Neco Commerce 2002 Past Questions and Answers

Question 11:

• NECO 2002

Goods that are not useful by themselves, but help in the production of other desired goods are called ____________ goods.

A. Capital
B. Convenience
C. Giffen
D. Industrial
E. Specialty

Question 12:

• NECO 2002

What is a voluntary association of business executives, tradesmen, or entrepreneurs?

A. Chamber of Commerce
B. Economic Community of West African States
C. Lake-Chad Basin Commission
D. Niger Basin Commission
E. Trade Union

Question 13:

• NECO 2002

Goods invoiced at N5,000.00 were sold to Adegoke at less 2½% trade discount. How much would he pay

A. N2,875
B. N3,875
C. N4,875
D. N5,175
E. N5,125

Question 14:

• NECO 2002

Who has no right of ownership to a business organization?

A. Debenture holder
B. Entrepreneur
C. Partner
D. Share-holder
E. Sole proprietor

Question 15:

• NECO 2002

Which feature of money facilitates small transactions?

A. Divisibility
B. Durability
C. Portability
D. Recognisability
E. Scarcity