Commerce Past Questions and Answers

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

Question 277:

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

Question 278:

Use the information below to answer this question.

Aisha sold her wristwatch to Halima for N2,000.00 and she paid

The sum of N2,000.00 is the ____________

A Consideration
B Entitlement
C Fees
D Money
E Offer

Question 279:

Tariff can be defined as a compulsory levy on ____________

A Foreign exchange earnings
B Foreigners working in Nigeria
C Imported goods only
D Import and export
E Substitutes and inferior goods

Question 280:

Bonded warehouse is controlled and supervised by ____________

A Customs
B Immigration
C Navy
D Police
E Quarantine