NECO Commerce Exam 2022/2023 Questions and Answers (Essay and Objectives)
NECO Commerce 2022 Exam Questions and Solutions. I’ll be giving you free access to the NECO Commerce objective and theory questions. You will also learn about the format of NECO Commerce exam questions, among other information.2022–2023 NECO Physics Practical Questions and Answers (Complete Solution).
The National Examination Council is an examination body that annually assigns questions from subject areas that students should be able to write and pass without stress after their senior secondary school studies.
The NECO 2022 Commerce solutions to questions will be offered here, and the accuracy of these NECO Commerce answers and questions Objectives and Essay has been tested and confirmed to be sure.neco-commerce-questions-and-answers/
NECO Commerce Questions and Answers for the 2022 Exam (EXPO)
Here you’ll find the 2022 NECO Commerce Answers.Throughout the exam, the 2022 NECO Commerce Answers will be released here. For the solutions, keep checking and refreshing this page.
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Today’s Commerce Answers: (2021 Answers)
A crossed cheque is one that contains two parallel transverse lines, either with or without the words “Co and Ltd,” drawn across its face. None negotiable. WHILE a stale cheque has passed its date of presentation for payment because it has been in use for an unreasonable amount of time.
(Pick Any Four)
(i) Bank drafts
(ii) Bank certified cheque
(iii)Automated teller Machine(ATM)
(Pick Any Four)
(i)Bank drafts: A bank draft is a cheque that a bank representative draws from a bank’s deposit in another bank. Whether a customer has a current account with the bank or not is irrelevant when selling a bank draft on commission to the general public. It is a secure way to transfer a sizable sum of money from one person to another.
(ii) Bank certified cheque: A cheque that has the bank’s written assurance that it will be honored. The bank instantly withdraws the specified amount from the depositor’s account to guarantee that the amount printed on the cheque gets paid.
(iii)Automated teller machine (ATM): This computerized device allows or permits users to access their accounts using a plastic card that has been magnetically encoded and a code number. It enables the consumer to conduct business whenever they want and to carry out a number of banking tasks without a teller’s assistance.
(iv)Money gram International Inc. is a money transfer business with headquarters in the United States of America. The two divisions of Moneygram businesses are (a) global fund transfer and (b) financial paper products. Through a network of agents and financial institutions, the company provides services to both individuals and businesses. These agents and institutions help customers send and receive funds anywhere in the world.
(v) Western Union: is most recognized for its role in the telegraph exchange industry. It also specializes in using commercial banks to move a particular amount of money, typically in dollars, from one nation to another.
A cartel is a partnership between two or more businesses or producers of the same good to control the product’s production and sale in an effort to gain market dominance. The Organization of Petroleum Exporting Countries is an illustration of a cartel (OPEC).
A consortium is an association of businesses, people, or other organizations that came together to work toward a common goal. A consortium might be numerous banks working together.
Trust: A trust is a legal arrangement in which a trustee conducts business on behalf of the trust’s beneficiaries (or beneficiaries). A trust is not a distinct legal person. A trustee could be a person or a business. The trust’s debts are legally the trustee’s responsibility, and he or she is allowed to use the trust’s assets to pay them.
(i)Value creation: Two businesses could merge in order to make their owners richer. Synergies that boost the value of a newly formed corporate entity are typically produced through the combination of two enterprises. Synergy, in its simplest form, is when the combined value of two enterprises is greater than their individual values.
(ii) Diversification: Mergers are typically carried out for the purpose of diversification. By expanding into new markets or providing new goods or services, for instance, a corporation may use a merger to diversify its business activities. Additionally, it is typical for a company’s managers to set out a merger agreement to diversify operational risk exposure.
(iii) Increasing financial capacity: Each business has a maximum amount it can borrow or sell equity to finance operations. A business may combine with another if it lacks the necessary financial resources. A combined entity will thus be able to achieve a bigger financial capacity to be used in subsequent business development procedures.
(iv) Tax purposes: A business that produces a lot of taxable income may merge with one that has a lot of carryover tax losses. Following the merger, the combined business’s overall tax obligation will be significantly lower than that of the individual company.
(3a)[Pick any THREE]
(i) Buying and selling
(v) Risk bearing
(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: is the value a consumer perceives in a finished product. It is a procedure that improves a product’s value to the user by modifying and changing its outward appearance. The process entails preparing a product for consumption to fulfill the needs of the final consumer. This is so that finished goods can be served more effectively than raw resources can be sold.
Possession utility: is the value customers place on owning a product and being able to utilize it anyway they see fit or invent new uses for it. For instance, many people put flowers in flower pots, but these pots can also be used as a centerpiece for the dining room table or as storage for minor items strewn about the house.
Entrepot is a type of intermediary storage facility where products are briefly held before being distributed domestically or exported again.
