NECO SSCE - Commerce - 2001 (Objective)

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

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 37 Report

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

clean

cum-dividend

double barrelled

ex-dividend Correct answer

firm

Answer Details

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Stock Exchange

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Question 38 Report

The Articles of Association of a company do NOT contain

a method of dealing with any alterations in the amount of capital Correct answer

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

Answer Details

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Legal Aspects Of Business

Legal Aspect Of Business

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Question 39 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

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 40 Report

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 Correct answer

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

Answer Details

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Legal Aspects Of Business

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Question 41 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 42 Report

What is NOT an instrument of credit?

bills of exchange

cheque

money order

postal order

source document Correct answer

Answer Details

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Money

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Question 43 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 44 Report

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 45 Report