Questions & Answers for NECO Commerce 2023. I will provide you with free NECO Commerce objective and theory questions. You will also learn how NECO Commerce questions are created, as well as many other test specifics.
NECO Commerce solutions and questions The objectives and essay will be offered here, and the validity of this NECO 2023 Commerce solutions to questions has been tested and validated for your peace of mind.
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NECO Commerce Essay And Objective Questions and Answers 2023 (EXPO)
The 2023 NECO Commerce Answers will be posted here during the examination. Keep checking and reloading this page for the answers.
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Note: The answers below are for the 2022 NECO exam.
A crossed cheque is one that has two parallel transverse lines drawn across its face with or without the word “Co and Ltd” Not negotiable. WHILE Stale cheque is a cheque which has been in circulation for an unreasonably long time, hence the date of presentation for payment has expired .
(Pick Any Four)
(i) Bank drafts
(ii) Bank certified cheque
(iii)Automated teller Machine(ATM)
(Pick Any Four)
(i) Bank drafts: This is a cheque which a bank official draws on the banks deposits in another bank. The bank draft is sold on commission to members of the public not minding whether such a person has a current account with the bank or not. It is a safe means of transferring money(huge amount) From one person to another.
(ii) Bank certified cheque: A cheque on which the bank had written its guarantee that the cheque will be paid . yo ensure that the amount written on the cheque is paid , the bank immediately draws out the amount from the depositor’s account.
(iii)Automated teller Machine(ATM): This us computerised machine that enables or permit back customers to gain access to their accounts with a magnetically encoded plastic card and a code number. It enables the customer to transact business anytime and perform several banking operations without the help of a teller.
(iv)money gram: Money gram International Inc. Is a money transfer company based in the United State of America.Money gram businesses are divided into two categories (a) Global fund transfer (b)financial paper products. The company services individuals and businesses through a network of agents and financial institutions who aided customers either in sending or receiving fund throughout the world.
(v)Western union: The Western Union money transfer is a financial eservices and communication company based in the united state of America. Western union is best known in the business of exchanging telegram . it also specialises in transferring certain amount of money usually in dollars from one country to another through the help of commercial bank
Cartel: A cartel is a collaboration between two or more companies or producers of the same commodity to regulate the production and sale of the product with a view to obtain dominance in the market . An example of cartel is the Organization of Petroleum Exporting Countries (OPEC).
consortium: A consortium is an alliance of companies, individuals, or other entities that got together to achieve a specific objective. An example of consortium is several banks banding together.
Trust: A trust is a structure where a trustee carries out the business on behalf of the trust’s members (or beneficiaries). A trust is not a separate legal entity. A trustee may be an individual or a company. The trustee is legally liable for the debts of the trust and may use its assets to meet those debts.
(i) Value creation: Two companies may undertake a merger to increase the wealth of their shareholders. Generally, the consolidation of two businesses results in synergies that increase the value of a newly created business entity. Essentially, synergy means that the value of a merged company exceeds the sum of the values of two individual companies
(ii) Diversification: Mergers are frequently undertaken for diversification reasons. For example, a company may use a merger to diversify its business operations by entering into new markets or offering new products or services. Additionally, it is common that the managers of a company may arrange a merger deal to diversify risks relating to the company’s operations.
(iii) Increase in financial capacity: Every company faces a maximum financial capacity to finance its operations through either debt or equity markets. Lacking adequate financial capacity, a company may merge with another. As a result, a consolidated entity will secure a higher financial capacity that can be employed in further business development processes.
(iv) Tax purposes: If a company generates significant taxable income, it can merge with a company with substantial carry forward tax losses. After the merger, the total tax liability of the consolidated company will be much lower than the tax liability of the independent company.
[Pick any THREE]
(i) Buying and selling
(v) Risk bearing
[Pick any THREE]
(i) Buying and selling: This includes purchases of raw materials and goods from source and transfer of ownership of such goods to the consumer at the right quality and price.
(ii) Pricing: Marketing helps in fixing prices of goods at a reasonable level to give profit to the company.
(iii) Transporting: Goods produced must be moved to the final consumers. Middlemen and producers must choose the most suitable means of moving their goods to the point where they are required.
(iv) Financing: Marketing finances the operations of the manufacturer through deposits and prepayments made by customers.
(v) Risk bearing: Anticipating business risk and taking appropriate measures to reduce their impacts through insurance cover.
(vi) Warehousing: This makes it possible for goods to be produced ahead of demand when needed.
