Neco Commerce Past Questions and Answers

Question 276:

• NECO 2005

The association that encourages savings for the benefit of its members is known as ____________

A. Consumer co-operative society
B. Credit and thrift co-operative society
C. Consumer association
D. Producer co-operative society
E. Producer association

Question 277:

• NECO 2005

The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is ____________

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

Question 278:

• NECO 2005

Use the information below to answer this question.

Aisha sold her wristwatch to Halima for N2,000.00 and she paid

The sum of N2,000.00 is the ____________

A. Consideration
B. Entitlement
C. Fees
D. Money
E. Offer

Question 279:

• NECO 2005

Tariff can be defined as a compulsory levy on ____________

A. Foreign exchange earnings
B. Foreigners working in Nigeria
C. Imported goods only
D. Import and export
E. Substitutes and inferior goods

Question 280:

• NECO 2005

Bonded warehouse is controlled and supervised by ____________

A. Customs
B. Immigration
C. Navy
D. Police
E. Quarantine