Neco Commerce 2001 Past Questions and Answers

Question 26:

• NECO 2001

The Articles of Association of a company do NOT contain

A. A method of dealing with any alterations in the amount of capital
B. A method of sharing profits and the payment of dividends
C. A procedure for calling general meeting/method of voting
D. The amount of the authorized capital, showing its division into shares
E. The issue, transfer and forfeiture of shares

Question 27:

• NECO 2001

The word ‘Commerce’ means ____________

A. Buying and selling of goods and services
B. Exchange and distribution of goods and services
C. Life-blood of every nation
D. Production of utilities
E. Trade and all the services which assist trade

Question 28:

• NECO 2001

What is NOT the function of an entrepreneur?

A. Bearing risks
B. Deciding on tax to pay
C. Deciding what to produce
D. Organizing other factors
E. Providing initial capital

Question 29:

• NECO 2001

What is NOT an advantage of direct distribution of goods to the consumer by the manufacturer?

A. Closer contact market trends, etc.
B. Decrease in bad debts
C. Greater intensiveness of the sales campaign
D. No trading discounts need be allowed
E. Sales are more accurately and efficiently made to the consumer

Question 30:

• NECO 2001

A document which makes it obligatory on the part of the seller to supply the goods or services if the inquirer accepts the conditions stated therein is called Alan

A. Inquiry
B. Order
C. Invoice
D. Quotation
E. Receipt