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 14 Report

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

utmost good faith

particular average Correct answer

indemnity

subrogation

insurable interest

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 15 Report

What is NOT a source of capital for a business?

borrowing from somewhere

issuing of dividend warrant Correct answer

retained profit

issuing of shares

personal savings

Answer Details

Read lesson note on Financing Business (JAMB)

Read lesson note on Business Capital And Profits (WAEC)

Financing Business

Business Capital And Profits

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Question 16 Report

What is NOT a function of the chambers of commerce? They

arbitrate and settle disputes among members

collect and pass important information to all members and the general public

consult and co-operate with government on matters of trade and industry

make members aware of government policies concerning customs and regulations Correct answer

serve as media for the expression of the opinions of employers on matters relating to employment

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Read lesson note on Occupation (JAMB)

Trade

Commerce

Production

Occupation

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Question 17 Report

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

five

fifteen

ten

twenty Correct answer

twenty five

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 18 Report

What is NOT a supplementary service of banks?

agents for payment Correct answer

custody of valuables

dealing in foreign exchange

investments

referees

Answer Details

Read lesson note on Financing Business (JAMB)

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

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Read lesson note on Stock Exchange (JAMB)

Financing Business

Purchase And Sale Of Goods

Commerce

Trade

Stock Exchange

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Question 19 Report

What is NOT a function of a retailer?

granting credit to consumers

guiding the consumers in making their choices

insuring goods for consumers Correct answer

paying personal attention to consumers

providing goods wanted by the consumers

Answer Details

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Question 20 Report

Dealing on the Stock Exchange may be either

‘for cash or ‘for hire’

‘for jobber’ or 'for broker’

'for cash' or 'for account

‘for cash’ or‘ for credit’ Correct answer

‘for bull’ or ‘ for bear’

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 21 Report

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

5 Correct answer

5.3

5.4

5.7

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 22 Report

Production means

changing the form of a good at any stage from the raw material to the finished products

increasing economic welfare of people by producing more goods and services

moving goods from one place to another for proper use

the amount of satisfaction derived from the consumption of goods and services

the provision of goods and services which are capable of satisfying human wants Correct answer

Answer Details

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Production

Occupation

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Question 23 Report

Which of NOT a class of preference shares?

cumulative

debenture Correct answer

. non-cumulative

participating

redeemable

Answer Details

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Question 24 Report

What is NOT the function of an entrepreneur?

bearing risks

deciding on tax to pay Correct answer

deciding what to produce

organizing other factors

providing initial capital

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Read lesson note on Financing Business (JAMB)

Read lesson note on Production (WAEC)

Read lesson note on Occupation (WAEC)

Legal Aspects Of Business

Financing Business

Production

Occupation

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Question 25 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

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Read lesson note on Occupation (JAMB)

Commerce

Production

Occupation

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Question 26 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

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

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

Read lesson note on Commerce (JAMB)

Government Policies Relating To Business

Business Environment And Social Responsibility

Commerce

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Question 27 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 28 Report

What is the disadvantage of foreign trade?

encourages dumping Correct answer

encourages specialization

facilitate transfer of technology

makes available products that can not be produced by a country

widens the world market

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Production (JAMB)

Trade

Production

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Question 29 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

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 30 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

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Commerce

Trade

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Question 31 Report

Which is NOT a public corporation?

National Electric Power Authority

National Examinations Council Correct answer

Nigerian Airways

Nigerian Railway

Ports Authority

Answer Details

Read lesson note on Advertising (WAEC)

Read lesson note on Production (WAEC)

Read lesson note on Occupation (JAMB)

Read lesson note on Occupation (WAEC)

Advertising

Production

Occupation

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Question 32 Report

The reward of capital as a factor of production is

dividend

interest Correct answer

profit

rent

wages

Answer Details

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Question 33 Report

.
C.
ln which business is profit shared amongst the shareholders on the basis of patronage?

co-operative society Correct answer

joint stock company

partnership

public company

sole proprietorship

Answer Details

Read lesson note on Business Capital And Profits (WAEC)

Read lesson note on Occupation (JAMB)

Business Capital And Profits

Occupation

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Question 34 Report

Which term means that for the price quoted, transporting the goods is ‘free’ up to the time it is placed on board a carrier?

carriage paid (Cge. Pd.)

cost on delivery (C.O.D.)

ex-ship

free on board (F.O.B.) Correct answer

free on rail (F.O.R.)

Answer Details

Read lesson note on Trade (WAEC)

Trade

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Question 35 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

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Commerce

Occupation

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Question 36 Report

The term ‘caveat emptor’ means ‘let the

account be settled’

buyer beware’ Correct answer

debtor be careful’

manufacturer beware'

seller beware'

Answer Details

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

Purchase And Sale Of Goods

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Question 37 Report

What is NOT an advantage of combinations (monopolies)?

bender opportunity to expand operations

fall in the cost of selling Correct answer

pool of specialized managerial skills

centralized management

danger of over-capitalization

Answer Details

Read lesson note on Production (JAMB)

Read lesson note on Occupation (JAMB)

Production

Occupation

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Question 38 Report

The bringing of ownership and management of a former private industry under the control of the government is called

corporation

industrialization

nationalization Correct answer

participation

privatization

Answer Details

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Question 39 Report

What is NOT an advantage of direct distribution of goods to the consumer by the manufacturer?

closer contact market trends, etc.

decrease in bad debts

greater intensiveness of the sales campaign Correct answer

no trading discounts need be allowed

sales are more accurately and efficiently made to the consumer

Answer Details

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Question 40 Report

Which union is formed by the workers of firms of similar line of business to cater for their interests?

co-operative

employees

firms

trade Correct answer

welfare

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Trade

Commerce

Occupation

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Question 41 Report

lf the price of a good falls and the demand for that good also fall, then that good is .......

a normal good

an inferior good

a supper good

an expensive good

none Correct answer

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 42 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

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 43 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

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 44 Report

What is NOT an instrument of credit?

bills of exchange

cheque

money order

postal order

source document Correct answer

Answer Details

Read lesson note on Money (JAMB)

Money

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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

Answer Details

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Question 46 Report

What is NOT a concern of the Food and Drug Department of the Federal Ministry of Health?

co-operating with the appropriate agencies to bring about effective price control Correct answer

educating the consumers on drug abuse

encouraging consumers to eat a more sensible and balanced diet and avoid fatty foods

requiring drug manufacturers to provide printed prescription for certain drugs

requiring drug manufacturers to test the safety and effectiveness of drugs before marketing

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 47 Report

The affairs of the co-operative society are in the hands of the

Board of directors

Board of trustees

Executive members Correct answer

Registrar of Co-operatives

Shareholders

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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