Ultimate NECO GCE Commerce Questions & Answer for 2023/2024
Ultimate NECO GCE Commerce Questions & Answer for 2023/2024 – The NECO GCE commerce answer objectives to Essay questions. Candidates that applied for NECO SSCE Examination will get the commerce test question papers 2 and 1.
These NECO GCE commerce questions and answers are relevant for commerce test papers 2 and 1, Essay & objectives that will commence between 8.30 am and 11.20 am. In this post, we will show you how to attempt every question of the NECO commerce exam for candidates that will be partaking in the examination..
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Ultimate NECO GCE Commerce Questions & Answer for 2023/2024
NECO GCE COMMERCE QUESTIONS ANSWERS PAPER 2:
Under listed are the frequently asked questions from NECOCommerce’s past questions and answers. They are bankable questions for students’ exam preparation.
Paper 2 [Essay]
- Answer any FOUR questions.
- Write your answers on the answer booklet provided.
PAPER 2 [ESSAY]
1.(a) Differentiate between Industry and commerce
(b) List and explain four activities of those engaged in commercial occupation.
ANS: (b) (i) Banking: Those working as bankers provide facilities for saving, borrowing, investing and payments for business transactions.
(ii) Advertising: Advertising practitioners inform potential buyers and sellers about existence, nature, use, price of goods and services through various advertising media.
(iii) Insurance: Insurers provide cover for business risks and compensation in case of loss etc.
- Explain five benefits that would be derived and five losses that would be suffered when a Sole trader admits other partners.
- ANS: (a) Benefits to a Sole Trader
- (i) Better decision making
- (ii) Possibility of more profit
- (iii) Greater degree of continuity etc.
- (b) Losses to Sole Trader
- (i) The death of a general partner may collapse the business
- (ii) Disagreement among members can affect the smooth running of the business
- (iii) Actions of a partner is binding on the firm. Therefore misconduct of an unscrupulous partner may ruin the business. 3. (a) State five features of partnership business (b) Explain five reasons why government participate in business.
NECO GCE Commerce Questions & Answer for 2023/2024
- Explain the following insurance terms:
(a) proximate cause
(b) contribution
(c) utmost good faith
(d) re-insurance;
(e) contract of non-indemnity (compensation). - List and explain four documents involved in the formation of a Public Limited Company.
ANS: (a) Declaration:
(i) This is a statement in writing to the registrar of Companies by the promoter.
(ii) It is states that the requirement of the companies have been compiled with
(iii) It is a declaration that adequate capital has been raised etc.
(b) Trading Certificate:
(I) This is document issued by the Registrar of companies
(II) It gives the public company the right to commence the business for
which it was formed, etc. - (a) Explain the following:
(i) counter trade;
(ii) entreport trade;
(iii) import trade;
(iv) invisible trade.
(b) State four burners to International trade.
ANS: (i) Counter Trade: This is a system of International trade where countries instead of paying cash for the goods they purchase from other Countries will pay. - (ii) Entreport Trade: This is a system of trade where goods imported into a country are re-export while the goods
are still in the same form as they were received.
(iii) Import Trade: This is a system of trade where goods re brought into a country from another country.
(iv) Invisible Trade: This is a type of International trade involving intangible products such as services or
Banking, shipping services colu requires payment of money.
Ultimate NECO GCE Commerce Questions & Answer for 2023/2024
- (a) What is transportation?
(b) Explain dead freight.
(c) List and explain five factors that will determine a seller’s mode of transportation. - (a) What is a hire purchase?
(b) Give two advantages and two disadvantages of each hire purchase:
(i) the buyer
(ii) seller. - (a) Explain four functions of the Stock Exchange
(b) Explain four ways by which the Central Bank regulates the activities of Commercial banks. - (a) State five factors that can affect the rate of turnover of a company
(b) What is Working Capital?
(c) Explain four importance of working Capital.
Ultimate NECO GCE Commerce Questions & Answer for 2023/2024
PAPER 1 [OBJECTIVES]
Answer ALL questions.
