NECO Commerce Questions and Answers 2020/2021 (Essay and Objectives)

NECO Commerce Questions and Answers 2020. I will be showing you  NECO Commerce objective and theory questions for free. You will also understand how NECO Commerce Practical (map reading) questions are set and many more examination details.

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The National Examination Council is an examination body that set questions annually from areas student should, after their studies in the 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 2020 Commerce solutions to questions has been tested and confirmed to be sure.

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NECO Commerce Essay And Objective Questions and Answers 2020 (EXPO)

The questions below are not exactly 2020 NECO Commerce questions and answers but likely NECO Commerce repeated questions and answers.

These questions are strictly for practice. The 2020 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.

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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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 certify the completion of your Secondary School Education.

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

For this reason, every Student preparing for this examination NECO 2020 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 2020.

1. Be Determined to Pass

The NECO 2020 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 2020 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 2020 Commerce exams to be so close before you start studying for it. 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 2020 Syllabus

Using the NECO 2020 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 exams 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 result 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 2020 NECO Commerce questions and answers, do well to let us know in the comment box.

Last Updated on September 16, 2020 by Admin

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