NECO Commerce Questions and Answers 2023/2024 (Essay and Objectives)

NECO Commerce Questions and Answers 2023. I will be showing you the NECO Commerce objective and theory questions for free. You will also understand how NECO Commerce questions are set and many more examination details.

The National Examination Council is an examination body that set questions annually from areas students should, after their studies in senior secondary school, be able to write and pass without stress.

NECO Commerce answers and questions Objectives and Essay will be provided here and the authenticity of this NECO 2023 Commerce solutions to questions has been tested and confirmed to be sure.

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NECO Commerce Essay And Objective Questions and Answers 2023 (EXPO)

The 2023 NECO Commerce Answers will be posted here today 25th July during the examination. Keep checking and reloading this page for the answers.

NECO Commerce 2023 Answers Loading…

OBJ Answers:

01-10: ABDDCBBACE

11-20: BDABCBDDCB

21-30: BDCDBDECED

31-40: DBAEBAEABB

41-50: DCEDDCEBCA

51-60: EEDBEDAACB

Essay Answers:

No (1)

(PICK ANY FIVE)

(i) Informative role: Advertising serves as a means to disseminate information to the target audience about new products, features, services, or changes in existing offerings. It educates consumers about various options available to them, such as different brands, features, pricing, and other information.

(ii) Persuasive role: Advertising is used to persuade potential customers to purchase or use a particular product or service. It can create awareness about the benefits of a product and convince them to make a purchase by highlighting the advantages over competitors.

(iii) Comparative role: Advertising can be used to compare the features of different products to enable customers to make an informed decision. This helps in better understanding of a product and its features and allows customers to choose the best suited one for their needs.

(iv) Sales Promotion role: Advertising can also be used for promotion of sales. It can be used to highlight offers and discounts related to products and services and create a sense of urgency among customers to make a purchase.

(v) Competitive role: Advertising can also be used to gain competitive advantage over other similar products or services. It can be used to differentiate a product from its competitors in terms of features, quality, price, etc.

(vi) Reminder role: Advertising can also be used to remind customers of existing products and services and encourage repeat purchases.

(viii) Image Creating role: Advertising can also be used to create an image of a product or company in the minds of the consumers. It can be used to emphasize the unique features or qualities of a product or service and create a lasting impression on customers.

(2a)

(i) An employer is a person or an organization that hires employees to work for them, while an employee is a person who works for an employer in exchange for compensation.

(ii) An employer is responsible for managing and directing the work of employees, while an employee is responsible for carrying out the tasks assigned to them by their employer.

No (2b)

(i) Job Performance

(ii) Adherence to Policies and Procedures

(iii) Attendance and Punctuality

(iv) Professional Conduct

(i) Job Performance: Employees have a duty to perform their job tasks to the best of their abilities. This includes meeting performance standards, fulfilling job responsibilities, and achieving the objectives set by their employer.

(ii) Adherence to Policies and Procedures: Employees are expected to follow the rules, policies, and procedures established by their employer. This may involve complying with workplace regulations, safety guidelines, and company protocols.

(iii) Attendance and Punctuality: Employees have a responsibility to maintain regular attendance and be punctual for their scheduled work hours. Consistent attendance is essential for the smooth functioning of the business and meeting productivity targets.

(iv) Professional Conduct: Employees are expected to conduct themselves in a professional manner while representing the company. This includes maintaining a positive attitude, treating colleagues and customers with respect, and avoiding behaviors that could harm the company’s reputation.

(3a)

Insurance is a contract between an individual or entity (the insured) and an insurance company (the insurer) where the insured pays regular premiums in exchange for financial protection against potential losses or damages. The insurer agrees to compensate the insured for specific losses, damages, or liabilities as outlined in the policy.

(3b)

(PICK ANY FOUR)

(i) Utmost Good Faith: Both parties to an insurance contract must act in utmost good faith towards each other or the contract may be invalidated.

(ii) Insurable Interest: The insured must demonstrate that a potential loss or damage would have financial consequences for them.

(iii) Proximate Cause: A loss or damage must be caused by the peril (risk) specified in the insurance policy in order for compensation to be paid out.

(iv) Subrogation: The insurer’s right to pursue a claim against a third party on behalf of the insured.

