NECO SSCE - Commerce - 2004 (Objective)

The creative management function which promotes trade and employment by assessing consumer needs and initiating research and development to meet them is known as

advertising

distributing

marketing

planning

trading

Answer Details

Read lesson note on Elements Of Business Management (JAMB)

Read lesson note on Trade Associations (WAEC)

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Business Management

Trade Associations

Elements Of Marketing

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Question 9 Report

The prospectus of a company must include

names and addresses of management staff

the certificate of incorporation

the directors remuneration

the value of annual dividend

types of shares available and their cost

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Commerce (JAMB)

Legal Aspects Of Business

Commerce

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Question 10 Report

In a private limited liability company shares can be transferred

at the end of a financial year

by applying to the registrar of companies

without consulting other shareholders

with the consent to other shareholders

with the consent of the managing director

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 11 Report

At an auction sale, an auctioneer acts as a/an..........

agent

attorney

broker

principal

representative

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 12 Report

When manufacturers sell directly to consumers they have eliminated

advertising agents

brokers

middleman

retailers only

wholesalers

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 13 Report

An industry whose major actors consists of those engaged in sourcing raw materials from the earth surface is known as .... industry.

commercial

construction

extractive

manufacturing

mining

Answer Details

Read lesson note on Production (WAEC)

Production

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Question 14 Report

The concept that the satisfaction of the consumer's wants is to be emphasized at all stages of production and distribution is known as consumer...........

autonomy

. independence

preferential

production

sovereignty

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Occupation (JAMB)

Trade

Occupation

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Question 15 Report

Which of the following is NOT a function of the central bank?

Banker's bank

Government's bank

Lender of last resort

Printing of currency

Servicing of National debt

Answer Details

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

Business Environment And Social Responsibility

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Question 16 Report

In international trade, ...... is used to show the exact country where the goods are imported.

bill of lading

certificate of origin

consular invoice

dock receipt

shipping note

Answer Details

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Question 17 Report

Brand name is used to

differentiate one’s goods with others

make business much easier

make selling more convenient

package products

Standardize goods

Answer Details

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

Read lesson note on Aids-to-Trade (JAMB)

Purchase And Sale Of Goods

Aids-to-Trade

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Question 18 Report

Which of the following is a non-insurable risk

Cash-in-transits

Consequential loss

Fire

Home accidents

Speculative venture

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 19 Report

Which of the following best describes span of control

Directors in an organisation

Financial controllers within an organisation

Shareholders in a company

Subordinates that an executive supervises

Subordinates who can work on their own

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 20 Report

Department stores are usually located in

areas free from traffic jam

areas where low income earners live

city centres

low rental areas

suburban town

Answer Details

Read lesson note on Financing Business (JAMB)

Read lesson note on Commerce (JAMB)

Financing Business

Commerce

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Question 21 Report

One way of restricting the quantity of goods which may be imported into a country is by

balance of payment

dumping

quotas

tariff

terms of trade

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

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Question 22 Report

The right to retain possession of property of another until certain legitimate demands are satisfied is known as

agency

guarantee

lien

patent

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 23 Report

Which of the following is NOT an importance of warehousing?

Ensures that unexpected fluctuation in consumer’s needs are met through reserves

Gives a feeling of security to the traders

Protects goods against pilfering

Provides for economy of scale by maintaining steady rate of production

Provides protection and security for goods or products from going bad

Answer Details

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

Read lesson note on Production (WAEC)

Read lesson note on Commerce (JAMB)

Transport, Tourism, Communication And Warehousing

Production

Commerce

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Question 24 Report

The excess value of all the assets of a business over the value of its liabilities is called

capital employed

capital owned

circulating capital

loan capital

share capital

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Business Capital And Profits

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Question 25 Report

Short-term loan to expand a business is provided by

building societies

central bank

commercial banks

cooperative societies

mortgage banks

Answer Details

Read lesson note on Financing Business (JAMB)

Financing Business

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Question 26 Report

Who among the following assess goods on arrival at a port?

