NECO 2001 : Commerce

1The bringing of ownership and management of a former private industry under the control of the government is called

  • A. corporation
  • B. industrialization
  • C. nationalization
  • D. participation
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2The feature of a supermarket is

  • A. having central control from head-office
  • B. sales common household goods
  • C. sales of goods without owning shops
  • D. similarity in shops’ frontages
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3The Articles of Association of a company do NOT contain

  • A. a method of dealing with any alterations in the amount of capital
  • B. a method of sharing profits and the payment of dividends
  • C. a procedure for calling general meeting/method of voting
  • D. the amount of the authorized capital, showing its division into shares
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4The word ‘Commerce’ means

  • A. buying and selling of goods and services
  • B. exchange and distribution of goods and services
  • C. life-blood of every nation
  • D. production of utilities
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5What is NOT the function of an entrepreneur

  • A. bearing risks
  • B. deciding on tax to pay
  • C. deciding what to produce
  • D. organizing other factors
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