Neco Commerce Past Questions and Answers

Question 66:

• NECO 2001

ln partnership business, the maximum number of persons for its formation is ____________

A. Five
B. Fifteen
C. Ten
D. Twenty
E. Twenty five

Question 67:

• NECO 2001

The reward of capital as a factor of production is ____________

A. Dividend
B. Interest
C. Profit
D. Rent
E. Wages

Question 68:

• NECO 2001

____________ is NOT a principle of insurance

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

Question 69:

• NECO 2001

What best explains the principle of subrogation in insurable?

A. Both parties of the insurance contract must deal openly and honestly with each other and disclose all relevant facts
B. The right that a person has to stand in the place of another and enjoy all the rights and remedies of that other person
C. There must be a close connection between the risk insured against and the cause of the loss
D. The insurer who insures the same risk with more than one insurer can only recover to the extent of the loss and nothing more, in the occurrence of the event
E. The insured discloses all the material facts which would affect the premium which the insurer charges

Question 70:

• NECO 2001

What is a statement of account? It is a/an ____________

A. Note to inform the customer of an addition to his business transaction
B. Original letter sent to customer asking them to settle their bills
C. Statement of acceptance of credit facilities to a customer
D. Summary of customer’s transactions for a given period
E. Summation of goods sold to a customer for a particular item