Neco Commerce Past Questions and Answers

Question 81:

• NECO 2001

In which service will a sole trader NOT be found?

A. Business consultant
B. Electrician
C. Decorator
D. National Electric Power Authority
E. Surveyor

Question 82:

• NECO 2001

What is NOT a function of the chambers of commerce? They

A. Arbitrate and settle disputes among members
B. Collect and pass important information to all members and the general public
C. Consult and co-operate with government on matters of trade and industry
D. Make members aware of government policies concerning customs and regulations
E. Serve as media for the expression of the opinions of employers on matters relating to employment

Question 83:

• NECO 2001

A voluntary body formed by members of a particular branch of trade or industry to represent the interests of members is known as ____________

A. Co-operative society
B. Industrial association
C. Manufacturers’ association
D. Trade and industry practitioners
E. Trade association

Question 84:

• NECO 2001

What is NOT a suitable reason for the growth in large retail business?

A. Distribution of wealth through expansion of retail outlets because there is great profit
B. Improved transportation system which makes people able to move about easily to buy goods
C. Low cost per unit of goods resulting from economics of large scale
D. People’s willingness to migrate from rural areas to towns for white collar jobs
E. Rise in standards of living of people resulting from improved wages/salaries

Question 85:

• NECO 2001

Under what form of life insurance policy is premium paid over an agreed number of years and the sum assured is paid either at the end of that specified time or when the policy holder dies, whichever comes first?

A. Annuity
B. Deterred annuity
C. Endowment
D. Term
E. Whole life