Neco Commerce 2002 Past Questions and Answers

Question 21:

• NECO 2002

What is NOT an essential element of a valid contract?

A. Acceptance
B. Compensation
C. Consideration
D. Legality
E. Offer

Question 22:

• NECO 2002

Another name for exchange of goods or other goods is called ____________

A. Barter
B. Buying
C. Credit
D. Selling
E. Specialization

Question 23:

• NECO 2002

The different types of occupation in which people are engaged can be grouped as ____________

A. Direct Services, Commercial and industrial
B. Manufacturer, Blacksmith and Industrial
C. Industrial, Manufacturing and Commercial
D. Teaching, Manufacturing and Commercial
E. Trading, Teaching and Commercial

Question 24:

• NECO 2002

Which business unit has a membership range of 2-50?

A. Cooperative Society
B. Partnership
C. Private Limited Company
D. Public Enterprise
E. Public Limited Company

Question 25:

• NECO 2002

What covers the risk which an employer may suffer as a result of the dishonesty of an employee?

A. Accident insurance
B. Export credit insurance
C. Fidelity guarantee insurance
D. Fire insurance
E. Life assurance