NECO SSCE - Commerce - 2002 (Objective)

Question 1 Report

Which insurance principle indicates that only the person who might suffer financial loss will be allowed to take out insurance?

indemnity

insurable interest Correct answer

pooling of risks

subrogation

uberrimae tides

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 2 Report

What is a characteristic of a public limited company?

The dividend is shared equally

Shares are not dealt with in the stock exchange

Shares are offered freely to members

The liabilities are not limited

There is no limit to the number of members Correct answer

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 3 Report

Gases are best transported by

air

canals

pipelines Correct answer

rail

sea

Answer Details

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

Transport, Tourism, Communication And Warehousing

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Question 4 Report

Another name for exchange of goods or other goods is called

barter Correct answer

buying

credit

selling

specialization

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Commerce (JAMB)

Trade

Commerce

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Question 5 Report

The different types of occupation in which people are engaged can be grouped as

Direct Services, Commercial and industrial Correct answer

Manufacturer, Blacksmith and Industrial

Industrial, Manufacturing and Commercial

Teaching, Manufacturing and Commercial

Trading, Teaching and Commercial

Answer Details

Read lesson note on Occupation (JAMB)

Read lesson note on Occupation (WAEC)

Occupation

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Question 6 Report

Assets of a business which can easily be changed into cash are called

authorized capital

current liabilities

fixed assets

liquid capital Correct answer

paid-up capital

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 7 Report

Who has no right of ownership to a business organization?

debenture holder Correct answer

entrepreneur

partner

share-holder

sole proprietor

Answer Details

Read lesson note on Production (JAMB)

Read lesson note on Occupation (JAMB)

Production

Occupation

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Question 8 Report

The main reason for Government ownership of a public enterprise is to provide

education and electricity

electricity only

essential services Correct answer

loans for the people

roads and electricity

Answer Details

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Question 9 Report

A statement of the current price and terms of trade of a product or service is called

debit note

letter of inquiry

order form

quotation Correct answer

statement of account

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 10 Report

Aids to trade refers to

advertising, insurance, export and import

advertising, transport, banking, insurance and warehousing Correct answer

banking, insurance and import only

insurance, trade, banking and retailer

trade, export, transport, advertising and import

Answer Details

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

Aids-to-Trade

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Question 11 Report

Goods invoiced at N5,000.00 were sold to Adegoke at less 2½% trade discount. How much would he pay

N2,875

N3,875

N4,875 Correct answer

N5,175

N5,125

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 12 Report

What is the main aim and objective of ECOWAS?

increasing the tax rate among member countries

operating banking services among members

promoting cooperation and development in all fields of economic activities Correct answer

providing employment opportunity to a few countries

providing essential services among members

Answer Details

Read lesson note on Economic Groupings (WAEC)

Economic Groupings

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Question 13 Report

What is the fastest means of sending documents from one place to another

courier services Correct answer

express letters

parcels

quick delivery

registered letters

Answer Details

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

Read lesson note on Occupation (JAMB)

Transport, Tourism, Communication And Warehousing

Occupation

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Question 14 Report

A businessman started with N100,000 and spent N80,000 in buying premises and equipment. The balance of N20,000 is his

authorized capital

called-up capital

capital employed

fixed capital

working capital Correct answer

Answer Details

Read lesson note on Trade (WAEC)

Read lesson note on Business Capital And Profits (WAEC)

Trade

Business Capital And Profits

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Question 15 Report

A situation where a consumer's need is the focus of attention is regarded as

consumer orientation

marketing concept Correct answer

market research

market segmentation

sales orientation

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 16 Report

Which holder receives interest?

cumulative preference

debenture Correct answer

non-cumulative

ordinary share

preference shares

Answer Details

Read lesson note on Occupation (JAMB)

Occupation

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Question 17 Report

The document usually sent to each customer by the bank periodically showing the balance outstanding in an account is known as

balance sheet

petty cash voucher

receipt

statement of account Correct answer

voucher

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 18 Report

The process by which the government takes over private business is known as

commercialization

indigenization

nationalization Correct answer

naturalization

privatization

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 19 Report

Which is a Public Monopoly?

