Neco Commerce 2009 Past Questions and Answers

Question 6:

• NECO 2009

The profit received by a member of a cooperative society is ____________

A. A rebate
B. An allowance
C. A dividend
D. A share

Question 7:

• NECO 2009

The individuals who conceive the idea of a company and undertake to fulfill the legal requirements for the venture are the ____________

A. Shareholders
B. Promoters
C. Directors
D. Entrepreneur

Question 8:

• NECO 2009

information and communication technology is advantageous to the banking industry because ____________

A. Overhead cost is reduced
B. The number of customers increases
C. Service delivery is fast
D. Interest rates are raised

Question 9:

• NECO 2009

Foreign trade transactions are carrried out through the use of ____________

A. Commercial papers
B. Bank drafts drawn by commercial banks on their foreign braches
C. Irrevocably confirmed letters of credit
D. Letters of credit authenticated by embassies

Question 10:

• NECO 2009

A country’s balance of payments is divided into ____________

A. Current and capital accounts
B. Current and foreign accounts
C. Creditor`s and debtor’s accounts
D. Export and import accounts