3 standard actions or one??
One of the biggest issues for balance is the stacking issue what stacks and what doesn't. The general rule is that like bonuses OR PENALTIES do not stack except for certain ones mentioned in the DM guide.
If the command word for all enchantments is the same then by definition they are the same TIME PENALTY. Therefore the actions simply overlap one another and you take the greatest penalty. Since all penalties are one standard action the total penalty is one standard action.
If however the words are different then they would require a new speech, which would require a new standard action. Thus if Bait is the word for two abilities and say Hook is the word for the third it would require two standard actions to activate ALL abilities.
This can be explained logically as well. Lets say that Wizard Zorander (copyright terry goodkind) places the flaming ability on a sword. He decides that the word to activate it should be his grandson so its Richard. Anyone who picks up the sword and says richard makes the sword burst into flame regardless of whether they know of the nature of the sword. Next, The Wizard/Prophet Rahl places the shocking ability on the Sword. he chooses his decendant's name from one thousand years in the future and it is Richard. Again by definition whenever anyone holding the sword says richard it should become electrically charged.
Now if anyone can turn on either of these magic abilities when they pick the sword up, then that means they don't have to be concentrating on any particular element for it to surface. So if Kahlan Amnell picks up the sword she doesn't have to be thinking of fire or indeed anything whenever she says richard. Since Richard is the name of her husband then that means that she is probably just saying the name, and if she happens to have the sword in her hand well it will "come to life"
Next, Since it is not the persons concentration, but rather the conscious speaking of the word Richard that brings both abilities to life, then it is the words and not the intentions of the person. so regardless of whether the person wants one or the other, or neither attribute to come on when they say the key word, it wont matter. Both attributes will be activated.