John Holt Nigeria plc

Lever Brothers Nigeria plc

National Electric Power Authority Correct answer

PZ Nigeria plc

United Africa Company Ltd

Answer Details

Read lesson note on Trade (WAEC)

Trade

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Question 20 Report

Which feature of money facilitates small transactions?

divisibility Correct answer

durability

portability

recognisability

scarcity

Answer Details

Read lesson note on Money (JAMB)

Money

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Question 21 Report

ln the selection of means of transport, speed is an important consideration for goods that are

bulky

durable

fragile

inferior

perishable Correct answer

Answer Details

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

Transport, Tourism, Communication And Warehousing

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Question 22 Report

The factor of production which involves both the mental and physical effort of man is called

capital

entrepreneur

labour Correct answer

land

work

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Occupation (WAEC)

Production

Occupation

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Question 23 Report

What is NOT an essential element of a valid contract?

acceptance

compensation Correct answer

consideration

legality

offer

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 24 Report

A common legal association which exists when one party, known as the principal authorizes another party to enter into contract is called

agency

contract agreement

legal relation

offer and acceptance

valid contract Correct answer

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 25 Report

What is NOT a function of marketing?

changing the nature of the marketable goods

enlargement of the market

export promotion

provision of employment

segmenting the market Correct answer

Answer Details

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

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

Read lesson note on Elements Of Marketing (JAMB)

Purchase And Sale Of Goods In Home And Foreign Trade

Purchase And Sale Of Goods

Elements Of Marketing

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Question 26 Report

What is a voluntary association of business executives, tradesmen, or entrepreneurs?

Chamber of Commerce Correct answer

Economic Community of West African States

Lake-Chad Basin Commission

Niger Basin Commission

Trade Union

Answer Details

Read lesson note on Trade Associations (WAEC)

Read lesson note on Commerce (JAMB)

Trade Associations

Commerce

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Question 27 Report

Which business unit has a membership range of 2-50?

Cooperative Society

Partnership

Private Limited Company Correct answer

Public Enterprise

Public Limited Company

Answer Details

Read lesson note on Business Units (WAEC)

Business Units

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Question 28 Report

Abubakar wants to sell his shares on the Kano Stock Exchange. Which service would he employ?

auctioneer

chamber of commerce

del-credere agent

insurance agent

stock broker Correct answer

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 29 Report

A business activity that directs the flow of goods and services from the producer to the consumer is called

advertising

communication

insurance

marketing Correct answer

personal selling

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 30 Report

When one party to a contract refuses to perform the obligations assumed under the contract, there is

breach of contract Correct answer

frustration

operational law

performance

voluntary agreement of the parties

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 31 Report

A document which must be prepared and produced by the promoters of a company and contains ‘external rules’ is called

Article of Association

Companies’ Act

Memorandum of Association Correct answer

Deed

Prospectus

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 32 Report

The greatest weapon of the buyer against the activities of false advertisers is

consumer education Correct answer

manufacturer's education

marketing education

producer‘s education

salesmanship

Answer Details

Read lesson note on Advertising (WAEC)

Read lesson note on Elements Of Marketing (JAMB)

Advertising

Elements Of Marketing

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Question 33 Report

The fastest and most accurate means of passing information is

airmail letter

express letter

registered letter

telephone Correct answer

Answer Details

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

Information And Communication Technology (ict)

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Question 34 Report

Grouping consumers based on their purchasing habits is called market

development

expansion

orientation

segmentation Correct answer

selection

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 35 Report

The compensation made to an insured for loss incurred in insurance is called

commission

indemnity Correct answer

interest

pooling risks

premium

Answer Details

Read lesson note on Legal Aspect Of Business (WAEC)

