Neco Commerce 2003 Past Questions and Answers

Question 36:

• NECO 2003

A form of business unit in which members are given patronage allowance is ____________

A. Co-operative society
B. Joint stock company
C. Public corporation
D. Partnership
E. Sole proprietorship

Question 37:

• NECO 2003

The service of a teacher is in the classification of ____________

A. Commerce
B. Direct service
C. Extractive occupation
D. Indirect services
E. Industrial occupation

Question 38:

• NECO 2003

A public limited company can borrow from the public to increase its capital by ____________

A. Debentures
B. Mortgage
C. Share
D. Stocks
E. Treasury bills

Question 39:

• NECO 2003

Combination of methods used by a firm for marketing its product is known as ____________

A. Marketing concept
B. Marketing mix
C. Market research
D. Market segmentation
E. Market share

Question 40:

• NECO 2003

For a contract to be valid, there must be ____________

A. Drawee and drawer
B. Insured and insurer
C. Lessor and lessee
D. Offer and acceptance
E. Principal and agent