Neco Commerce 2001 Past Questions and Answers

Question 11:

• NECO 2001

What is NOT a characteristic of a Private Limited Liability Company?

A. A shareholder is not free to transfer his shares to someone without the permission of others
B. Its shares cannot be offered to the public through the stock market
C. The liability of shareholders is not limited to the amount of shams taken up
D. The minimum and maximum number of shareholders is seven and infinity respectively
E. The minimum and maximum number of shareholders is two and fifty respectively

Question 12:

• NECO 2001

What is the OBJECT of a co-operative society?

A. Diversify the members’ produce tor international purpose
B. Gain freedom in marketing the members’ produce
C. Indulge in large scale production and earn huge profits
D. Popularize government policies among the members
E. Provide an agency for meeting the economic needs of members

Question 13:

• NECO 2001

The term ‘caveat emptor’ means ‘let the ____________

A. Account be settled’
B. Buyer beware’
C. Debtor be careful’
D. Manufacturer beware'
E. Seller beware'

Question 14:

• NECO 2001

What is NOT a lecture of a co-operative society?

A. Banks easily lend money to them
B. It is a corporate body with a right to sue and be sued
C. Members have to buy shares to form the initial capital
D. Members have equal opportunity in the control of the society
E. There is no liability after shareholding is fully paid

Question 15:

• NECO 2001

lf the price of a good falls and the demand for that good also fall, then that good is ____________

A. A normal good
B. An inferior good
C. A supper good
D. An expensive good
E. None