Neco Commerce Past Questions and Answers

Question 291:

• NECO 2005

The rules and regulations guiding the conduct of business transactions are known as ____________ law

A. Civil
B. Commercial
C. Common
D. Contract
E. Criminal

Question 292:

• NECO 2005

The term “caveat emptor” implies that ____________

A. Credit is not allowed
B. Goods are still with the seller
C. Goods have been transferred to the buyer
D. Let the buyer beware
E. Let the seller beware

Question 293:

• NECO 2005

A type of partnership in which all partners have unlimited liability and jointly manage the business is known as ____________ partnership.

A. Limited
B. Nominal
C. Ordinary
D. Special
E. Unlimited

Question 294:

• NECO 2007

The reply to a letter of inquiry is a/an ____________

A. Advice note
B. Estimate
C. Order
D. Quotation
E. Statement

Question 295:

• NECO 2007

Which of the following is NOT true of a cheque as a means of payment? It ____________

A. Can be made out of a definite payee
B. Is generally acceptable
C. Is safer than carrying cash
D. Is transferable
E. Serves as a proof of payment