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 Correct answer

term

whole life

Answer Details

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Commerce

Trade

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Question 32 Report

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 Correct answer

invoice

quotation

receipt

Answer Details

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Purchase And Sale Of Goods

Commerce

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Question 33 Report

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

utmost good faith

particular average Correct answer

indemnity

subrogation

insurable interest

Answer Details

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Legal Aspect Of Business

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Question 34 Report

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 Correct answer

contango

making- up

name

ticket

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Stock Exchange

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Question 35 Report

The word ‘Commerce’ means

buying and selling of goods and services

exchange and distribution of goods and services Correct answer

life-blood of every nation

production of utilities

trade and all the services which assist trade

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Commerce

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Question 36 Report

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 Correct answer

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

Answer Details

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Purchase And Sale Of Goods

Commerce

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Question 37 Report

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

five

fifteen

ten

twenty Correct answer

twenty five

Answer Details

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Occupation

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Question 38 Report

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 Correct answer

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

Answer Details

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Legal Aspect Of Business

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Question 39 Report

Which of NOT a class of preference shares?

cumulative

debenture Correct answer

. non-cumulative

participating

redeemable

Answer Details

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Question 40 Report

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 Correct answer

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

Answer Details

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Commerce

Occupation

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Question 41 Report

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 Correct answer

revenue available to the government

Answer Details

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Government Policies Relating To Business

Business Environment And Social Responsibility

Commerce

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Question 42 Report

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

5 Correct answer

5.3

5.4

5.7

Answer Details

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Commerce

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Question 43 Report

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 Correct answer

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

Answer Details

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Commerce

Production

Occupation

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Question 44 Report

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 Correct answer

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

Answer Details

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Commerce

Production

Occupation

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Question 45 Report

In which service will a sole trader NOT be found?

business consultant

electrician

decorator

National Electric Power Authority Correct answer

surveyor

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Question 46 Report

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 Correct answer

Answer Details

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Commerce

Occupation

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Question 47 Report

The term ‘caveat emptor’ means ‘let the

account be settled’

buyer beware’ Correct answer

debtor be careful’

manufacturer beware'

seller beware'

Answer Details

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Purchase And Sale Of Goods

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