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Commerce 2005 NECO Past Questions

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1
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
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2
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
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3
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
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4
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
View Answer & Discuss (1) NECO 2005
5
Bonded warehouse is controlled and supervised by
  • A. customs
  • B. immigration
  • C. navy
  • D. police
  • E. quarantine
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