Legal Aspect Of Business

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Question 36 Report

Which comes first in the channel of distribution?

consignor

consumer

manufacturer Correct answer

retailer

wholesaler

Answer Details

Read lesson note on Production (WAEC)

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (JAMB)

Read lesson note on Money (JAMB)

Read lesson note on Business Units (WAEC)

Production

Commerce

Occupation

Money

Business Units

View Answer

Question 37 Report

What covers the risk which an employer may suffer as a result of the dishonesty of an employee?

accident insurance

export credit insurance

fidelity guarantee insurance Correct answer

fire insurance

life assurance

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 38 Report

What is defined as an agreement to pay an initial deposit for an object and then pay the balance in regular instalments while having the use of the object”?

conditional sales

credit sales

hire purchase Correct answer

leasing

trade-in sales

Answer Details

Read lesson note on Commerce (JAMB)

Read lesson note on Occupation (JAMB)

Commerce

Occupation

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Question 39 Report

Marketing mix consists of

place, planning, play and price

planning, controlling and organizing

product, place, price and promotion Correct answer

promotion, play, planning and price

price, planning, promotion and price

Answer Details

Read lesson note on Elements Of Marketing (JAMB)

Elements Of Marketing

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Question 40 Report

Which document is used to advertise shares to the general public?

Letter of Allotment

Memorandum and Article Associations

Newspaper

Prospectus Correct answer

Radio and television

Answer Details

Read lesson note on Stock Exchange (JAMB)

Stock Exchange

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Question 41 Report

Which is NOT the right of the consumer according to the Consumer Education and Protection Council? The right to

be informed

buy whatever they want Correct answer

choose

healthy environment

safety

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 42 Report

An already existing line of product is advertised in order to

build brand recognition

develop customers’ awareness

entertain customers

introduce a price deal

retain old customers Correct answer

Answer Details

Read lesson note on Advertising (WAEC)

Read lesson note on Elements Of Marketing (JAMB)

Advertising

Elements Of Marketing

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Question 43 Report

The reputation and good image benefits arising from the business connections of a firm are called

commission

dividend

goodwill Correct answer

interest

profit

Answer Details

Read lesson note on Legal Aspects Of Business (JAMB)

Legal Aspects Of Business

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Question 44 Report

Reorganization of public enterprises to run as profit-making ventures is called

commercialization Correct answer

indigenization

industrialization

nationalization

privatization

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

View Answer

Question 45 Report

A bank overdraft can only be granted to the holder of a

current account Correct answer

deposit account

fixed deposit

savings account

time deposit

Answer Details

Read lesson note on Financing Business (JAMB)

Read lesson note on Occupation (WAEC)

Financing Business

Occupation

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Question 46 Report

Goods that are not useful by themselves, but help in the production of other desired goods are called ....... goods.

capital Correct answer

convenience

giffen

industrial

specialty

Answer Details

Read lesson note on Production (WAEC)

Production

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Question 47 Report

The best definition of Communication in Commerce is

distribution of information

movement of files

movement of goods and passengers

storing information

transmission of information Correct answer

Answer Details

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

Information And Communication Technology (ict)

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Question 48 Report

Which is the banker of all commercial banks in the country?

Central Bank of Nigeria Correct answer

Federal Mortgage Bank of Nigeria

Nigerian Bank for Commerce and industry

National Bank of Nigeria

Nigeria Industrial Development Bank

Answer Details

Read lesson note on Commerce (JAMB)

Commerce

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Question 49 Report

Bonded warehouses are controlled by

clearing and forwarding agents

custom and excise Correct answer

export promotion council

marketing boards

port authority

Answer Details

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Question 50 Report

Assets of a business which can easily be changed into cash are called

authorized capital

current liabilities

fixed assets

liquid capital

paid-up capital Correct answer

Answer Details

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