2024 NECO GCE COMMERCE: 2023 NECO GCE Commerce (Coms) Verified Answers (8778)

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Welcome to official 2024 Commerce NECO GCE answer page. We provide 2024 Commerce NECO GCE Questions and Answers on Essay, Theory, OBJ midnight before the exam, this is verified & correct NECO GCE Coms Expo. NECO GCE Commerce Questions and Answers 2024. NECO GCE Coms Expo for Theory & Objective (OBJ) PDF: verified & correct expo Solved Solutions, 2023 NECO GCE Commerce (Coms) Verified Answers. 2024 NECO GCE EXAM Commerce Questions and Answers

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(1a)
Trade can be defined as the exchange or transfer of goods, services, or commodities between two parties, often involving a transaction where one party provides goods or services in exchange for another party’s offerings.

(1b)
(PICK ANY SIX)
(i)Home trade occurs within the geographical boundaries of a single country. Goods and services are exchanged between parties operating within the same nation. WHILE foreign Involves trade activities between different countries or across international borders. Goods and services move between nations.

(ii)Home trade is governed by domestic laws, regulations, and trade policies set by the country where the trade occurs. WHILE Foreign trade is governed by international trade agreements, treaties, tariffs, and regulations established between countries.

(iii)Home trade transactions are usually conducted in the local currency of the country where the trade occurs. WHILE Foreign trade Involves transactions that often require conversions between different currencies. Payment methods might involve foreign currencies

(iv)Home Trade typically involves shorter distances for transportation, often utilizing local or national transportation networks. WHILE Foreign trade requires complex logistics and transportation systems, including international shipping, customs clearance, and coordination across different modes of transportation.

(v)Home trade involves businesses cater to the specific demands and preferences of the domestic market, often influenced by local cultures, trends, and needs. WHILE Foreign trade Involves exposure to diverse markets with varying consumer preferences, languages, cultures, and economic conditions, requiring adaptation and customization of products or services.

(vi)Home Trade usually involves less risk related to political instability, currency fluctuations, or international trade disputes. WHILE Foreign Trade: Carries higher risks due to factors such as exchange rate fluctuations, geopolitical tensions, trade barriers, and differing legal frameworks between nations.

(vii)Home Trade involves simpler documentation and compliance requirements, typically adhering to domestic regulations and standards. WHILE Foreign Trade requires extensive documentation, including import/export licenses, customs declarations, certificates of origin, and compliance with international trade regulations and standards.

(1c)
(PICK ANY FOUR)
(i) Nigeria
(ii) China
(iii)United States
(iv)United Kingdom
(v)Japan
(vi) Germany

(2)
(PICK ANY FIVE)
(i) Creating Utility: Commerce adds value to goods and services by providing time, place, form, and possession utility. Time utility involves making products available when they are needed. Place utility ensures products are available where they are needed. Form utility refers to altering the product to meet customer requirements, and possession utility involves the transfer of ownership or possession of goods to consumers.

(ii) Information and Communication: Commerce relies heavily on effective information and communication systems. It involves disseminating information about products, prices, market trends, and consumer preferences. Communication channels help in advertising, marketing, and establishing relationships between producers, suppliers, and consumers.

(iii) Risk Bearing: Commerce helps in managing and mitigating various risks associated with production and distribution. It involves taking on risks such as price fluctuations, uncertain demand, transportation issues, or other uncertainties, often through insurance, hedging, or diversification strategies. Risk bearing in commerce involves managing and mitigating the various uncertainties and risks associated with business operations

(iv) Financing: Commerce facilitates the flow of capital necessary for business operations. It involves various financial institutions, like banks, providing loans, credit, or investment options to businesses for production, expansion, or innovation. It encompasses the processes and systems that facilitate the flow of money and capital within the economy.Commerce involves various financial mechanisms that support businesses

(v) Capital Acquisition: Businesses often require substantial capital to start, operate, or expand. Financing allows companies to acquire the necessary funds through loans, equity investments, or other financial instruments from banks, investors, or the capital markets.This function involves acquiring financial resources to support business activities, expansion, innovation, and day-to-day operations

(vi) Working Capital Management: Commerce involves managing day-to-day financial needs, such as paying suppliers, employees, and other operational expenses. Financing provides mechanisms like lines of credit or short-term loans to manage cash flow efficiently. It is a crucial aspect of financial management within a business, focusing on the effective management of current assets and liabilities to ensure smooth day-to-day operations.

