Neco Commerce 2007 Past Questions and Answers

Question 11:

• NECO 2007

Use the following information to answer question

Kolawole’s Opening Stock was N10, 000. His purchases was N280,000 Goods returned outward was N3,000, and the Closing Stock was N8,000
The rate of stock turnover is?

A. 2.0 times
B. 30.0 times
C. 31.0 times
D. 31.3 times
E. 32.2 times

Question 12:

• NECO 2007

The most suitable mode of transporting very bulky goods from Lagos to Kaduna is the ____________

A. Aero plane
B. Caravan
C. Lorry
D. Ship
E. Train

Question 13:

• NECO 2007

Adeleke places his vehicle for sale at N150,000,00 Ibrahim had agreed to pay the amount. In this Trans: Adeleke is the ____________

A. Agent
B. Auctioneer
C. Broker
D. Offeree
E. Offeror

Question 14:

• NECO 2007

The following are methods of quoting prices EXCEPT

A. A.C.I.F
B. F.A.S
C. F.O.B
D. L.O.C.O
E. E.O.E

Question 15:

• NECO 2007

The amount receivable by shareholders after the declaration of profit is called ____________

A. Bonus
B. Commission
C. Dividend
D. Interest
E. Premium