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Aassociation formed by the joining together of firms which were previously independent
Bassociation of firms at the same stage of production, formed for the purpose of keeping up prices
Cassociation of firms for the regulation of output and prices
Dcombination of firm which carry on the same kind of business such as retailing
Ecompany that controls one or more other companies by holding majority of their shares
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Question 2
neco2001
What is a statement of account? It is a/an
Anote to inform the customer of an addition to his business transaction
Boriginal letter sent to customer asking them to settle their bills
Cstatement of acceptance of credit facilities to a customer
Dsummary of customer’s transactions for a given period
Esummation of goods sold to a customer for a particular item
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Question 3
neco2001
What best explains the principle of subrogation in insurable?
ABoth parties of the insurance contract must deal openly and honestly with each other and disclose all relevant facts
BThe right that a person has to stand in the place of another and enjoy all the rights and remedies of that other person
CThere must be a close connection between the risk insured against and the cause of the loss
DThe 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
EThe insured discloses all the material facts which would affect the premium which the insurer charges
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Question 4
neco2001
.......... is NOT a principle of insurance
Autmost good faith
Bparticular average
Cindemnity
Dsubrogation
Einsurable interest
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Question 5
neco2001
The reward of capital as a factor of production is
Adividend
Binterest
Cprofit
Drent
Ewages
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Question 6
neco2001
ln partnership business, the maximum number of persons for its formation is
Afive
Bfifteen
Cten
Dtwenty
Etwenty five
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Question 7
neco2001
What is NOT an instrument of credit?
Abills of exchange
Bcheque
Cmoney order
Dpostal order
Esource document
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Question 8
neco2001
What is NOT a supplementary service of banks?
Aagents for payment
Bcustody of valuables
Cdealing in foreign exchange
Dinvestments
Ereferees
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Question 9
neco2001
lf the price of a good falls and the demand for that good also fall, then that good is .......
Aa normal good
Ban inferior good
Ca supper good
Dan expensive good
Enone
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Question 10
neco2001
What is NOT a lecture of a co-operative society?
Abanks easily lend money to them
Bit is a corporate body with a right to sue and be sued
Cmembers have to buy shares to form the initial capital
Dmembers have equal opportunity in the control of the society
Ethere is no liability after shareholding is fully paid
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Question 11
neco2001
The term ‘caveat emptor’ means ‘let the
Aaccount be settled’
Bbuyer beware’
Cdebtor be careful’
Dmanufacturer beware'
Eseller beware'
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Question 12
neco2001
What is the OBJECT of a co-operative society?
Adiversify the members’ produce tor international purpose
Bgain freedom in marketing the members’ produce
Cindulge in large scale production and earn huge profits
Dpopularize government policies among the members
Eprovide an agency for meeting the economic needs of members
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Question 13
neco2001
What is NOT a characteristic of a Private Limited Liability Company?
Aa shareholder is not free to transfer his shares to someone without the permission of others
Bits shares cannot be offered to the public through the stock market
Cthe liability of shareholders is not limited to the amount of shams taken up
Dthe minimum and maximum number of shareholders is seven and infinity respectively
Ethe minimum and maximum number of shareholders is two and fifty respectively
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Question 14
neco2001
What is NOT a principle of an insurance contract?
Acontribution
Bindemnity
Cinsurable interest
Dpremium
Esubrogation
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Question 15
neco2001
ln stock exchange, the buyer is NOT entitled to the dividend when the stock is quoted
Aclean
Bcum-dividend
Cdouble barrelled
Dex-dividend
Efirm
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Question 16
neco2001
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?
Aaccount
Bcontango
Cmaking- up
Dname
Eticket
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Question 17
neco2001
What is an aim of a trade association?
Aprotection of members’ interests
Bwatching government legislation which may affect members interests
Cencouraging the introduction of standard grades and sizes of goods
Dmaking arrangements for the settlement of disputes
Eexchanging information and creating uniformity in methods of dealing
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Question 18
neco2001
Which term means that for the price quoted, transporting the goods is ‘free’ up to the time it is placed on board a carrier?
Acarriage paid (Cge. Pd.)
Bcost on delivery (C.O.D.)
Cex-ship
Dfree on board (F.O.B.)
Efree on rail (F.O.R.)
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Question 19
neco2001
Dealing on the Stock Exchange may be either
A‘for cash or ‘for hire’
B‘for jobber’ or 'for broker’
C'for cash' or 'for account
D‘for cash’ or‘ for credit’
E‘for bull’ or ‘ for bear’
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Question 20
neco2001
What is NOT a means of Central Bank’s controlling the credit policy of commercial banks?