(v) Indemnity: The insured cannot receive more money from the insurer than the actual amount of the loss or damage.

(vi) Contribution: All those who share liability for the loss or damage must contribute their fair share to the settlement.

(4a)

(i) Niche markets: Small businesses can thrive by catering to a specific niche market that is not being served by larger businesses.

(ii) Personalized service: Small businesses can provide personalized service to their customers, which larger businesses often struggle to do.

(iii) Flexibility: Small businesses can be more flexible and responsive to changes in the market, allowing them to adapt quickly to new trends and customer needs.

(iv) Lower overhead costs: Small businesses often have lower overhead costs than larger businesses, which can help them to be more competitive in terms of pricing.

(4c)

(i) Small scale retail outlets are typically smaller in size and have a limited range of products, while large scale retail outlets are larger in size and offer a wider range of products.

(ii) Small scale retail outlets are often owned and operated by individuals or families, while large scale retail outlets are typically owned by corporations.

(4c)

=Examples of Small scale retail outlets=

(i) Convenience stores

(ii) Boutiques

(iii) Food trucks

(iv) Online stores

=Examples of large scale retail outlets=

(i) Supermarkets

(ii) Department stores

(iii) Hypermarkets

(iv) Shopping malls.

No (5a)

A second-tier securities market is a market that provides a platform for trading securities that are not listed on the primary market. It is also known as the second market or the aftermarket.

(5b)

(i) Company Size: A company must meet the minimum size requirement to be admitted into the second-tier securities market. This is to ensure that the company has a certain level of liquidity and is financially stable.

(ii) Financial Reporting: A company must have a good track record of financial reporting. The company must provide accurate and timely financial statements to the market to help investors make informed decisions.

(iii) Corporate Governance: A company must have a good corporate governance structure. This includes having an independent board of directors, having transparent and fair policies, and having effective risk management procedures.

(iv) Regulatory Compliance: A company must comply with all the regulations set by the regulatory bodies governing the second-tier securities market. This includes disclosing all relevant information to the market and ensuring that all transactions are conducted in a fair and transparent manner.

(5c)

(i) Direct Listing

(ii) Transfer from the Primary Market

(iii) Initial Public

(iv) Private Placement.

(6a)

An economic grouping refers to a group of countries that come together to form a common economic policy and work together to promote economic growth, development, and trade.

(6b)

(i) To promote economic cooperation and integration among member states.

(ii) To establish a common market and promote the free movement of goods, persons, and services among member states.

(iii) To promote industrial development and diversification of member states’ economies.

(iv) To establish a monetary union and a common currency for member states.

(v) To promote human development and social welfare among member states.

(vi) To promote regional peace and security and resolve conflicts among member states.

(vii) To promote cooperation in the areas of science, technology, and research among member states.

(viii) To promote environmental protection and sustainable development among member states.

(7a)

(PICK ANY FOUR)

(i) Commercial Banks: These institutions play a significant role in the money market by borrowing and lending money to individuals, businesses, and other institutions. They also provide various financial services such as checking accounts, savings accounts, and loans.

(ii) Central Banks: These institutions are responsible for controlling and regulating the money supply and setting interest rates in their respective countries. They also guide the economic and fiscal policies of their country.

(iii) Mutual Funds: These institutions provide investors with the option to diversify their investments by investing in a variety of different securities, such as stocks, bonds, and derivatives.

(iv) Investment Banks: These institutions help companies access capital markets by issuing new securities and providing a range of other services such as underwriting, merger advice, and asset management.

(v) Hedge Funds: These institutions use a variety of complex investment strategies to generate returns for investors.

(vi) Insurance Companies: These institutions manage the risks of individuals and businesses by providing insurance products such as life insurance, health insurance, and property insurance.

(7b)

(PICK ANY TWO)

(i) Soft commodities are often perishable and are subject to seasonal demand swings, while hard commodities are generally non-perishable and less sensitive to seasonal demand variation.

(ii) Soft commodities are usually consumed before reaching the market, while hard commodities are consumed further down the production chain.

(iii) Soft commodities are mostly traded on futures exchanges, while hard commodities are mainly traded in over-the-counter (OTC) markets.

(iv) Soft commodities tend to have more volatile prices than hard commodities, since they are affected by factors such as weather patterns and crop yields.

