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NECO Commerce Questions and Answers 2021. Objective and theory answers (Expo), for the National examination council (June/July 2021. NECO Commerce Objective and Theory Answers. This post will provide you with repeated questions as well as the answers to your NECO Commerce Commerce exam. This post will help you understand the NECO Commerce objectives and answers.
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 computerized 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 services and communication company based in the united state of America. Western union is best known in the business of exchanging telegram . it also specializes 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 monopolistic type of organisation established originally by producers of similar product for the main purpose of restricting output of members in order to keep up the price of their product. It is an association of independent producers, formed mainly for the main purpose of regulating prices by controlling output members of a cartel retain their separate identity and are independent.
Consortium: A consortium is a group of independent firms formed to work on a particular project which requires large resources and is too complex for a single firm to undertake . A consortium is also an association of firm that pool their resources together to finance a project they cannot embark upon individually,because of its complexity or the capital outlay.
Trust: This is an amalgamation of different competing firms in different lines of businesses under a single control. In Trust, the firm will retain their identity but the trustee will take over the management and control. It is vertically integrated in nature and the amalgamated firms are brought under a central control. Certificate will be issued to all members.
(pick Any Four)
(i)Efficiency: To increase efficiency of management where the acquired company is poorly managed.
(ii)To obtain raw material: Firms may merge in order to obtain raw materials from direct source.
(iii)Financial stability: To ensure greater financial stability through internal growth.
(iv)Elimination of competition: Firms may merge in order to check or eliminate competition.
(v)To reduce cost: To reduce the overhead cost by eliminating duplication of facilities
(vi)Advantages of economies of scale: To enjoy economies associated with large scale production which will reduce unit costs and increase profit
(Pick Any Three)
(i) Risk bearing
(iv)Grading and standardizing
(Pick any Three)
(i) Risk bearing: This involves anticipating business risks and taking appropriate measures to reduce their impact by taking the necessary insurance cover.
(ii) Financing: This cover the provision of funds throughout the period of production to the point of selling through loans and credit facilitates
((iii)Buying/selling/Exchange: This cover purchase of raw material and goods from so many sources and transfer of ownership of such goods to the consumer at the right quality.
(iv)Grading and standardizing: It involves ensuring that the goods conformed to the required standard and quality with respect to shape ,colour taste etc
Form utility: Form utility is created by changing the form of raw materials into finished goods eg production in agriculture or manufacturing creates form utility. Form utility is an economic concept that identifies the value obtained by consumers from products designed in the most convenient ways for them.Form utility also refers to how well a product or service meets the customer’s needs.
Possession utility:Possession utility is reflected in the transfer of title and in providing information about the product so that the buyer may use of enjoy it to the best advantage. Possession utility 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.
Entrepot is a form of foreign trade in which goods are shipped to one port and subsequently re- exported and shipped to another port. If customs duties had been paid on imported goods and are later re-exported , the duty can be claimed back. Entrepot is simply refer as the re-exporting of goods imported from other nations.
(Pick Any Four)
(i)To prevent dumping
(ii)To improve balance of payment deficit
(iv)To protect Infant industries/strategic industries
(v)Generation of revenue
(Pick Any four)
(i)To prevent dumping: Tariffs are imposed to prevent dumping of goods from foreign countries. This is to prevent foreign goods from being sold at prices lower than the home price.
(ii)To improve balance of payment deficit: By imposing tariffs on imported goofs, the unfavourable balance of payment can be corrected because importation will be discouraged.
(iii)Employment generation: Countries impose tariffs to encourage the establishment of local industries or enhance the expansion and growth of existing ones so as to provide job opportunities.
(iv)To protect Infant industries/strategic industries: Tariffs are imposed to protect infant industries from undue competition with foreign firms. Tariffs may be used in most cases to protect certain strategic industries.
(v)Generation of revenue: Tariffs are also imposed to generate revenue for the country. Many countries derive their revenue from import and export duties.
(Pick Any Four)
(Pick Any Four)
(i)Opening stock: This is the stock of goods at the beginning of the year. Opening Stock can be described as the initial quantity of any product/ goods held by an organization during the start of any financial year or accounting period .
(ii)Closing stock: Closing stock is the stock of goods available at the end of the year. It is referred to as the amount of unsold goods that remain with the business on a given date. In other words, it can be said that these are inventory which are in business and are waiting to be sold.
(iii)Purchases: Purchases is the total value of goods(credit and cash purchases) bought for resale by an organisation. purchase means to take possession of a given asset, property, item or right by paying a predetermined amount of money for the transaction to be completed successfully.
(iv)sales: This is the total value of goofs sold by a business firm. It includes credit and cash sales. Sales is a transaction between two or more parties in which the buyer receives tangible or intangible goods, services, or assets in exchange for money
(v)Expenses: These are the expenditure incurred in the running of a business. It us normally deducted from the gross profit in order to shoe the net profit. expense is the cost of operations that a company incurs to generate revenue.
(Pick Any Four)
(i) The selling price of goods.
(ii) The cost of goods sold I e cost price .
(iii) The number of competing firms.
(iv) Relationship between demand and supply.
(v) The knowledge of the seller concerning the market.
Capital may be defined as man made assets used in production. In order words, capital refers to man made wealth or goods used to produce other goods and services . it may also be defined as the stock of previous wealth invested in order to produce future wealth.
(Pick Any Four)
(i) Availability of goods and services
(ii)Improvement in standard of living
(iii) provision of employment
(iv)Acquisition of skills
(v)Increase in wealth of people
(Pick Any Four)
(i) Availability of goods and services : Goods are items that are usually (but not always) tangible and Services are activities provided by other people. Production helps to ensure that goods and services are made available for use by human being.
(ii)Improvement in standard of living: Standard of living is the material well being of the average person in a given population. Production helps to ensure adequate improvement in the standard of living of the people.
(ii)Provision of employment: Employment is an agreement between an employer and an employee that the employee will provide certain services. Continuous production ensures the employment of many people.
(iv)Acquisition of skills: Acquisition of skill is a type of learning in which repetition results in enduring changes in an individual’s capability to perform a specific task. The engagement of people in production makes them acquire special skills.
(v)Increase in wealth of people: Wealth measures the value of all the assets of worth owned by a person, community, company, or country. Production assists people to accumulate wealth as a result of continuous employment.
(i)Irregular financial contribution of members
(ii)Lack of infrastructural facilities
(iii)Political and ideological difference
(i)Irregular financial contribution of members: One of the main factor that hinder the achievement of ECOWAS is problem of fund; Members countries have not been honouring their financial obligations to the community. They do not contribute regularly to the community’s fund.
(ii)Lack of infrastructural facilities: Lack of social amenities in the sub region has greatly hindered the attainment of the aim and objective of the community. Many countries in the sub region have inefficient social amenities that van adequately facilitate trade.
(iii)Political and ideological difference: Political and ideological difference is one of the main factor that hinder the achievement of aim and objective of ECOWAS. The counties in the region are divided along political ideologies . some of these countries practice capitalism while others adopt socialist economy.
(iv)Different currencies. Different currencies is of the main factor that hinder the achievement of ECOWAS objective and aim. The existence of different currencies in the sub region has greatly reduced trading activities among the member states, for instance, the transfer of capital in difficult.
(v)Colonial Ties: Colonial Ties is one of the factor that hindered the achievement of ECOWAS objective. This is a practice or policy of control by one people or power over other people or areas. The region is polarized into French speaking and English Speaking blocs according to their former colonial linkage and this has weakened the unity of the community
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 which 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.
NECO Commerce 2021 Answers
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NECO Commerce 2021 Answers