(3ai)
Articles of Association: Articles of association is a document that outlines the rules and regulations governing a company’s internal affairs, such as management structure, shareholder rights, and operational procedures. It essentially serves as the rulebook for the company’s operations and structure. This document is an integral part of a company’s constitution, specifying how the company will be governed.

(3aii)
Partnership Business: Partnership business is a business structure where two or more individuals manage and operate a business together, sharing profits, losses, and liabilities. In a partnership, two or more individuals agree to share ownership, profits, losses, and responsibilities for running a business. Partnerships can take different forms, such as general partnerships or limited partnerships

(3aiii)
Limited Liability Company (LLC): Limited Liability Company is a legal entity that provides limited liability to its owners (members) while allowing flexible management and pass-through taxation. Owners’ personal assets are typically protected from the company’s debts.combines features of both corporations and partnerships. It offers limited liability to its owners (members), protecting their personal assets from the company’s debts or lawsuits.

(3aiv)
Certificate of Trading: This certificate is proof that a company has the legal authority to conduct its specific business activities. It verifies the company’s registration and is often required by banks, government authorities, or potential business partners to confirm the company’s legitimacy and eligibility for various transactions or agreements. it also serve as a document issued to a company confirming its existence and authorization to conduct business operations.

(3b)
(PICK ANY FOUR)
(i)Both public and private limited companies provide limited liability to their shareholders or members. This means the personal assets of the shareholders/members are protected in case the company faces financial issues or liabilities.

(ii)Both types of companies are considered separate legal entities from their owners. They can enter into contracts, sue or be sued, and own assets and liabilities in their own right.

(iii)Both public and private limited companies have a formalized corporate structure involving directors, shareholders or members, and officers.

(iv)Shares of both public and private limited companies can be transferred between shareholders or members based on the company’s rules and regulations.

(v)Both types of companies need to comply with legal and regulatory requirements of the jurisdiction in which they operate.

(4a)
(PICK ANY FIVE)
(i)Delayed Cash Flow: Offering credit sales means delayed receipt of cash, impacting a company’s immediate liquidity. This delay can restrict cash flow, affecting day-to-day operations, purchasing power, and the ability to invest or expand.

(ii)Increased Bad Debt Risk: Extending credit carries the risk of non-payment or late payments from customers. This risk of bad debt arises when customers default on payments, causing financial losses for the business.

(iii)Administrative Costs: Managing credit sales involves administrative tasks like credit checks, invoicing, monitoring payment schedules, and following up on overdue accounts. This administrative process incurs additional costs and requires dedicated resources.

(iv)Opportunity Cost of Capital: Funds tied up in accounts receivable from credit sales could otherwise be utilized for investment opportunities or operational needs. This opportunity cost of capital can hinder a company’s growth or ability to seize profitable ventures.

(v)Potential for Credit Abuse: Granting credit sales might encourage some customers to overextend their credit limits or delay payments intentionally, leading to strained relationships and potential business losses

(vi)Interest Expenses: If a company borrows money to cover cash flow gaps caused by delayed payments from credit sales, they may incur interest expenses. This further impacts the company’s profitability and financial health.

(4b)
(PICK ANY FIVE)
(i)In hire purchase, ownership of the asset transfers to the buyer only after the final installment payment is completed. WHILE Deferred payment transfers ownership of the asset to the buyer immediately upon the initial payment, even though the full price is paid in installments

(ii)Hire purchase involves payment of interest or rental charges until the final installment is made, as the seller retains ownership for a duration. WHILE Deferred payment usually doesn’t include interest charges, as the buyer immediately becomes the owner upon the initial payment.

(iii)In hire purchase, During the payment period, the seller retains rights over the asset and might impose restrictions on its use until full ownership is transferred WHILE In deferred payment, once ownership is transferred, the buyer has full rights to use, sell, or lease the asset, assuming all responsibilities.

(iv)In hire purchase, the risk of asset depreciation, damage, or obsolescence lies with the seller until the buyer gains full ownership.WHILE In deferred payment, the risk and responsibility for the asset’s condition and value fall on the buyer immediately upon acquiring ownership.

(v)In a hire purchase agreement, the buyer can usually return the asset without further obligations if unable to continue payments, losing the payments made until then While In deferred payment ,there might not be an option to cancel or return the asset in a deferred payment agreement without fulfilling the full payment obligation

(vi)Hire purchase agreements are often governed by specific legal regulations that outline installment payments, ownership transfer, and the rights of both parties involved. WHILE Deferred payment transactions might have less specific legal regulations, varying widely based on the contract terms and jurisdiction.

