Neco Commerce 2005 Past Questions and Answers

Question 46:

• NECO 2005

The act of being on one job for expertise is called ____________

A. Division of labour
B. Immobility
C. Independence
D. Separation of power
E. Specialization

Question 47:

• NECO 2005

An agent held responsible for non-payment of goods bought by the customer he introduced to his principal is called ____________ agent

A. Del-credere
B. General
C. Sales
D. Special
E. Universal

Question 48:

• NECO 2005

The rules and regulations guiding the conduct of business transactions are known as ____________ law

A. Civil
B. Commercial
C. Common
D. Contract
E. Criminal

Question 49:

• NECO 2005

The term “caveat emptor” implies that ____________

A. Credit is not allowed
B. Goods are still with the seller
C. Goods have been transferred to the buyer
D. Let the buyer beware
E. Let the seller beware

Question 50:

• NECO 2005

A type of partnership in which all partners have unlimited liability and jointly manage the business is known as ____________ partnership.

A. Limited
B. Nominal
C. Ordinary
D. Special
E. Unlimited