NECO SSCE - Commerce - 2001 | Green Bridge CBT

Pergunta 1 Relatório

What is NOT a function of a retailer?

granting credit to consumers

guiding the consumers in making their choices

insuring goods for consumers

paying personal attention to consumers

providing goods wanted by the consumers

Detalhes da Resposta

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Pergunta 2 Relatório

The reward of capital as a factor of production is

dividend

interest

profit

rent

wages

Detalhes da Resposta

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Pergunta 3 Relatório

What is the disadvantage of foreign trade?

encourages dumping

encourages specialization

facilitate transfer of technology

makes available products that can not be produced by a country

widens the world market

Detalhes da Resposta

Read lesson note on Trade (WAEC)

Read lesson note on Production (JAMB)

Trade

Production

Ver Resposta

Pergunta 4 Relatório

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

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

Detalhes da Resposta

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

Ver Resposta

Pergunta 5 Relatório

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.)

free on rail (F.O.R.)

Detalhes da Resposta

Read lesson note on Trade (WAEC)

Trade

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Pergunta 6 Relatório

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

invoice

quotation

receipt

Detalhes da Resposta

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

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Ver Resposta

Pergunta 7 Relatório

The word ‘Commerce’ means

buying and selling of goods and services

exchange and distribution of goods and services

life-blood of every nation

production of utilities

trade and all the services which assist trade

Detalhes da Resposta

Read lesson note on Commerce (JAMB)

Commerce

Ver Resposta

Pergunta 8 Relatório

What is a statement of account? It is a/an

note to inform the customer of an addition to his business transaction

original letter sent to customer asking them to settle their bills

statement of acceptance of credit facilities to a customer

summary of customer’s transactions for a given period

summation of goods sold to a customer for a particular item

Detalhes da Resposta

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Pergunta 9 Relatório

The feature of a supermarket is

having central control from head-office

sales common household goods

sales of goods without owning shops

similarity in shops’ frontages

that there are many shops under a roof

Detalhes da Resposta

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

Read lesson note on Commerce (JAMB)

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

Purchase And Sale Of Goods

Commerce

Aids-to-Trade

Ver Resposta

Pergunta 10 Relatório

What is NOT an advantage of combinations (monopolies)?

bender opportunity to expand operations

fall in the cost of selling

pool of specialized managerial skills

centralized management

danger of over-capitalization

Detalhes da Resposta

Read lesson note on Production (JAMB)

Read lesson note on Occupation (JAMB)

Production

Occupation

Ver Resposta

Pergunta 11 Relatório

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

Board of directors

Board of trustees

Executive members

Registrar of Co-operatives

Shareholders

Detalhes da Resposta

Read lesson note on Occupation (JAMB)

Occupation

Ver Resposta

Pergunta 12 Relatório

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

co-operative society

joint stock company

partnership

public company

sole proprietorship

Detalhes da Resposta

Read lesson note on Business Capital And Profits (WAEC)

Read lesson note on Occupation (JAMB)

Business Capital And Profits

Occupation

Ver Resposta

Pergunta 13 Relatório

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

contango

making- up

name

ticket

Detalhes da Resposta

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

Ver Resposta

Pergunta 14 Relatório

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

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

Detalhes da Resposta

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Read lesson note on Occupation (JAMB)

Commerce

Production

Occupation

Ver Resposta

Pergunta 15 Relatório

What is NOT the function of an entrepreneur?

bearing risks

deciding on tax to pay

deciding what to produce

organizing other factors

providing initial capital

Detalhes da Resposta

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

Ver Resposta

Pergunta 16 Relatório

The term ‘caveat emptor’ means ‘let the

account be settled’

buyer beware’

debtor be careful’

manufacturer beware'

seller beware'

Detalhes da Resposta

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

Purchase And Sale Of Goods

Ver Resposta

Pergunta 17 Relatório

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

Detalhes da Resposta

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

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Ver Resposta

Pergunta 18 Relatório

In which service will a sole trader NOT be found?

business consultant

electrician

decorator

National Electric Power Authority

surveyor

Detalhes da Resposta

Ver Resposta

Pergunta 19 Relatório

What is NOT a principle of an insurance contract?

contribution

indemnity

insurable interest

premium

subrogation

Detalhes da Resposta

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Pergunta 20 Relatório

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

five

fifteen

ten

twenty

twenty five

Detalhes da Resposta

Read lesson note on Occupation (JAMB)

Occupation

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Pergunta 21 Relatório

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

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

Detalhes da Resposta

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

Read lesson note on Commerce (JAMB)

