NECO Past Questions
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neco 2013 commerce
Q1. Commercialization is good for the Nigerian economy because it
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neco 2013 commerce
Q2. Obtaining feedback on the quality and performance of competing products of different manufacturers, explains the retailer’s function of
Correct Answer: D
The correct answer is market research or providing market information. Because retailers interact directly with the end consumer, they are in the best position to gather information about product preferences and weaknesses. By passing this feedback back to manufacturers, they help those producers improve product quality and design to better suit market demands. This function serves as a vital link in the distribution chain that bridges the gap between consumers and manufacturers.
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neco 2013 commerce
Q3. The direct contact of a seller with potential buyers with a view to making sales is called
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neco 2013 commerce
Q4. The process of dividing a total market into groups made up of people with similar need refers to marketing
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neco 2013 commerce
Q5. The final link in the chain of distribution is the
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neco 2013 commerce
Q6. Platinum Habib Bank Plc. is an example of __ bank.
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neco 2013 commerce
Q7. Which of the following is NOT a means of payment through the post office?
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neco 2013 commerce
Q8. Branch managers who virtually have no control on goods they sell is a disadvantage of __ store.
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neco 2013 commerce
Q9. Instrument used in place of legal tender but not freely acceptable are called ___ money.
Correct Answer: D
The correct answer is optional money. Optional money refers to financial instruments like cheques, bank drafts, or promissory notes that serve as a medium of exchange but do not have the force of law behind them. Unlike legal tender, which must be accepted by law for the settlement of debts, the receiver of optional money has the right to refuse it. Because it is not universally accepted, its use depends entirely on the mutual trust between the parties involved in the transaction.
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neco 2013 commerce
Q10. The assurance policy in which the assured pays lump sum of money which matures at his retirement is ___assurance.
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neco 2013 commerce
Q11. By making it possible for wholesalers to keep surplus stock until demand improves, the warehouse performs the function of
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neco 2013 commerce
Q12. Calculate the net profit.
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neco 2013 commerce
Q13. Calculate the total liabilities.
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neco 2013 commerce
Q14. Calculate the current assets.
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neco 2013 commerce
Q15. Ensuring free movement of factors of production among member states through the removal of obstacles is one of the objectives of
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neco 2013 commerce
Q16. Which of the following documents contains the name of the company, registration number and signature of the registrar?
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neco 2013 commerce
Q17. The method of shopping on the internet by using the computer to browse the website of the manufacturer is known as
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neco 2013 commerce
Q18. The development of a container and a graphic design for a product is known as
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neco 2013 commerce
Q19. When an agent is appointed verbally or in writing by the principal to act on his behalf, the appointment is said to be by
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neco 2013 commerce
Q20. The features of an entrepreneur consist of the following, EXCEPT
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neco 2013 commerce
Q21. Another name for trade discount is _________ discount,
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neco 2013 commerce
Q22. Those engaged in extraction, manufacturing, and construction occupations are called ___ workers.
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neco 2013 commerce
Q23. Which of these is NOT a source of capital to First Bank of Nigeria Plc?
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neco 2013 commerce
Q24. In trading, profit and loss account, carriage outward is
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neco 2013 commerce
Q25. The pricing policy adopted by firms selling to wealthy people is
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neco 2013 commerce
Q26. Which of the following is NOT a function of courier companies?
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neco 2013 commerce
Q27. “MTN, Your Best Connection” is an example of ___ advertisement.
Correct Answer: A
This is an example of competitive or persuasive advertisement. The slogan aims to convince consumers that the service provider is superior to its rivals in the telecommunications market. By claiming to be the best connection, the brand intends to influence the buying decision of customers by highlighting a perceived advantage over other networks.
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neco 2013 commerce
Q28. The assertion ‘consumers are always right’ refers to marketing
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neco 2013 commerce
Q29. Which of the following is charged by the NIPOST on postal order?
