NECO Commerce Past Questions & Answers - Page 26

126.

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

Correct answer is D

No explanation has been provided for this answer.

127.

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

A.

civil

B.

commercial

C.

common

D.

contract

E.

criminal

Correct answer is B

No explanation has been provided for this answer.

128.

An agent held responsible for non-payment of goods bought by the customer he introduced to his principal is called …… agent

A.

del-credere

B.

general

C.

sales

D.

special

E.

universal

Correct answer is A

No explanation has been provided for this answer.

129.

The act of being on one job for expertise is called

A.

division of labour

B.

immobility

C.

independence

D.

separation of power

E.

specialization

Correct answer is E

No explanation has been provided for this answer.

130.

The functions of public corporations include the following EXCEPT

A.

maximizing profits for the board members

B.

providing employment opportunities

C.

providing essential services to the public

D.

providing even development

E.

providing the public with social amenities at reduced cost.

Correct answer is A

No explanation has been provided for this answer.