Neco Commerce Past Questions and Answers

Question 61:

• NECO 2001

The term ‘caveat emptor’ means ‘let the ____________

A. Account be settled’
B. Buyer beware’
C. Debtor be careful’
D. Manufacturer beware'
E. Seller beware'

Question 62:

• NECO 2001

What is NOT a lecture of a co-operative society?

A. Banks easily lend money to them
B. It is a corporate body with a right to sue and be sued
C. Members have to buy shares to form the initial capital
D. Members have equal opportunity in the control of the society
E. There is no liability after shareholding is fully paid

Question 63:

• NECO 2001

lf the price of a good falls and the demand for that good also fall, then that good is ____________

A. A normal good
B. An inferior good
C. A supper good
D. An expensive good
E. None

Question 64:

• NECO 2001

What is NOT a supplementary service of banks?

A. Agents for payment
B. Custody of valuables
C. Dealing in foreign exchange
D. Investments
E. Referees

Question 65:

• NECO 2001

What is NOT an instrument of credit?

A. Bills of exchange
B. Cheque
C. Money order
D. Postal order
E. Source document