nation

contributes to economic development to the nation

creates utilities for human satisfaction

provides auxiliary services to trade

provides all the resources use for production

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Commerce

Production

View Answer

Question 34 Report

Which of the following types of insurance is usually excluded from the principle of indemnity?

Fidelity Guarantee

Fire

Life

Marine

Motor Vehicle

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 35 Report

The coming together of two or more firms with each of them losing its identity is known as

amalgamation

cartel

consortium

holding

trust

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 36 Report

The activities concerned with changing of raw materials into finished products belong to ______ occupation

commercial

constructive

extractive

manufacturing

service

Answer Details

Read lesson note on Production (WAEC)

Production

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Question 37 Report

Which of these means of payment originates from a creditor?

Bill of exchange

Cheque

Coins and currencies

Promissory note

Standing order

Answer Details

Read lesson note on Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Money (JAMB)

Purchase And Sale Of Goods In Home And Foreign Trade

Commerce

Money

View Answer

Question 38 Report

The rules and regulations guiding the conduct of business transactions are known as ……. law

civil

commercial

common

contract

criminal

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspects Of Business

Legal Aspect Of Business

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Question 39 Report

A ship which has no fixed schedule and travels wherever it can find cargoes to carry is a

boat

ferry

liner

tanker

tramp

Answer Details

View Answer

Question 40 Report

Use the information below to answer this question.

Aisha sold her wristwatch to Halima for N2,000.00 and she paid

The sum of N2,000.00 is the

consideration

entitlement

fees

money

offer

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

View Answer

Question 41 Report

The functions of public corporations include the following EXCEPT

maximizing profits for the board members

providing employment opportunities

providing essential services to the public

providing even development

providing the public with social amenities at reduced cost.

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Occupation (JAMB)

Read lesson note on Business Units (WAEC)

Read lesson note on Occupation (WAEC)

Production

Occupation

Business Units

Occupation

View Answer

Question 42 Report

Which of the following forms part of a company’s Article of Association?

Goodwill and status of shareholders

Name of the company

Nature and object of the business

Registered office

Voting powers and the use of proxy

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspects Of Business

Legal Aspect Of Business

View Answer

Question 43 Report

One of the easiest means of transporting petroleum product is by

air

pipeline

rail

road

sea

Answer Details

Read lesson note on Transport, Tourism, Communication And Warehousing (WAEC)

Transport, Tourism, Communication And Warehousing

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Question 44 Report

Tariff can be defined as a compulsory levy on

foreign exchange earnings

foreigners working in Nigeria

imported goods only

import and export

substitutes and inferior goods

Answer Details

Read lesson note on Purchase And Sale Of Goods In Home And Foreign Trade (WAEC)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods In Home And Foreign Trade

Commerce

View Answer

Question 45 Report

A wholesaler who acts as an agent on behalf of the owner of the goods in buying or selling fora commission proportionate to the value of the transaction is called a

broker

commissioned agent

del-credere agent

factor

speculator

Answer Details

View Answer

Question 46 Report

Which type of advertisement induces consumer to purchase the goods he does not need?

Competitive

Descriptive

Informative

Persuasive

Specific

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 47 Report

Which of the following groupings is a means of payments through the post office

Bank draft, Certified cheque, Money order and Stamps

Cheque, Postal order, Money order and Bank draft

Money order, Certified cheques, Telegraphic Money order and Stamps

Postal order, Money order, Telegraphic Money order and Stamps

Telegraphic Money order, Cheques, Bank draft and Certified cheques

Answer Details

Read lesson note on Money (JAMB)

Money

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Question 48 Report

The term “consumer sovereignty” means that the consumer is a

director

king

manager

promoter

target

Answer Details

Read lesson note on Purchase And Sale Of Goods (JAMB)

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

View Answer

Question 49 Report

Bonded warehouse is controlled and supervised by

customs

immigration

navy

police

quarantine

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Commerce

Occupation

View Answer

Question 50 Report

A type of partnership in which all partners have unlimited liability and jointly manage the business is known as ……. partnership.

Limited

nominal

ordinary

special

unlimited

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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