Study and practice Commerce past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Under utmost good faith as an insurance principle, a person must
Abelieve in the sincerity of the insurance company
Bcommunicate with the insurance company
Cdisclose all material facts to the insurance company
Dhave utmost personality
Epay outstanding premium
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Question 94
neco2004
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...........
Aautonomy
B. independence
Cpreferential
Dproduction
Esovereignty
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Question 95
neco2004
Which of the following is NOT an importance of warehousing?
AEnsures that unexpected fluctuation in consumer’s needs are met through reserves
BGives a feeling of security to the traders
CProtects goods against pilfering
DProvides for economy of scale by maintaining steady rate of production
EProvides protection and security for goods or products from going bad
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Question 96
neco2004
A credit note is used to
Ainform the buyer that he can buy more goods on credit
Binform the buyer that his account has been credited
Cinform the customer about his state of solvency
Dtell the customer that his account is in red
Ewarn the customer that his debt is over due
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Question 97
neco2004
Which of the following is NOT a function of the central bank?
ABanker's bank
BGovernment's bank
CLender of last resort
DPrinting of currency
EServicing of National debt
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Question 98
neco2004
A bill of lading is best described as the
Acertificate of quality of goods
Bcertificate of value for the goods on board
Cdocument of title to the goods on board a ship
Ddocument showing where the goods are going to
Eevidence of payment of custom duties
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Question 99
neco2004
The excess value of all the assets of a business over the value of its liabilities is called
Acapital employed
Bcapital owned
Ccirculating capital
Dloan capital
Eshare capital
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Question 100
neco2003
A share ducted “Cum div”, means that the dividend for the current year will be paid to the
Abuyer of the shares
Bbroker of the shares
Cjobber of the shares
Dseller of the shares
Estock exchange authority
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Question 101
neco2003
Organizational chart is a diagram showing the
Aflow of authority and responsibilities in a organization
Boffices of both subordinates and officials
Corganization of staff in an organization
Dpositions of workers in an organization
Espan of management control
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Question 102
neco2003
The act of bringing a privately owned business under exclusive state ownership and control is referred to as
Acommercialization
Bindigenization
Cnationalization
Dprivatization
Erationalization
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Question 103
neco2003
Who takes the initial step to form a company prior to its incorporation?
ACompany secretary
BManaging director
CPromoter
DRegistrar of company
Eshareholder
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Question 104
neco2003
A document which can be used for both internal and external trade is
Abill of exchange
BGIRO
CI.O.U
Dportal orders
Epromising note.
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Question 105
neco2003
Which of the following does not relate to foreign trade?
ACertificate of origin
BChartered party
CDumping
DExport duties
EExport license
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Question 106
neco2003
Commerce refers to
Abuying and selling of goods at home
Bbuying and selling of goods and services at home
Cimportation and exportation of goods
Dimportation and exportation of goods and services
Etrade and all of services which assist trade
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Question 107
neco2003
The coming together of two or more companies to form one big viable company is known as
Aassociation
Bcartel
Cjoining
Dmerging
Etrust
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Question 108
neco2003
Which of the following gives Nigerian’s the opportunity to take active part in industry and commerce?
ACommercialization
BConsumerism
CIndigenization
DNationalization
EPrivatization
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Question 109
neco2003
Sea transport is unsuitable for the movement of
Aantiquities
Bcoal
Cfertilizer
Dplanks
Evegetables
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Question 110
neco2003
Any member of the public who wants to buy shares in the stock market will first of all meet a/an
