Neco Commerce Past Questions and Answers

Question 226:

• NECO 2004

Trade may be defined as _____________

A. Buying and selling of goods
B. Buying and selling of goods and services
C. Distribution goods
D. Production of goods
E. Selling of goods and services

Question 227:

• NECO 2004

In limited liability company, the liability of a member at the time of liquidation is limited to the amount of shares.

A. Allotted
B. Called up
C. Paid for
D. Uncalled up
E. Unpaid for

Question 228:

• NECO 2004

The full amount of capital which a company is authorized to raise is stated in the _____________

A. Articles of association
B. Certificate of incorporation
C. Certificate of trading
D. Memorandum of association
E. Share certificate

Question 229:

• NECO 2004

In a private limited liability company shares can be transferred

A. At the end of a financial year
B. By applying to the registrar of companies
C. Without consulting other shareholders
D. With the consent to other shareholders
E. With the consent of the managing director

Question 230:

• NECO 2004

A voluntary body formed by members of a particular branch of trade or industry to represent interest of members is known as _____________

A. Chambers of commerce
B. Cooperative society
C. Trade association
D. Trade commissions
E. Trade union