Neco Commerce Past Questions and Answers

Question 6:

• NECO 2000

A tax paid on goods manufactured and consumed in your country is called ____________

A. Consumer tax
B. Custom duty
C. Excise duty
D. Goods tax
E. Income tax

Question 7:

• NECO 2000

The breaking down of work into different processes is known as ____________

A. Division of labour
B. Exchange
C. Production
D. Specialization
E. Working party

Question 8:

• NECO 2000

The main objective of nationalization of industries is to ____________

A. Bring an Industry under state ownership and control
B. Make more profit for the government
C. Prevent all aliens from taking part in the business activities of a country
D. Prevent existing firms from liquidation
E. Provide sources for additional capital for government

Question 9:

• NECO 2000

The rights of the consumers does NOT include ____________

A. The right to be informed
B. The right to choose
C. The right to fix prices
D. The right to a healthy environment
E. The right to safety

Question 10:

• NECO 2000

Which of the following does a seller send in reply to a letter of inquiry?

A. Advice note
B. Credit note
C. Debit note
D. Delivery note
E. Quotation