(vii) Promotion: It involves activities such as advertising, sales promotion, personal selling and public relations that aim at attracting buyers’ attention.
Form utility: This is the value a consumer sees in a finished product. It is process that increases the value of a product to the consumer by making changes and altering its physical appearance. The method involves taking a product and making it ready to meet the needs of the end consumer for consumption. This is because it is more useful to serve the finished product than selling raw materials.
Possession utility: This is the value consumers put on purchasing a product and having the freedom to use the product as it was intended or finding a new use for the product. For example, many people use flower pots for planting, but these pots have other uses such as storage for small objects found around the house or as a centerpiece for the dining room table.
Entrepot is an intermediary storage facility where goods are kept temporarily for distribution within a country or for re-export.
(i) To protect infant industries: Countries impose restrictions on internation trade to encourage growth of domestic industries. It is necessary to protect infant industries inorder that the economy can become self-reliant and to encourage consumption of locally produced goods
(ii) To generate revenue for the countries: By imposing import tariffs, the government obtains a source of income other than individuals taxes or business taxes.
(iii) For employment generation: Import restrictions helps to create local jobs for citizens. When importation is limited, more domestic industries are created, thereby increasing employment or job creation locally.
(iv) To improve the balance of payments deficit: Imposing tariffs on imports helps to correct balance of payment, When tariffs are imposed, the prices of imports would increase to the extent of tariff. The increased prices will reduced the demand for imported goods and at the same time induce domestic producers to produce more of import substitutes. Non-essential imports can be drastically reduced by imposing a very high rate of tariff.
Breach of contract: This is a violation of any of the agreed-upon terms and conditions of a binding contract. The breach could be anything from a late payment to a more serious violation such as the failure to deliver a promised asset.
Contract: This is an agreement between two or more parties to perform a service, provide a product or commit to an act and is enforceable by law.
Contract under seal: This is a formal contract that does not require any consideration and has the seal of the signer attached. A contract under seal must be in writing or printed on paper. It is conclusive between the parties when signed, sealed, and delivered.
A void contract: This is a formal agreement that is effectively illegitimate and unenforceable from the moment it is created. A contract may be deemed void if it is not enforceable as it was originally written.
Termination of contract: This means legally ending the contract before both parties have fulfilled their obligations under the terms of the contract.
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The questions below are not exactly 2023 NECO Commerce questions and answers but likely NECO Commerce repeated questions and answers.
These questions are strictly for practice. The 2023 NECO Commerce expo will be posted on this page on the day of the NECO Commerce examination. Keep checking and reloading this page for the answers.
NECO Commerce Practice Questions and Answers
1. Income distribution, nature of natural resources, investment etc. forms part of —–business environment.
2. The fee for sending a telegram depends on the
A. number of lines contained by the message
B. number of words contained in the message
C. the security of the message
D. time it would take the message to reach its destination
E. urgency of the message
3. The combination of product, price,
A. consumer orientation
B. marketing concept
C. marketing mix
D. marker research
E. product mix
4. Use the following information to answer question
Kolawole’s Opening Stock was N10, 000. His purchases was N280,000 Goods returned outward was N3,000, and the Closing Stock was N8,000
Kolawole’s average stock is?
