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Friday, 24 April 2026
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Commerce Past Questions and Answers

Neco Commerce Questions

Question 226:
Trade may be defined as _____________
  • A Buying and selling of goods
  • B Buying and selling of goods and services
  • C Distribution goods
  • D Production of goods
  • E Selling of goods and services
View Answer & Explanation
Question 227:
In limited liability company, the liability of a member at the time of liquidation is limited to the amount of shares.
  • A Allotted
  • B Called up
  • C Paid for
  • D Uncalled up
  • E Unpaid for
View Answer & Explanation
Question 228:
The full amount of capital which a company is authorized to raise is stated in the _____________
  • A Articles of association
  • B Certificate of incorporation
  • C Certificate of trading
  • D Memorandum of association
  • E Share certificate
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Question 229:
In a private limited liability company shares can be transferred
  • A At the end of a financial year
  • B By applying to the registrar of companies
  • C Without consulting other shareholders
  • D With the consent to other shareholders
  • E With the consent of the managing director
View Answer & Explanation
Question 230:
A voluntary body formed by members of a particular branch of trade or industry to represent interest of members is known as _____________
  • A Chambers of commerce
  • B Cooperative society
  • C Trade association
  • D Trade commissions
  • E Trade union
View Answer & Explanation