NECO Commerce Past Questions & Answers - Page 5

21.

Foreign trade transactions are carrried out through the use of

A.

commercial papers

B.

bank drafts drawn by commercial banks on their foreign braches

C.

irrevocably confirmed letters of credit

D.

letters of credit authenticated by embassies

Correct answer is C

No explanation has been provided for this answer.

22.

information and communication technology is advantageous to the banking industry because

A.

overhead cost is reduced

B.

the number of customers increases

C.

service delivery is fast

D.

interest rates are raised

Correct answer is C

No explanation has been provided for this answer.

23.

The individuals who conceive the idea of a company and undertake to fulfill the legal requirements for the venture are the

A.

shareholders

B.

promoters

C.

directors

D.

entrepreneur

Correct answer is B

No explanation has been provided for this answer.

24.

The profit received by a member of a cooperative society is

A.

a rebate

B.

an allowance

C.

a dividend

D.

a share

Correct answer is C

No explanation has been provided for this answer.

25.

Free editorial space or time not paid for by an organization is called

A.

sales promotion

B.

publicity

C.

public relations

D.

advertisement

Correct answer is B

No explanation has been provided for this answer.