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neco 2013 commerce
Q30. The following are characteristics of debenture holders, EXCEPT
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neco 2013 commerce
Q31. The money paid to savings account holders by banks after a period of transaction is called
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neco 2013 commerce
Q32. Double coincidence of wants is a disadvantage of
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neco 2013 commerce
Q33. Price quotation which excludes all delivery charges is called
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neco 2013 commerce
Q34. Which of the following does NOT appear on a cheque on presentation for payment?
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neco 2013 commerce
Q35. The aspect of production which provides goods and services for immediate consumption is called ___ production.
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neco 2013 commerce
Q36. The actual gain made by a business after all expenses has been deducted is called
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neco 2013 commerce
Q37. The following documents are used between buyers and sellers, EXCEPT
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neco 2013 commerce
Q38. The total assets of a business less current liabilities refers to _____ capital.
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neco 2013 commerce
Q39. The following are merits of industrial integration, EXCEPT
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neco 2013 commerce
Q40. The use of middlemen by manufacturers become necessary where the goods
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neco 2013 commerce
Q41. The oldest form of business enterprise in Nigeria is
Correct Answer: D
The oldest form of business enterprise in Nigeria is the sole proprietorship, also known as the sole trade. It is considered the oldest because it requires minimal capital, has no complex legal registration requirements, and has existed in traditional Nigerian society long before modern corporate structures were introduced. Because it is owned and managed by a single individual, it remains the simplest and most common form of business organization across the country.
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neco 2013 commerce
Q42. Social responsibilities of a business to the consumers include the following, EXCEPT
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neco 2013 commerce
Q43. Products that have stayed long on themselves in a shop can be sold easily through
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neco 2013 commerce
Q44. The durable capital of an enterprise which is used continuously for further production is called ___ capital.
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neco 2013 commerce
Q45. A manufacturer is said to have performed all the necessary marketing functions in the distribution channel when the goods move from
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neco 2013 commerce
Q46. Which of the following is NOT a reason for government’s ownership of Nigerian Ports Authority (NPA)?
Correct Answer: D
The primary reason for government ownership of public corporations like the Nigerian Ports Authority is to provide essential services, protect national security, and prevent the exploitation of citizens by private monopolies. Unlike private enterprises, these public corporations are not established with the primary motive of maximizing profit. Therefore, any option suggesting profit maximization or generating high revenue as the main driver is not a reason for government ownership of the Nigerian Ports Authority.
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neco 2013 commerce
Q47. The first step for a businessman who wishes to engage in international trade is to
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neco 2013 commerce
Q48. A law made by a country to prohibit importation of certain goods into the country is called _____ laws.
Correct Answer: C
A law made by a country to completely ban or restrict the importation of certain goods is called an import prohibition or embargo law. Governments use these laws to protect local infant industries from foreign competition, preserve foreign exchange reserves, and prevent harmful goods from entering the country. Unlike tariffs which tax imports, or quotas which limit their quantity, prohibition laws make the importation of those specific goods entirely illegal. Therefore, the correct term to fill the blank is prohibition or embargo.
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neco 2013 commerce
Q49. Which of the following towns was NOT an initial commercial centre in Nigeria?
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neco 2013 commerce
Q50. Management function which arranges people, time, money and equipment, to achieve the objectives of an organization is referred to as
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neco 2013 commerce
Q51. Bridging the gap between producers and consumers is the sole purpose of
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neco 2013 commerce
Q52. Which of the following is NOT a characteristic of labour? It is
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neco 2013 commerce
Q53. One of the problems associated with home trade is the
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neco 2013 commerce
Q54. An instruction from a current account holder requesting to pay a named person or organization a. specified amount is called
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neco 2013 commerce
Q55. Which of the following is NOT a commercial occupation?
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neco 2013 commerce
Q56. In the marketing mix, place refers to
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neco 2013 commerce
Q57. Which of the following is NOT an attribute of an effective business manager?
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neco 2013 commerce
Q58. The ability of money to be divided into smaller units for easy exchange of goods and services explains
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neco 2013 commerce
Q59. Which of the following is NOT a role of trade association?
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neco 2013 commerce
Q60. The transfer of enterprises from private to state ownership for economic or social reasons is referred to as
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