Neco Commerce 2004 Past Questions and Answers

Question 31:

• NECO 2004

In limited liability company, the liability of a member at the time of liquidation is limited to the amount of shares.

A. Allotted
B. Called up
C. Paid for
D. Uncalled up
E. Unpaid for

Question 32:

• NECO 2004

The full amount of capital which a company is authorized to raise is stated in the _____________

A. Articles of association
B. Certificate of incorporation
C. Certificate of trading
D. Memorandum of association
E. Share certificate

Question 33:

• NECO 2004

In a private limited liability company shares can be transferred

A. At the end of a financial year
B. By applying to the registrar of companies
C. Without consulting other shareholders
D. With the consent to other shareholders
E. With the consent of the managing director

Question 34:

• NECO 2004

A voluntary body formed by members of a particular branch of trade or industry to represent interest of members is known as _____________

A. Chambers of commerce
B. Cooperative society
C. Trade association
D. Trade commissions
E. Trade union

Question 35:

• NECO 2004

The services offered by the following people could be grouped under direct services. EXCEPT

A. Doctors
B. Entertainers
C. Lawyers
D. Policemen
E. Teachers