(5a)
Non-indemnity insurance is a type of insurance where the insurer agrees to pay a fixed sum to the insured in case of a specified event, regardless of the actual loss or value of the property insured. These policies pay out a predetermined sum or benefit upon the occurrence of a specific event, regardless of the actual financial impact on the insured

(5b)
(PICK ANY FOUR)
(i)Risk Management for Businesses: Insurance allows businesses to mitigate risks associated with operations, production, and unforeseen events. It safeguards against potential losses due to damage to property, liability claims, business interruptions, or natural disasters, enabling businesses to continue functioning without substantial financial setbacks.

(ii)Facilitates International Trade: Insurance in commerce, particularly marine insurance, plays a critical role in facilitating global trade by providing coverage for goods in transit. It assures both exporters and importers against potential losses or damages during transportation, fostering confidence and enabling smoother international transactions.

(iii)Boosts Investment and Credit Availability: Insurance coverage enhances businesses’ creditworthiness and facilitates access to loans or investments. Lenders are more inclined to offer favorable terms when businesses are adequately insured against potential risks, reducing uncertainties associated with repayment.

(iv)Employee Protection and Legal Compliance: Businesses use various forms of insurance, such as workers’ compensation and liability insurance, to comply with legal requirements and ensure the well-being of their employees. This not only protects the workforce but also safeguards the business against potential legal liabilities

(v)Promotes Entrepreneurship and Innovation: Insurance mitigates the fear of significant financial losses for entrepreneurs, encouraging them to take risks, innovate, and venture into new business endeavors. It fosters a conducive environment for entrepreneurship by providing a safety net against potential setbacks,thereby stimulating economic growth and innovation within commerce.

(6a)
jobber refers to an intermediary or wholesaler who purchases goods in bulk from manufacturers or primary suppliers and then resells these products in smaller quantities to retailers. Jobbers act as middlemen between manufacturers and retailers, often specializing in specific product categories or industries.

(6b)
(PICK ANY FOUR)
(i)Stocks (Equities): Stocks represent ownership in a company and provide shareholders with a claim on the company’s assets and earnings. They can appreciate in value, and shareholders may receive dividends.

(ii)Bonds: Bonds are debt securities issued by governments or corporations to raise capital. When an investor buys a bond, they are essentially lending money to the issuer in exchange for periodic interest payments and the return of the bond’s face value at maturity.

(iii)Mutual Funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other assets. Investors buy shares in the mutual fund, and professional fund managers make investment decisions.

(iv)Exchange-Traded Funds (ETFs): ETFs are similar to mutual funds but trade on stock exchanges like individual stocks. They typically track an index, commodity, or a basket of assets and provide investors with diversified exposure.

(v)Derivatives: Derivatives derive their value from an underlying asset, index, or interest rate. Examples include options, futures, and swaps, which are contracts between parties based on the future price movements of the underlying asset.

(vi)Treasury Securities: These are issued by governments and are considered low-risk investments. They include Treasury bills (T-bills), Treasury notes (T-notes), and Treasury bonds (T-bonds), varying in maturity lengths.

(7i)
Post Restante: Poste Restante is a service offered by postal systems worldwide, allows individuals to receive mail at a specific post office rather than their home address. This service is particularly useful for those without a fixed address or when someone is temporarily away from their usual location.It offers a practical solution for individuals and businesses needing a reliable mail collection service without the need for a specific physical address.

(7ii)Postal order: postal order is a financial instrument issued by a postal system or postal authority that serves as a secure method for transferring funds. It enables individuals to make payments or send money through the mail system. The postal order includes the sender’s and recipient’s details, the amount being sent, and often a reference number for tracking purposes.This method remains relevant in commerce for transactions requiring a reliable and straightforward way to transfer money to individual who rely on non- electronic financial services.

(7iii)
worldworld website: world wide website is a global system of interconnected documents and resources accessible via the internet. It was invented by Tim Berners-Lee in the late 1980s and has since revolutionized the way information is accessed, shared, and communicated across the globe. The WWW allows users to access a vast array of content, including text, images, videos, and more, through web browsers such as Chrome, Firefox, Safari, etc. In commerce, the WWW serves as a pivotal platform for businesses to market their products or services.

