Neco Commerce 2005 Past Questions and Answers

Question 31:

• NECO 2005

A public limited company is regarded as a legal entity because ____________

A. It can sue and be sued
B. It cannot be liquidated
C. It has a memorandum of association
D. The death of the largest shareholder cannot bring it to an end
E. The government grants it licence

Question 32:

• NECO 2005

Who among the following engages in extractive activities?

A. Flour miller
B. Fisherman
C. Porter
D. Singer
E. Surgeon

Question 33:

• NECO 2005

The association that encourages savings for the benefit of its members is known as ____________

A. Consumer co-operative society
B. Credit and thrift co-operative society
C. Consumer association
D. Producer co-operative society
E. Producer association

Question 34:

• NECO 2005

The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is ____________

A. Contribution
B. Indemnity
C. Insurable interest
D. Subrogation
E. Utmost good faith

Question 35:

• NECO 2005

Use the information below to answer this question.

Aisha sold her wristwatch to Halima for N2,000.00 and she paid

The sum of N2,000.00 is the ____________

A. Consideration
B. Entitlement
C. Fees
D. Money
E. Offer