(i) To safeguard developing industries: Nations apply trade restrictions to promote local industry development. In order for the economy to become self-sufficient, young industries must be protected, and local product consumption must be promoted.
(ii) To bring in money for the nation: By levying import tariffs, the government is given a revenue stream aside from personal income taxes and corporate taxes.
(iii) To create jobs: Import limitations aid in giving local residents jobs. Limiting imports leads to the development of more indigenous industries, which boosts local employment.
(iv) To reduce the balance of payments deficit: Imposing import tariffs aids in balance of payments correction. When tariffs are implemented, import prices would rise in proportion to the tariff. The demand for imported items will decline as a result of the higher pricing, while at the same time domestic companies will be encouraged to produce more import alternatives. A extremely high tariff rate can significantly decrease imports of non-essential goods.
Breach of contract: Any of the agreed-upon terms and conditions of a legally binding contract are being violated. Anything from a late payment to a more significant infraction, like failing to deliver a promised asset, can constitute a breach.
A contract is a legally binding agreement between two or more people to perform an act, deliver a good, or make a commitment.
Contract under seal: This is a formal agreement that is not subject to a requirement for consideration and bears the signer’s seal. Written or printed on paper must be used for a contract that is sealed. When it is delivered, signed, sealed, and notarized, it is binding between the parties.
A void contract is a formal agreement that, once made, becomes functionally void and unenforceable. If a contract cannot be enforced as written, it may be ruled invalid.
Contract termination: This refers to formally ending the agreement before both parties have complied with its requirements.
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The questions and answers below are most likely NECO Commerce repeated questions and answers; nevertheless, they are not exact 2021 NECO Commerce questions and answers.
These inquiries are only for practice purposes. On the day of the NECO Commerce exam, information on the expo for 2021 will be available on this page. For the solutions, keep checking and refreshing this page.
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,
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?
5.When the supplier changes a retailer for not bringing back empty packages, the supplier sends him a/an
6.Which of the following isn’t 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?
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?
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
11.Shares, stocks, government bonds trade in the stock exchange marks: are known as
12.The practice of selling some goods below market price to attract more customers is known as
13.Shares that are fully paid can be converted into bulks known as
14.Telecommunication services are provided by
a)Bureau De Change
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
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?
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?
e)Processed Yam Flour.
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Tips For Passing The NECO Commerce Exam
The Senior Secondary School Certificate Examination is overseen by the National Examination Council (NECO). The Certificate that is being presented here is a crucial document that recognizes or attests to your successful completion of secondary school.
It is a significant document that qualifies you for admission to any post secondary institution and has a significant impact on admission today.
Because of this, every student preparing for the NECO 2022 exam is prepared for a fantastic thing.
It is important to use caution when taking this exam in order to avoid receiving poor results. The main responses to NECO Commerce 2022 are listed below.
- Be adamant about passing
for those who have made up the majority of the NECO 2022 Commerce their focus to pass it and receive a high grade.
Any applicant who has not already made up their mind to pass the next NECO 2022 Commerce is in fact not prepared to graduate.
Stay positive and study your books. Do not follow your slacker friends who expect a miracle on the day of the exams. Your mind should be prepared for the task at hand.
- Possess self-assurance
Another element that impacts a candidate’s success is their level of self-confidence. If you promise to do everything alone, things will be extremely simple for you.
It is a well-known fact that many students, who lack confidence, cancel the correct answers only to replicate the incorrect ones.You are the miracle of the day if you diligently study and pray.
- Begin your studies early
As a student, studying is a crucial part of your life. When studying is involved, the NECO Exam is quite easy to handle. Studying is one thing, but studying on schedule is quite another.
Do not put off studying for the NECO 2022 Commerce examinations until they are so close. Not actually helping you is late preparedness. You will have time to revise before the exams if you start studying early.
2.Utilizing the NECO 2022 curriculum is crucial because it will direct you on the key subjects to cover. The results of studying without a syllabus make you concentrate on pointless subjects that won’t come up in the exams.
Additionally, the NECO syllabus contains the majority of the Commerce topics you have not covered in class.
Pray to God. Your maker
Many believe they can handle it on their own without the help of God. Your creator is the All-Powerful God; turn to Him for support, and He will never let you down. Your success is based on your level of confidence in God. Call on God; He is waiting for your request.
- Follow the directions for the exam.
Any student who is not prepared to follow the examination procedures is setting themselves up to fail. The vast majority of NECO candidates who had their results stayed were those who weren’t prepared to adhere to the exam’s rules.
- Make Use of Your Time.
NECO Commerce is known for taking a lot of time, so use the little time you have wisely. To make the most of your time, take into account the number of questions you must answer and the allotted time.
- Arrive on time to the exam location.
It’s important to be on time for the exam. Arrive early at the exam site to give your brain time to prepare. Rushing to the exam hall will make you jittery and more prone to making blunders.
Prior to beginning your answers, give the exam question paper some thought.
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