2024 NABTEB COMMERCE: 2024 NABTEB Commerce Questions and answers (2786)

COMMERCE OBJ

1-10: ABACABDDCB
11-20: ADBAACBABA
21-30: CACBCDAABB
31-40: DCADBCDDAD
41-50: DCDADABBAD

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INSTRUCTIONS: ANSWER 5 QUESTIONS ONLY

(1a) Commerce is concerned with the exchange (buying and selling) and distribution of goods and services WHILE Industry is concerned with the actual production of goods and services.

(1b)
(i) Extractive occupation: This is concerned with the activities of those engaged in primary production, extracting the gifts of nature from the soil, sea or earth as miners, fishermen or farmers.

(ii) Manufacturing occupation: This is concerned with the activities of those engaged in processing of primary products as bakers, textile workers, etc.

(iii) Constructive occupation: This is concerned with the activities of those who convert the products of the manufacturers into various uses as furniture makers, road builders, etc.

(1c)
(i) Trade: This involves buying and selling both at home and abroad. It includes wholesaling and retailing of goods and services.

(ii) Banking/Financing: This involves the safe keeping, lending and exchange of money that facilitate trading activities.

(iii) Insurance: This involves the activities of those minimizing business risks.

(iv) Transport: This involves the physical movement of goods and people from points of production to the points of consumption.

(v) Communication: This involves the transmission of information for the smooth conduct of commercial activities.
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(2a)
(i) It is used to sell custom made or expensive/technical goods that need demonstration

(ii) It is a public relations tool that can be used to improve the firms' image.

(iii) It makes for two way communication which makes it possible for feedback.

(iv) It is also used to introduce new products instead of embarking on intensive advertisement.

(v) It is a form of promotion which encourages on the spot purchase by buyers.


(2b)
(i) Goods and services are made known to potential buyers through communication.

(ii) Communication facilitates contact between buyers and sellers irrespective of distance.

(iii) Demand for goods can be stimulated through effective communication.

(iv) The whole world had been turn into a global village through the use of information and communication technology/international or foreign trade.

(v) It facilitates intra and inter departmental communication in the running of business/Dissemination of information within the organisation.

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(3a)
(i) Consequential loss: This is the loss on profit and rent which arises as a result of destruction of insured property by fire.

(ii) Cover Note: This is a temporary document issued by the insurer to the proposed insured for the period before the policy itself will be ready.

(iii) Policy: This is the document that is issued by the insurer detailing the terms under which a cover is provided. The contract takes effect the moment a cover note is issued.

(3b)
(i) Insurance provides a ready means of compensation in case of damage to or loss of property, limb or life.

(ii) Risk protection: Insurance makes it possible for certain risks (insurable risks) to be taken off the shoulders of the businessman.

(iii) Insurance provides pool of funds for businessmen to draw from in times of need.

(iv) Insurance encourages businessmen to undertake businesses that ordinarily would have been considered risky and untouchable.

(v) Insurance encourages savings among businessmen.

(vi) Insurance policies can be used as collateral for the purpose of borrowing money from banks and other financial institutions.


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(4)
(i) Delivery note:
- It helps keep track of all the items delivered to customers
- help to remind a customer of their order and/or inform them of what is included in the current shipment

(ii) Debit note:
- Sent to the buyer when goods sold to him have been under-charged on an invoice.
- It informs the buyer that his account has been debited.

(iii) Receipt:
- It serves as a proof of payment
- It also necessary for tax purposes as proof of certain expenses

(iv) Consignment Note:
- It will state whether the freight has been paid or not.
- It will be signed on delivery of goods by the consignee as evidence of delivery.

(v) Invoice:
- It is document showing details of goods sold.
- It is used to write up the purchases/sales journals.
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(5a)
(i) Accepting Deposits
(ii) Providing Loans
(iii) Providing locker Facilities
(iv) Exchange of Securities

(5b)
(i) Accepting Deposits: Commercial banks accept deposits from their customers in the form of saving, fixed, and current deposits. 

(ii) Providing Loans: One of the main functions of commercial banks is providing credit to organizations and individuals, and profit from the earned interest. Usually, banks retain a small reserve for their expenses while offering the remaining amount to customers as various types of short and long-term credits.

(iii) Providing locker Facilities: Commercial banks provide locker facilities to customers who want to store valuables safely. Locker facilities eliminate the impending risk of theft or loss, which prevail when kept at home.

(iv) Exchange of Securities: Another function of commercial banks is to trade in bonds and securities. Customers can purchase or sell the units from the financial institution itself, which offers more convenience than alternate approaches.

(5c)
(i) Fixed deposit account
(ii) Savings account

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(8a)Market segmentation is the act of dividing a market into sub-markets of buyers with common needs or characteristics and designing a marketing mix to satisfy their needs and wants.

(8b)
(i) Income: This looks at the consumer's disposable income. This group is made up of high, middle or low income earners. Their purchasing power and needs vary according to their income levels.

(ii) Sex/Gender: Here the gender of the consumers is taken into consideration when grouping the market, i.e whether they are males of females.

(iii) Geographic location: Under this, the market is grouped based on the location of the consumers. it can be urban, semi-urban, local, foreign or rural area. It may also take into consideration climatic or regional conditions.

(iv) Occupation: Market can be grouped to address the occupational requirements of the consumers. Different occupations determine the needs and wants of a buyer.

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(10a)
TABULATE
=REGISTERED MAIL=
(i) It is more expensive than ordinary mail
(ii) It is suitable for posting valuable items
(iii) It is handed over the counter to the postmaster
(iv) Evidence of delivery is available

=ORDINARY MAIL=
(i) It is cheaper than registered mail
(ii) It is suitable for posting less valuable items
(iii) It is posted by placing it in a postal box
(iv) Evidence of delivery is not available

(10b)
=MERITS OF RAIL TRANSPORT=
(i) It is suitable for large consignments of bulky goods over long distance.

(ii) The routes are usually direct and are not subject to traffic hold-ups.

(iii) Special trains may be arranged to suit certain goods.

(iv) It is less prone to accident and highway robbery

=DEMERITS OF RAIL TRANSPORT=
(i) Additional handling or transhipment is needed before goods reach their destination.

(ii) Fixed routes and set time-tables do inconvenience users.

(iii) It is too slow for perishable goods.

Welcome to official 2024 Commerce NABTEB answer page. We provide 2024 Commerce NABTEB Questions and Answers on Essay, Theory, OBJ midnight before the exam, this is verified & correct NABTEB Coms Expo

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