Agent

Customs

Importer

Shipping company

Ship owner

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 27 Report

The organisation of petroleum exporting countries (OPEC) is an example of a/n......

amalgamation

cartel

consortium

holding company

merger

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Trade Associations (JAMB)

Trade

Commerce

Trade Associations

View Answer

Question 28 Report

The insurance policy that specifically covers damage to structure or machinery of a ship is known as.......insurance.

cargo

hull

marine

ship owners

time

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 29 Report

All these are instruments of consumer protection EXCEPT

Bill of Exchange Act of 1882

Food and Drug Department of Ministry Health

Sale of Goods Act of 1979

Standard Organization of Nigeria

Trade Description Act of 1968

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 30 Report

The services offered by the following people .could be grouped under direct services. EXCEPT

doctors

entertainers

lawyers

policemen

teachers

Answer Details

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Question 31 Report

Credit in business transaction is a. ......

compliment to a good customer

form of loan

means of saving money

prepayment by customers

rebate for large purchases

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 32 Report

The drawer of a cheque is usually the

banker

creditor

debtor

payee

presenter

Answer Details

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Question 33 Report

Under utmost good faith as an insurance principle, a person must

believe in the sincerity of the insurance company

communicate with the insurance company

disclose all material facts to the insurance company

have utmost personality

pay outstanding premium

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 34 Report

The value of money is measured by the

amount of goods and services a unit of it can purchase

amount of its unit people can hold

. ease at which people can spend a unit of it

quantity of it in circulation

rate of national development

Answer Details

Read lesson note on Money (JAMB)

Money

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Question 35 Report

Kate insured her fancy store for losses arising from burglary. The store was later burnt down. Which insurance principle denied her compensation?

Contribution

indemnity

Proxirnate cause

Subrogation

Utmost good faith

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 36 Report

Goods are given utility by

changing their forms and location

consuming them

costing their value

numbering and counting them

packing and measuring them

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 37 Report

A 'duty bill' is used to indicate whether the goods arriving a port are........

being awaited

clean

damaged

delivered

on transit

Answer Details

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Question 38 Report

The term “enterprise” denotes the ability to

bear risk

control other factors of production

maximize profit

organize other factors of production

plan for other factors of production

Answer Details

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Question 39 Report

Which of the following documents shows a summary of a complete sale which the supplier sends to the buyer?

Credit note

Debit note

Delivery note

Invoice

Quotation

Answer Details

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

Purchase And Sale Of Goods

View Answer

Question 40 Report

The major divisions of commerce are

buying and selling

export and import

foreign and home

trade and aids to trade

wholesale and retail

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Commerce

Production

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Question 41 Report

Trade may be defined as

buying and selling of goods

buying and selling of goods and services

distribution goods

production of goods

selling of goods and services

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

View Answer

Question 42 Report

In limited liability company, the liability of a member at the time of liquidation is limited to the amount of shares.

allotted

called up

paid for

uncalled up

unpaid for

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 43 Report

A voluntary body formed by members of a particular branch of trade or industry to represent interest of members is known as

chambers of commerce

cooperative society

trade association

trade commissions

trade union

Answer Details

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Question 44 Report

A business person who contracts to sell shares in the expectation of a fall in price is a

bear

broker

bull

jobber

speculator

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 45 Report

A bill of lading is best described as the

certificate of quality of goods

certificate of value for the goods on board

document of title to the goods on board a ship

document showing where the goods are going to

evidence of payment of custom duties

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 46 Report

Equity of a company is another name for....... shares.

cumulative preference

founders

ordinary

preference

redeemable preference

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Read lesson note on Stock Exchange (JAMB)

Business Capital And Profits

Stock Exchange

View Answer

Question 47 Report

The full amount of capital which a company is authorized to raise is stated in the

articles of association

certificate of incorporation

certificate of trading

memorandum of association

share certificate

Answer Details

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