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Commerce 2002 NECO Past Questions

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26
Which insurance principle indicates that only the person who might suffer financial loss will be allowed to take out insurance?
  • A. indemnity
  • B. insurable interest
  • C. pooling of risks
  • D. subrogation
  • E. uberrimae tides
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27
The document usually sent to each customer by the bank periodically showing the balance outstanding in an account is known as
  • A. balance sheet
  • B. petty cash voucher
  • C. receipt
  • D. statement of account
  • E. voucher
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28
An already existing line of product is advertised in order to
  • A. build brand recognition
  • B. develop customers’ awareness
  • C. entertain customers
  • D. introduce a price deal
  • E. retain old customers
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29
Goods that are not useful by themselves, but help in the production of other desired goods are called ....... goods.
  • A. capital
  • B. convenience
  • C. giffen
  • D. industrial
  • E. specialty
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30
What is a voluntary association of business executives, tradesmen, or entrepreneurs?
  • A. Chamber of Commerce
  • B. Economic Community of West African States
  • C. Lake-Chad Basin Commission
  • D. Niger Basin Commission
  • E. Trade Union
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