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.
A wholesaler who acts as an agent on behalf of the owner of the goods in buying or selling fora commission proportionate to the value of the transaction is called a
Abroker
Bcommissioned agent
Cdel-credere agent
Dfactor
Especulator
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Question 62
neco2005
The document which gives complete information about the goods sold is the
Abill of exchange
Bdelivery note
Cinvoice
Dorder form
Equotation
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Question 63
neco2005
Which type of advertisement induces consumer to purchase the goods he does not need?
ACompetitive
BDescriptive
CInformative
DPersuasive
ESpecific
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Question 64
neco2005
Which of the following groupings is a means of payments through the post office
ABank draft, Certified cheque, Money order and Stamps
BCheque, Postal order, Money order and Bank draft
CMoney order, Certified cheques, Telegraphic Money order and Stamps
DPostal order, Money order, Telegraphic Money order and Stamps
ETelegraphic Money order, Cheques, Bank draft and Certified cheques
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Question 65
neco2005
A type of partnership in which all partners have unlimited liability and jointly manage the business is known as ……. partnership.
ALimited
Bnominal
Cordinary
Dspecial
Eunlimited
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Question 66
neco2005
The term “caveat emptor” implies that
Acredit is not allowed
Bgoods are still with the seller
Cgoods have been transferred to the buyer
Dlet the buyer beware
Elet the seller beware
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Question 67
neco2005
The rules and regulations guiding the conduct of business transactions are known as ……. law
Acivil
Bcommercial
Ccommon
Dcontract
Ecriminal
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Question 68
neco2005
An agent held responsible for non-payment of goods bought by the customer he introduced to his principal is called …… agent
Adel-credere
Bgeneral
Csales
Dspecial
Euniversal
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Question 69
neco2005
The act of being on one job for expertise is called
Adivision of labour
Bimmobility
Cindependence
Dseparation of power
Especialization
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Question 70
neco2005
The functions of public corporations include the following EXCEPT
Amaximizing profits for the board members
Bproviding employment opportunities
Cproviding essential services to the public
Dproviding even development
Eproviding the public with social amenities at reduced cost.
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Question 71
neco2005
The term “consumer sovereignty” means that the consumer is a
Adirector
Bking
Cmanager
Dpromoter
Etarget
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Question 72
neco2005
Which of the following services is NOT rendered by NITEL?
AData Transmission
BRecorded Delivery
CSatellite
DTelex
ETelephone
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Question 73
neco2005
A typical example of an event covered by an Assurance Policy is
Aaccident
Bburglary
Cdeath
Dfire
Etheft
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Question 74
neco2005
The components of a balance of payments account are
Acapital, current and fixed deposit
Bcapital, savings and fixed deposit
Ccurrent, capital and monetary movement
Dcurrent, savings and monetary movement
Ecurrent, savings and fixed deposit
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Question 75
neco2005
The documents sent by the suppliers of good to a prospective buyer, informing him of what to pay if he buys the good is
Aadvice note
Bcredit note
Cdebt note
Dinvoice
Epro-forma invoice
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Question 76
neco2005
The most important document an importer requires to be able to clear his goods from the harbour is
Abill of exchange
Bbill of lading
Cbill of sale
Dinvoice from the shopper
Emarine insurance
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Question 77
neco2005
Association of people in the same line of business is known as
Achambers of commerce
Bholding company
Cmonopolistic association
Dproducers association
Etrade association
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Question 78
neco2005
Bonded warehouse is controlled and supervised by
Acustoms
Bimmigration
Cnavy
Dpolice
Equarantine
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Question 79
neco2005
Tariff can be defined as a compulsory levy on
Aforeign exchange earnings
Bforeigners working in Nigeria
Cimported goods only
Dimport and export
Esubstitutes and inferior goods
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Question 80
neco2005
Use the information below to answer this question.
Aisha sold her wristwatch to Halima for N2,000.00 and she paid
