NECO SSCE - Commerce - 2007 (Objective)

Question 1 Report

Use the following information to answer question

Kolawole’s Opening Stock was N10, 000. His purchases was N280,000 Goods returned outward was N3,000, and the Closing Stock was N8,000
The rate of stock turnover is?

2.0 times

30.0 times

31.0 times Correct answer

31.3 times

32.2 times

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Commerce

Trade

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Question 2 Report

Which of the following is NOT true of a cheque as a means of payment? It

can be made out of a definite payee

is generally acceptable Correct answer

is safer than carrying cash

is transferable

serves as a proof of payment

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Read lesson note on Trade (JAMB)

Commerce

Production

Trade

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Question 3 Report

When the supplier changes a retailer for not returning empty packages, the supplier sends him a/an

advice note

consignment note

credit note

debit note Correct answer

statement

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 4 Report

An example of a secured loan is

backdraft

co-operative loan

mortgage Correct answer

overdraft

trade credit

Answer Details

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

Read lesson note on Financing Business (JAMB)

Purchase And Sale Of Goods In Home And Foreign Trade

Financing Business

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Question 5 Report

N180,000.00

N227,000.00

N279,000.00 Correct answer

N290,000.00

N301,000.00

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 6 Report

Which of the following regards the consumer as king?

consumer behavior

marketing concept Correct answer

market mix

pricing policy

product mix

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 7 Report

Public debt management is one of the functions of a ----- bank

central Correct answer

commercial

development

industrial

merchant

Answer Details

Read lesson note on Trade (WAEC)

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

Read lesson note on Production (JAMB)

Trade

Transport, Tourism, Communication And Warehousing

Production

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Question 8 Report

Shares that are fully paid can be converted into bulks known as

bonds

capital reserves

debentures

guilt-edged securities

stocks Correct answer

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 9 Report

Income distribution, nature of natural resources, investment etc. forms part of -----business environment.

cultural

economic Correct answer

political

social

technological

Answer Details

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

Business Environment And Social Responsibility

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Question 10 Report

When a cheque has R/D written on it, it means that the cheque

has been dishonoured Correct answer

has been honoured

has been paid into the drawer's account

has not been signed

is wrongly worded

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 11 Report

A disadvantage of commercialization of public enterprises in Nigeria is that it

creates room for competition with private owned enterprises

enables consumers have value for their money

generates funds for government

leads to reduction in work force Correct answer

promotes efficiency

Answer Details

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

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (JAMB)

Purchase And Sale Of Goods

Commerce

Occupation

View Answer

Question 12 Report

N9,000.00

N10, 000.00

N279,000.00 Correct answer

N280,000.00

N290,000.00

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 13 Report

The fee for sending a telegram depends on the

number of lines contained by the message

number of words contained in the message Correct answer

the security of the message

time it would take the message to reach its destination

urgency of the message

Answer Details

Read lesson note on Trade (WAEC)

Trade

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Question 14 Report

The process of passing information from one person to another in an organization is known as

communication Correct answer

co-ordination

delegation

direction

Motivation

Answer Details

Read lesson note on Information And Communication Technology (ict) (JAMB)

Information And Communication Technology (ict)

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Question 15 Report

The most suitable mode of transport for conveying gas and liquid within Nigeria is

air

pipeline Correct answer

rail

road

water

Answer Details

Read lesson note on Finance And Financial Institutions (WAEC)

Finance And Financial Institutions

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Question 16 Report

A document that is sent by the seller to the buyer to indicate an increase in the annual owes is

credit note

debit note Correct answer

invoice

letter of credit

receipt

Answer Details

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

Purchase And Sale Of Goods

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Question 17 Report

From the date of issue, cheques are valid for-----------months.

6 Correct answer

Answer Details

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Question 18 Report

Which of the following is NOT a function of Commerce?

Assisting Companies in raise capital Correct answer

Assisting in transporting men and materials to production points

Extracting goods for further production and processing

Storing goods until they are needed

Offering employment opportunities to a large number of people

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 19 Report

A financial document stating the reasons for making a payment and details of the payment is

bank draft

cash book

cheque

payslip

voucher Correct answer

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Money (JAMB)

Commerce

Money

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Question 20 Report

The practice of selling some goods below market price to attract more customers is known as

hoarding

loss leader

market sharing Correct answer

profiteering

speculating

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 21 Report

Which of the following is NOT true of a cheque as a means of payment? It

can be made out of a definite payee

is generally acceptable Correct answer

is safer than carrying cash

is transferable

serves as a proof of payment

Answer Details

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

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Purchase And Sale Of Goods

Commerce

Trade

View Answer

Question 22 Report

The combination of product, price,

consumer orientation

marketing concept

marketing mix Correct answer

marker research

product mix

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 23 Report

A Speculator in the stock exchange who buys shares hope that prices will rise is called

bear

broker

bull Correct answer

Jobber

shareholder

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 24 Report

An example of service rendering trade association is

Association of Nigerian Miners

Cocoa Farmers’ Association

Manufacturers Association of Nigeria

Nigerian Bar Association Correct answer

Saw millers Association of Nigeria

Answer Details

Read lesson note on Trade Associations (WAEC)

Read lesson note on Commerce (JAMB)

Trade Associations

Commerce

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Question 25 Report

A marketing term the for the presentation of goods in a neatly wrapped container is

advertising

credit to customers

labelling

merchandising

packaging Correct answer

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 26 Report

Another name for a foreign order is

catalogue

export

import

indent Correct answer

quotation

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Commerce

Occupation

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Question 27 Report

The authority that transfers to a third party the shard right to vote is called

bond

indent

proxy Correct answer

right issue

warranty

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 28 Report

Which of the following is an objective of regional economic grouping?