(v) Soft commodities typically require more intensive management by producers, while hard commodities require less intensive management.

(vi) Soft commodities are more easily transported than hard commodities, which tend to be bulky and heavy.

(8a)

Customs and Excise Authority is a government agency responsible for overseeing and regulating the import, export, and movement of goods, as well as the collection of excise duties and taxes. This combined authority often exists in some countries where the functions of customs and excise are closely related and integrated. Here are the key functions of Customs and Excise Authority

Or

Customs and Excise Authority is an agency responsible for the collection of taxes on imported and exported goods. This authority is responsible for ensuring compliance with government regulations related to the import and export of goods. They also enforce laws related to the movement of goods across international borders.

(8b)

( PICK ANY 4 )

(i) Collecting Taxes: The authority collects taxes on imported goods and ensures that the correct taxes are paid by importers. They also collect taxes on exported goods.

(ii) Enforcing Regulations: The authority enforces regulations related to imports and exports. This includes ensuring that goods meet the required standards and are safe for use.

(iii) Preventing Smuggling: Customs and Excise Authority works to prevent smuggling by inspecting goods at ports of entry and exit. They also work to identify and apprehend smugglers.

(iv) Protecting the Economy: Customs and Excise Authority helps protect the economy by preventing the importation of goods that could harm local industries. They also help to prevent the export of goods that are restricted or banned.

(v) Facilitating Trade: Customs and Excise Authority works to facilitate trade by ensuring that goods move smoothly across borders. They also help to reduce delays and facilitate the movement of goods.

(9)

(i). Bond:

A bond is a fixed-income investment instrument where an investor lends money to a borrower (usually a government or corporation) for a specific period at a predetermined interest rate. Bonds are considered less risky than stocks and offer a steady stream of income through interest payments. At the end of the bond’s term, the borrower repays the initial amount borrowed, known as the principal.

(ii). Carrier:

In the context of transportation or telecommunications, a carrier refers to a company or entity that provides services to transport goods, passengers, or information. In transportation, carriers can be airlines, shipping companies, or trucking firms. In telecommunications, carriers are companies that offer communication services like mobile or internet services.

(iii). Communication:

Communication is the process of exchanging information, ideas, thoughts, or feelings between individuals or groups. It can occur through various mediums, including verbal (spoken), written, visual, or non-verbal (gestures, body language) means. Effective communication is vital for building relationships, understanding one another, and achieving common goals.

(iv). Debenture:

A debenture is a type of long-term debt instrument issued by corporations or governments to raise capital. Unlike bonds, debentures are not secured by specific assets but are backed by the creditworthiness of the issuer. Debenture holders are considered creditors and are entitled to receive fixed interest payments at regular intervals and repayment of the principal amount at the maturity date.

(v). Transportation:

Transportation refers to the movement of people, goods, or services from one place to another. It plays a crucial role in the economy and society, facilitating trade, commerce, and travel. Various modes of transportation include road (cars, buses, trucks), rail (trains), air (airplanes), water (ships, boats), and pipelines. Efficient transportation systems are essential for economic development and connecting regions and communities.

(v) Indemnity: The insured cannot receive more money from the insurer than the actual amount of the loss or damage.

(vi) Contribution: All those who share liability for the loss or damage must contribute their fair share to the settlement.

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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.

A. cultural

B. economic

C. political

D. social

E. technological

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?

A. N9,000.00

B. N10, 000.00

C. N279,000.00

D. N280,000.00

E. N290,000.00

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

E. statement

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?

I. Enquiry
II. Delivery note
III. Order
IV. Invoice
V. Quotation

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?