(7iv)
Courier Services: courier service is a specialized delivery service that transports parcels, documents, or goods from one location to another, offering faster, more secure, and often more personalized delivery options compared to standard mail services. In commerce, courier services are integral for businesses engaging in e-commerce, retail, healthcare, legal, and various other sectors where timely and secure delivery of goods or documents is crucial.Couriers are known for their speed, reliability, and tracking capabilities, making them ideal for time-sensitive or valuable items.

(7v)
Registered Letter: Registered letter is a postal service offering a higher level of security and tracking compared to regular mail. When sending a registered letter, the sender obtains proof of mailing and delivery by receiving a receipt and a unique tracking number. Businesses and individuals often use registered letters when sending important documents, legal notices, sensitive information, or valuable items that require a higher level of assurance regarding their delivery and receipt. This service provides peace of mind and a reliable method of sending crucial correspondence.

(8a)
Marketing involves the strategies and activities used to promote, sell, and distribute goods or services. It encompasses market research, advertising, branding, pricing, and distribution to attract customers and satisfy their needs while achieving business goals.

(8b)
(PICK ANY SIX)
(i)Increased Sales: Effective advertising can boost sales by reaching a wider audience and enticing them to purchase products or services.

(ii)Brand Awareness: It helps in building and maintaining brand recognition, making the brand more familiar to consumers.

(iii)Customer Loyalty: Continuous advertising helps in retaining existing customers by reminding them about the brand’s offerings.

(iv)Competitive Edge: A strong advertising strategy can differentiate a brand from competitors and create a unique selling proposition.

(v)Economies of Scale: Through mass advertising, businesses can often achieve cost advantages by reaching more customers with relatively lower costs per person.

(vi)Product Introduction: Advertising is crucial for introducing new products or services to the market and educating consumers about their benefits.

(vii)Information Dissemination: It informs consumers about product features, pricing, promotions, and where to purchase, aiding in informed decision-making.

(viii)Long-term Growth: Consistent advertising campaigns contribute to long-term growth and sustainability by maintaining visibility in the market.

(8c)
(PICK ANY FOUR)
(i)Target Audience: Identifying and understanding the specific group of people most likely to be interested in the product or service being advertised.

(ii)Message Strategy: Creating compelling and persuasive content that effectively communicates the benefits or value proposition of the product or service.

(iii)Media Selection: Choosing the most suitable channels or platforms (e.g., TV, social media, print, digital) to reach the target audience efficiently.

(iv)Budgeting: Allocating resources effectively to achieve the desired advertising goals within financial constraints.

(v)Campaign Evaluation: Measuring the effectiveness of the advertising efforts by assessing key performance indicators (KPIs) such as reach, engagement, sales impact, etc.

(9a)
(PICK ANY FIVE)
(i)Consumer Protection: Regulations ensure the safety and rights of consumers by setting standards for product quality, safety, and fair pricing, preventing exploitation and fraud.

(ii)Fair Competition: Regulations promote fair competition by preventing monopolies, price fixing, and other anti-competitive practices that could hinder market fairness

(iii)Employee Rights and Safety: Government regulations establish labor standards, ensuring fair wages, safe working conditions, and protection against discrimination in the workplace.

(iv)Environmental Conservation: Regulations impose guidelines and restrictions to minimize environmental damage caused by business operations, promoting sustainable practices.

(v)Stability and Economic Growth: Regulatory measures aim to maintain economic stability by preventing financial crises, ensuring responsible lending practices, and fostering a healthy business environment

(vi)Public Interest: Governments regulate to serve the broader societal interests, such as public health, infrastructure development, and the overall welfare of the community.

(9b)
(PICK ANY FIVE)
(i)Increased Competition: Deregulation can encourage more players to enter the market, fostering competition that often leads to innovation, improved services, and lower prices for consumers.

(ii)Market Efficiency: Removing excessive regulations can streamline processes, reduce bureaucracy, and allow businesses to operate more efficiently, promoting economic growth and productivity.

(iii)Innovation and Flexibility: Deregulation often spurs innovation as businesses have more freedom to experiment with new ideas, technologies, and business models without stringent regulatory constraints.

(iv)Cost Reduction: Fewer regulatory burdens can lower compliance costs for businesses, freeing up resources that can be reinvested in growth, research, and development.

(v)Consumer Choice: Deregulation can expand options for consumers by allowing a wider array of products or services to enter the market, providing more choices and potentially better quality offerings.

(vi)Global Competitiveness: Streamlined regulations can make businesses more competitive on a global scale, attracting foreign investments and fostering international trade relationships.

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

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