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.
What is a voluntary association of business executives, tradesmen, or entrepreneurs?
AChamber of Commerce
BEconomic Community of West African States
CLake-Chad Basin Commission
DNiger Basin Commission
ETrade Union
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Question 12
neco2002
Goods that are not useful by themselves, but help in the production of other desired goods are called ....... goods.
Acapital
Bconvenience
Cgiffen
Dindustrial
Especialty
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Question 13
neco2002
An already existing line of product is advertised in order to
Abuild brand recognition
Bdevelop customers’ awareness
Centertain customers
Dintroduce a price deal
Eretain old customers
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Question 14
neco2002
The document usually sent to each customer by the bank periodically showing the balance outstanding in an account is known as
Abalance sheet
Bpetty cash voucher
Creceipt
Dstatement of account
Evoucher
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Question 15
neco2002
Which insurance principle indicates that only the person who might suffer financial loss will be allowed to take out insurance?
Aindemnity
Binsurable interest
Cpooling of risks
Dsubrogation
Euberrimae tides
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Question 16
neco2002
What is a characteristic of a public limited company?
AThe dividend is shared equally
BShares are not dealt with in the stock exchange
CShares are offered freely to members
DThe liabilities are not limited
EThere is no limit to the number of members
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Question 17
neco2002
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”?
Aconditional sales
Bcredit sales
Chire purchase
Dleasing
Etrade-in sales
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Question 18
neco2002
Aids to trade refers to
Aadvertising, insurance, export and import
Badvertising, transport, banking, insurance and warehousing
Cbanking, insurance and import only
Dinsurance, trade, banking and retailer
Etrade, export, transport, advertising and import
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Question 19
neco2002
Which is the banker of all commercial banks in the country?
ACentral Bank of Nigeria
BFederal Mortgage Bank of Nigeria
CNigerian Bank for Commerce and industry
DNational Bank of Nigeria
ENigeria Industrial Development Bank
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Question 20
neco2002
Gases are best transported by
Aair
Bcanals
Cpipelines
Drail
Esea
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Question 21
neco2002
A business activity that directs the flow of goods and services from the producer to the consumer is called
Aadvertising
Bcommunication
Cinsurance
Dmarketing
Epersonal selling
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Question 22
neco2002
The fastest and most accurate means of passing information is
Aairmail letter
Bexpress letter
Cregistered letter
Dtelegram
Etelephone
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Question 23
neco2002
Which is a Public Monopoly?
AJohn Holt Nigeria plc
BLever Brothers Nigeria plc
CNational Electric Power Authority
DPZ Nigeria plc
EUnited Africa Company Ltd
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Question 24
neco2002
The reputation and good image benefits arising from the business connections of a firm are called
Acommission
Bdividend
Cgoodwill
Dinterest
Eprofit
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Question 25
neco2002
The factor of production which involves both the mental and physical effort of man is called
Acapital
Bentrepreneur
Clabour
Dland
Ework
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Question 26
neco2002
Abubakar wants to sell his shares on the Kano Stock Exchange. Which service would he employ?
Aauctioneer
Bchamber of commerce
Cdel-credere agent
Dinsurance agent
Estock broker
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Question 27
neco2002
A bank overdraft can only be granted to the holder of a
Acurrent account
Bdeposit account
Cfixed deposit
Dsavings account
Etime deposit
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Question 28
neco2002
A document which must be prepared and produced by the promoters of a company and contains ‘external rules’ is called
AArticle of Association
BCompanies’ Act
CMemorandum of Association
DDeed
EProspectus
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Question 29
neco2002
A situation where a consumer's need is the focus of attention is regarded as
Aconsumer orientation
Bmarketing concept
Cmarket research
Dmarket segmentation
Esales orientation
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Question 30
neco2002
A common legal association which exists when one party, known as the principal authorizes another party to enter into contract is called
