Neco Commerce 2007 Past Questions and Answers

Question 36:

• NECO 2007

A document that is sent by the seller to the buyer to indicate an increase in the annual owes is ____________

A. Credit note
B. Debit note
C. Invoice
D. Letter of credit
E. Receipt

Question 37:

• NECO 2007

An example of a secured loan is ____________

A. Backdraft
B. Co-operative loan
C. Mortgage
D. Overdraft
E. Trade credit

Question 38:

• NECO 2007

When a cheque has R/D written on it, it means that the cheque

A. Has been dishonoured
B. Has been honoured
C. Has been paid into the drawer's account
D. Has not been signed
E. Is wrongly worded

Question 39:

• NECO 2007

The building of schools and hospitals for communities by some oil companies in Niger Delta of Nigeria is an example of ____________

A. Business diversification
B. Business integration
C. Consumer protection
D. Discharge of social responsibility
E. Indigenization

Question 40:

• NECO 2007

Which of the following is an objective of regional economic grouping?

A. For easy religious interactions
B. For single political governance
C. For stable political governance
D. To encourage free flow of trade among members
E. To harmonize the culture of member countries