Shade your answers on the answer booklet provided.
- What does the term commerce describe?
A. aids to trade and direct services
B direct services and industry
C industry and trade
D trade and aids to trade. - Division of labour in a firm leads to
A dis-economies of scale.
B longer working hours for the workforce.
C standardization of products.
D the workforce being multi-skilled. - Industry, commerce, and direct services are all needed for production because
A. they are dependent on each other.
B they exist to create specialization.
C they provide services to each other.
D they sell goods to each other. - Which function is not performed by a retailer?
A displaying goods
B grading goods
C manufacturing goods
D supplying goods.
5. The picture below shows a plastic card used by consumers.
Ultimate NECO GCE Commerce Questions & Answer for 2023/2024
Which type of card is shown?
A cash and carry card
B credit card
C debit card
D loyalty card.
6. What is the main disadvantage of e-commerce to the customer?
A danger of credit card fraud
B power failure during a transaction
C retailer running out of stock of the items ordered
D wrong goods supplied by the retailer.
- Many people obtain credit from their local shops.
What is this called?
A cash discount
B lay-by
C leasing
D overdraft. - Problems with faulty goods have led to the growth of
A. consumer protection.
B insurance.
C mail order.
D persuasive advertising. - What is a disadvantage of rapid and accurate communication systems?
A. ability to communicate one message to multiple addresses
B employees within a company re not linked using networks
C greater speed of communication between businesses in different countries
D increased cost and complexity of methods used. - What is an advantage of telephone communication in business?
A. copies of documents may be transmitted
B messages can be corrected before transmission
C problems may be discussed
D visual contact is made. - Which methods of transport re most likely to be used to transport oil from Australia to
Singapore?
A canal and sea
B pipeline and sea
C rail and pipeline
D road and air. - What is an advantage of containerization in sea transport?
A. avoidance of customs duty
B carriage of one type of product at a time
C fast turnaround of ships at ports
D quick unpacking of goods at docks.
Ultimate NECO GCE Commerce Questions & Answer for 2023/2024
- A washing machine manufacturer wishes to promote a newly-designed product.
Which advertising medium would reach the most consumers?
A cinema
B flyers
C radio
D television. - Which factor plays a part in the increasing volume of air freight that is being transported
worldwide?
A. availability of larger aircraft
B fluctuating aviation fuel prices
C increased international terrorism
D increased tourism. - Which airport facility is likely to be the most important to a business exporting goods through an airport?
A currency exchanges
B duty-free shops
C lifting gear
D luggage handling. - Warehousing is unlikely to be part of the chain of distribution for
A canned food.
B clothes.
C milk.
D toys. - The diagram shows part of a credit note.
How is the document used?
A The buyer sends it to the supplier after goods have arrived damaged.
B The buyer sends it to the supplier’s bank to pay for goods supplied.
C The supplier sends it to the buyer after goods ve been returned damaged.
D The supplier sends it to the buyer’s bank to cancel over-payments.
Ultimate NECO GCE Commerce Questions & Answers for 2023/2024
18. Which of the following take place when firms producing at different stages in the same industry combine.
A. Conglomeration
B. Vertical integration
C. Horizontal integration
D. Cartel.
19. What are the fixtures and fittings in a balance sheet?
A. Liquid capital
B. Current assets
C. Fixed assets
D. Working capital.
20. One of the functions of sea ports is the provision of __
A. Berthing and land facilities
B. Loading and offloading facilities
C. Control room for relaying radio messages
D. Ware house of storage of cargo.
21. Stimulation of demand is a kind of communication in marketing which connotes __
A. Personal selling
B. Sales promotion
C. Advertising
D. Merchandising.
22. In the event of liquidation of a company, the first to be settled re;
A. Debenture holders
B. Members of the board
C. Preference shareholders
D. Ordinary shareholders.
Ultimate NECO GCE Commerce Questions & Answer for 2023/2024
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