NECO Past Questions and Answers - Page 29

141.

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

Correct answer is B

No explanation has been provided for this answer.

142.

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

Correct answer is B

No explanation has been provided for this answer.

143.

The organisation of petroleum exporting countries (OPEC) is an example of a/n......

A.

amalgamation

B.

cartel

C.

consortium

D.

holding company

E.

merger

Correct answer is B

No explanation has been provided for this answer.

144.

The major divisions of commerce are

A.

buying and selling

B.

export and import

C.

foreign and home

D.

trade and aids to trade

E.

wholesale and retail

Correct answer is D

No explanation has been provided for this answer.

145.

Which of the following is NOT part of the documents to be submitted for the registration of companies?

A.

A statement of nominal capital

B.

A statutory declaration signed by a solicitor

C.

Articles of Association

D.

Memorandum of Association

E.

The balance sheet of the company

Correct answer is E

No explanation has been provided for this answer.