Neco Commerce 2004 Past Questions and Answers

Question 41:

• NECO 2004

Which of the following is NOT a function of the central bank?

A. Banker's bank
B. Government's bank
C. Lender of last resort
D. Printing of currency
E. Servicing of National debt

Question 42:

• NECO 2004

A credit note is used to _____________

A. Inform the buyer that he can buy more goods on credit
B. Inform the buyer that his account has been credited
C. Inform the customer about his state of solvency
D. Tell the customer that his account is in red
E. Warn the customer that his debt is over due

Question 43:

• NECO 2004

Which of the following is NOT an importance of warehousing?

A. Ensures that unexpected fluctuation in consumer’s needs are met through reserves
B. Gives a feeling of security to the traders
C. Protects goods against pilfering
D. Provides for economy of scale by maintaining steady rate of production
E. Provides protection and security for goods or products from going bad

Question 44:

• NECO 2004

The concept that the satisfaction of the consumer's wants is to be emphasized at all stages of production and distribution is known as consumer _____________

A. Autonomy
B. . independence
C. Preferential
D. Production
E. Sovereignty

Question 45:

• NECO 2004

Under utmost good faith as an insurance principle, a person must _____________

A. Believe in the sincerity of the insurance company
B. Communicate with the insurance company
C. Disclose all material facts to the insurance company
D. Have utmost personality
E. Pay outstanding premium