For easy religious interactions

For single political governance

For stable political governance

To encourage free flow of trade among members Correct answer

To harmonize the culture of member countries

Answer Details

Read lesson note on Economic Groupings (WAEC)

Economic Groupings

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Question 29 Report

The losses incurred in the running of Public Corporations are borne by the

board of directors

debenture holders

managing director

shareholders

tax payers Correct answer

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 30 Report

The reply to a letter of inquiry is a/an

advice note

estimate

order

quotation Correct answer

statement

Answer Details

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

Read lesson note on Occupation (JAMB)

Purchase And Sale Of Goods

Occupation

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Question 31 Report

Which of the following is an invisible item of trade?

Banking Service Correct answer

Petroleum Product

Processed Rice

Processed Milk

Processed Yam Flour

Answer Details

Read lesson note on Trade (JAMB)

Trade

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Question 32 Report

The payment made by government to producers to enable them reduce price is known as

bonus

compensation

margin

make-up

subsidy Correct answer

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Government Policies Relating To Business (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Trade

Government Policies Relating To Business

Commerce

Trade

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Question 33 Report

“Be a millionaire” a slogan adopted by one of them G.S.M providers is an example of

advertising

credit to customers

customer service

sales promotion Correct answer

trade discount

Answer Details

Read lesson note on Advertising (WAEC)

Advertising

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Question 34 Report

In which order are the following documents used?

I. Enquiry
II. Delivery note
III. Order
IV. Invoice
V. Quotation

I, II, III, IV and V

I, V, III, IV and II Correct answer

II, I, IV, III and V

III, II, V, I and IV

V, IV, I, III and II

Answer Details

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

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (JAMB)

Purchase And Sale Of Goods

Commerce

Occupation

View Answer

Question 35 Report

An arrangement in insurance which provides for the payment of a stipulated sum either at death or the expiration of a stated period is known as ……….

accident

endowment Correct answer

fire

fidelity

whole life

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 36 Report

The principle of insurance that prevents the insured from benefiting in an event where he suffers no material or financial loss is

Indemnity

insurable

proximate cause Correct answer

subrogation

utmost good faith

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 37 Report

The following are methods of quoting prices EXCEPT

A.C.I.F Correct answer

F.A.S

F.O.B

L.O.C.O

E.O.E

Answer Details

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Question 38 Report

The building of schools and hospitals for communities by some oil companies in Niger Delta of Nigeria is an example of

business diversification

business integration

consumer protection

discharge of social responsibility Correct answer

indigenization

Answer Details

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

Business Environment And Social Responsibility

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Question 39 Report

The department responsible for recruitment and promotion of staff is

finance

legal

personnel Correct answer

production

purchases

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 40 Report

The most suitable mode of transporting very bulky goods from Lagos to Kaduna is the

aero plane

caravan

lorry

ship

train Correct answer

Answer Details

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

Transport, Tourism, Communication And Warehousing

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Question 41 Report

Telecommunication services are provided by

Bureau De Change

Courier Services

Date Post

NIPOST

NITEL Correct answer

Answer Details

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

Transport, Tourism, Communication And Warehousing

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Question 42 Report

Coal mining is an example of

construction

service

extraction Correct answer

manufacturing

tertiary

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Occupation (WAEC)

Production

Occupation

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Question 43 Report

Adeleke places his vehicle for sale at N150,000,00 Ibrahim had agreed to pay the amount. In this Trans: Adeleke is the

agent

auctioneer

broker

offeree

offeror Correct answer

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Occupation (JAMB)

Legal Aspects Of Business

Occupation

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Question 44 Report

The final stage in the production process is

consumption Correct answer

manufacturing

retailing

warehousing

wholesaling

Answer Details

Read lesson note on Production (WAEC)

Production

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Question 45 Report

Which of the following relies on subvention as the main source of capital?

Cooperative society

Partnership

Public corporation Correct answer

Public limited company

Sole trader

Answer Details

Read lesson note on Finance And Financial Institutions (WAEC)

Finance And Financial Institutions

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Question 46 Report

The amount receivable by shareholders after the declaration of profit is called

bonus

commission

dividend Correct answer

interest

premium

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Business Capital And Profits

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Question 47 Report

Shares, stocks, government bonds trade in the stock exchange marks: are known as

debentures

gut-edged stocks

merchandises

securities Correct answer

treasure bills

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 48 Report

The actual amount of share capital a company is allowed to issue to the public is the ---- capital

authorized Correct answer

issued

paid-up

reserved

working

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Business Capital And Profits

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