Neco Commerce 2003 Past Questions and Answers

Question 46:

• NECO 2003

Which of the laws of consumers protection fixes the rate of interest that may be charged on loans?

A. Food and Drug Act
B. Hire Purchase Laws
C. Price Control Decree
D. Sale of Goods Act
E. Usury Laws

Question 47:

• NECO 2003

Which of the following risks would an insurance company not prepared to cover?

A. Change in fashion
B. Death resulting from HIV
C. Loss of cash in transit
D. Numerous employees
E. Theft of property

Question 48:

• NECO 2003

Re-exporting imported goods to another country is known as ____________ trade.

A. Barter
B. Counter
C. Entreport
D. Invisible
E. Visible

Question 49:

• NECO 2003

The reward of an agent working for a principal is a ____________

A. Bonus
B. Commission
C. Dividend
D. Interest
E. Profit

Question 50:

• NECO 2003

A cheque is not a legal tender because it is ____________

A. Not mandatory to a creditor to accept it
B. Not negotiable
C. Transferable
D. Only a representation of money
E. Should be paid into a bank account