B. N10, 000.00
5. When the supplier changes a retailer for not returning empty packages, the supplier sends him a/an
A. advice note
B. consignment note
C. credit note
D. debit note
6. Which of the following is NOT a function of Commerce?
A. Assisting Companies in raise capital
B. Assisting in transporting men and materials to production points
C. Extracting goods for further production and processing
D. Storing goods until they are needed
E. Offering employment opportunities to a large number of people
7. In which order are the following documents used?
II. Delivery note
A. I, II, III, IV and V
B. I, V, III, IV and II
C. II, I, IV, III and V
D. III, II, V, I and IV
E. V, IV, I, III and II
8. The price of an item is N 300 with a trade discount of 20%, What is the selling price?
E. no option
9. A hire purchase transaction becomes a sale when the hirer
A. pays full cost of the goods
B. agrees with the hire purchase terms
C. takes possession of the goods
D. pays part of the instalments
10. An electronic system of communication which serves as the international information bank is called
A. an e-mail
B. a satellite
C. a telex
D. the Internet
11. Shares, stocks, government bonds trade in the stock exchange marks: are known as
B. gut-edged stocks
E. treasure bills
12. The practice of selling some goods below market price to attract more customers is known as
B. loss leader
C. market sharing
13. Shares that are fully paid can be converted into bulks known as
B. capital reserves
D. guilt-edged securities
14. Telecommunication services are provided by
A. Bureau De Change
B. Courier Services
C. Date Post
15. Use the following information to answer question
Kolawole’s Opening Stock was N10,000. His purchases was N280,000 Goods returned outward was N3,000, and the Closing Stock was N8,000
Cost of goods sold is
16. The process of passing information from one person to another in an organization is known as
17. A financial document stating the reasons for making a payment and details of the payment is
A. bank draft
B. cash book
18. Another name for a foreign order is
19. Public debt management is one of the functions of a ______________ bank
20. Which of the following regards the consumer as king?
A. consumer behavior
B. marketing concept
C. market mix
D. pricing policy
E. product mix
21. The most suitable mode of transporting very bulky goods from Lagos to Kaduna is the
22. Adeleke places his vehicle for sale at N150,000,00 Ibrahim had agreed to pay the amount. In this Trans: Adeleke is the
23. The following are methods of quoting prices EXCEPT
24. The amount receivable by shareholders after the declaration of profit is called
25. Which of the following is an invisible item of trade?
A. Banking Service
B. Petroleum Product
C. Processed Rice
D. Processed Milk
E. Processed Yam Flour.
NECO Commerce Questions and Answers 2023 Loading…
The aforementioned questions are likely NECO Commerce repeated questions and answers rather than the 2023 Further Mathematics questions and answers.
These are practise questions. On the day of the NECO Commerce examination, the 2023 NECO Commerce questions and answers will be available on this page. Continue to check and refresh/reload this page for latest answers.
How to Pass NECO Further Mathematics Exam
The National Examination Council (NECO) is in charge of the Senior Secondary School Certificate Examination.
The Certificate provided here is a vital certification that honours or verifies the completion of your Secondary School Education.
It is a major document that qualifies you for any postsecondary institution and is also a major element influencing admission today.
As a result, every student studying for the NECO 2023 examination is prepared for something wonderful.
It is critical to use caution when taking this examination in order to avoid receiving poor grades. The following are the key answers for NECO Commerce 2023.
1. Be Determined to Pass
The NECO 2023 Commerce is mostly for individuals who are determined to pass it with a high mark.
Any applicant who has not made up his or her mind to get an outstanding grade in the upcoming NECO 2023 commerce is not prepared to pass.
Your mind should be prepared for the task ahead; do not follow lazy buddies who believe in a miracle on exam day; instead, stay positive and study your books.
2. Be self-assured.
Another aspect influencing a candidate’s performance is self-confidence. Promise to accomplish everything by yourself, and everything will be extremely simple for you.
Because of a lack of confidence, many pupils cancel the correct answers just to replicate the incorrect ones. Study and pray diligently, and you will be the miracle of the day.
3. Begin studying as soon as possible
As a student, studying is critical. As far as studies are concerned, NECO is a relatively basic exam to cope with. Studying is one thing; studying on time is quite another.
Do not wait until the NECO 2023 commerce exam is so close to start studying for it. Late preparation will not benefit you. When you begin studying early, you will have more time to revise before the tests.
2. Use the NECO 2023 Syllabus
Using the NECO 2023 syllabus is critical since it will instruct you on significant areas to cover. Studying without a syllabus forces you to focus on irrelevant topics that will not be covered in the tests.
Also, the majority of the commerce concepts you haven’t covered in class are covered in the NECO syllabus.
3. Pray to God, Your Creator.
Many people believe that they can accomplish it all without God. The Almighty God is your creator; seek His help, and He will never fail to support you. Your faith in God decides your success. Call on God for help.
4. Comply with the exam instructions.
Any student who is not prepared to follow the examination procedures will fail. The majority of NECO candidates whose results are being held are those who were not prepared to follow the Exam requirements.
5. Make the Most of Your Time.
It is common knowledge that NECO Commerce requires a significant amount of time; therefore, use the limited time allotted to you wisely. Consider the quantity of questions you must answer and the time allotted so that you may use your time properly.
6. Arrive on time to the examination site.
During the tests, punctuality is critical. Arrive early at the exam site to allow your brain to adjust to the work at hand. Rushing to the exam hall can make you unsteady for the exam and will expose you to many blunders.
Take your time going over the exam question paper before you begin answering. NECO Commerce Questions and Answers
If you have any queries about the 2023 NECO Commerce questions and answers, please leave them in the comments section.