Purchase And Sale Of Goods

Commerce

Ver Resposta

Pergunta 22 Relatório

What is NOT a right of the consumer?

a healthy environment

be heard

to be informed

get value for money spent

save money on food and drugs

Detalhes da Resposta

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

Ver Resposta

Pergunta 23 Relatório

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

utmost good faith

particular average

indemnity

subrogation

insurable interest

Detalhes da Resposta

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Ver Resposta

Pergunta 24 Relatório

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

term

whole life

Detalhes da Resposta

Read lesson note on Commerce (JAMB)

Read lesson note on Trade (JAMB)

Commerce

Trade

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Pergunta 25 Relatório

What is NOT a supplementary service of banks?

agents for payment

custody of valuables

dealing in foreign exchange

investments

referees

Detalhes da Resposta

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

Ver Resposta

Pergunta 26 Relatório

What is NOT a means of Central Bank’s controlling the credit policy of commercial banks?

banker's bank

bank rate

cash /liquidity ratio

funding operations

open market operations

Detalhes da Resposta

Read lesson note on Financing Business (JAMB)

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Read lesson note on Money (JAMB)

Financing Business

Commerce

Production

Money

Ver Resposta

Pergunta 27 Relatório

What is an aim of a trade association?

protection of members’ interests

watching government legislation which may affect members interests

encouraging the introduction of standard grades and sizes of goods

making arrangements for the settlement of disputes

exchanging information and creating uniformity in methods of dealing

Detalhes da Resposta

Read lesson note on Trade Associations (WAEC)

Read lesson note on Commerce (JAMB)

Trade Associations

Commerce

Ver Resposta

Pergunta 28 Relatório

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

corporation

industrialization

nationalization

participation

privatization

Detalhes da Resposta

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Pergunta 29 Relatório

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

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

Detalhes da Resposta

Read lesson note on Commerce (JAMB)

Read lesson note on Production (JAMB)

Read lesson note on Occupation (JAMB)

Commerce

Production

Occupation

Ver Resposta

Pergunta 30 Relatório

What is NOT an instrument of credit?

bills of exchange

cheque

money order

postal order

source document

Detalhes da Resposta

Read lesson note on Money (JAMB)

Money

Ver Resposta

Pergunta 31 Relatório

The Articles of Association of a company do NOT contain

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

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

Detalhes da Resposta

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

Ver Resposta

Pergunta 32 Relatório

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

Detalhes da Resposta

Read lesson note on Production (WAEC)

Read lesson note on Occupation (JAMB)

Production

Occupation

Ver Resposta

Pergunta 33 Relatório

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

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

Detalhes da Resposta

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Pergunta 34 Relatório

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

Detalhes da Resposta

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Commerce

Occupation

Ver Resposta

Pergunta 35 Relatório

Which is NOT a public corporation?

National Electric Power Authority

National Examinations Council

Nigerian Airways

Nigerian Railway

Ports Authority

Detalhes da Resposta

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

Ver Resposta

Pergunta 36 Relatório

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

clean

cum-dividend

double barrelled

ex-dividend

firm

Detalhes da Resposta

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

Ver Resposta

Pergunta 37 Relatório

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

co-operative

employees

firms

trade

welfare

Detalhes da Resposta

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (WAEC)

Trade

Commerce

Occupation

Ver Resposta

Pergunta 38 Relatório

What is NOT a source of capital for a business?

borrowing from somewhere

issuing of dividend warrant

retained profit

issuing of shares

personal savings

Detalhes da Resposta

Read lesson note on Financing Business (JAMB)

Read lesson note on Business Capital And Profits (WAEC)

Financing Business

Business Capital And Profits

Ver Resposta

Pergunta 39 Relatório

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

co-operative society

industrial association

manufacturers’ association

trade and industry practitioners

trade association

Detalhes da Resposta

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Pergunta 40 Relatório

Which of NOT a class of preference shares?

cumulative

debenture

. non-cumulative

participating

redeemable

Detalhes da Resposta

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Pergunta 41 Relatório

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

revenue available to the government

Detalhes da Resposta

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

Ver Resposta

Pergunta 42 Relatório

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

5.3

5.4

5.7

Detalhes da Resposta

Read lesson note on Commerce (JAMB)

Commerce

Ver Resposta

Pergunta 43 Relatório

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

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

Detalhes da Resposta

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

Ver Resposta

Pergunta 44 Relatório

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’

‘for bull’ or ‘ for bear’

Detalhes da Resposta

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

Ver Resposta

Pergunta 45 Relatório

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

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

Detalhes da Resposta

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

Ver Resposta

Pergunta 46 Relatório

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

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