A. N180

B. N240

C. N300

D. N360

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

A. debentures

B. gut-edged stocks

C. merchandises

D. securities

E. treasure bills

12. The practice of selling some goods below market price to attract more customers is known as

A. hoarding

B. loss leader

C. market sharing

D. profiteering

E. speculating

13. Shares that are fully paid can be converted into bulks known as

A. bonds

B. capital reserves

C. debentures

D. guilt-edged securities

E. stocks

14. Telecommunication services are provided by

A. Bureau De Change

B. Courier Services

C. Date Post

D. NIPOST

E. NITEL

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

A. N180,000.00

B. N227,000.00

C. N279,000.00

D. N290,000.00

E. N301,000.00

16. The process of passing information from one person to another in an organization is known as

A. communication

B. co-ordination

C. delegation

D. direction

E. Motivation

17. A financial document stating the reasons for making a payment and details of the payment is

A. bank draft

B. cash book

C. cheque

D. payslip

E. voucher

18. Another name for a foreign order is

A. catalogue

B. export

C. import

D. indent

E. quotation

19. Public debt management is one of the functions of a ______________ bank

A. central

B. commercial

C. development

D. industrial

E. merchant

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

A. aeroplane

B. caravan

C. lorry

D. ship

E. train

22. Adeleke places his vehicle for sale at N150,000,00 Ibrahim had agreed to pay the amount. In this Trans: Adeleke is the

A. agent

B. auctioneer

C. broker

D. offeree

E. offeror

23. The following are methods of quoting prices EXCEPT

A. A.C.I.F

B. F.A.S

C. F.O.B

D. L.O.C.O

E. E.O.E

24. The amount receivable by shareholders after the declaration of profit is called

A. bonus

B. commission

C. dividend

D. interest

E. premium

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.

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See:

• NECO English Questions and Answers
• NECO CRS Questions and Answers
• NECO Geography Questions and Answers
• NECO Chemistry Questions and Answers
• NECO Marketing Questions and Answers

How To Pass NECO Commerce Examination

The National Examination Council (NECO) is a body in charge of the Senior Secondary School Certificate Examination.

The Certificate offered here is a very important credential that awards or certifies the completion of your Secondary School Education.

It is a major document that qualifies you into any tertiary institution and is equally a major factor affecting admission today.

For this reason, every Student preparing for this examination NECO 2023 is preparing for something great.

Care should be taken when participating in this examination in other not to come out with bad grades. The following are the key answers to  NECO Commerce 2023.

1. Be Determined to Pass

The NECO 2023 Commerce is mainly for those who have made up their mind to pass it with a good grade.

Any candidate who, at this point in time, has not made up his or her mind to make the excellent grade in the forthcoming NECO 2023 Commerce is actually not ready to pass.

Your mind should be ready for the task ahead, do not follow lazy friends who believe in a miracle on the day of the exams, stay positive and study your books.

2. Have self-confidence

Self-confidence is another factor that affects a candidate’s performance. Promise to do it all by yourself and everything will come out very simple for you.

It is a well-known fact that many students cancel the right answers just to copy the wrong ones because of a lack of self-confidence. Study and pray hard and you are the miracle for the day.

3. Start Studying Early

Studying is very important in your life as a student. NECO is a very simple Exam to deal with as long as studies are involved. Studying is one thing and studying on time is another thing entirely.

Do not wait for the NECO 2023 Commerce exams to be so close before you start studying for them. Late preparation will not really help you. When you start studying early there will be time for you to revise before the exams.

2. Make Use the NECO 2023 Syllabus

Using the NECO 2023 syllabus is very essential as it will guide you on major topics to cover. Studying without the Syllabus will make you focus on unnecessary topics that will not appear in the exams.

Also, most of the Commerce topics you have not done in class are there in the NECO syllabus.

3. Pray to God Your Creator

Many think that they can do it all alone without God. The Almighty God is your creator, seek His assistance and He will never fail to help you. Your faith in God determines your success. God is there for you, call upon Him.

4. Adhere to exam instructions.

Any student who is not ready to adhere to the examination conducts is planning to fail. The majority of NECO Candidates that have their results held are from those that were not ready to follow the Exam instructions.

5. Use Your Time Wisely.

It is a well-known fact that NECO Commerce needs a lot of time, manage the little time given to you wisely. Consider the number of questions you are to answer and the time given so that you can time wisely.

6. Be punctual to the examination venue

Punctuality matters during the exams. Go to the exam venue early so that your brain can settle for the task. Rushing to the exam hall will make you unstable for the exam and can prone you to so many mistakes.

Take time to go through the exam question paper before you start answering. NECO Commerce Questions and Answers

If you have any questions about the 2023 NECO Commerce questions and answers, do well to let us know in the comment box.

Last Updated on July 25, 2023 by Admin